Coronation Merchant Bank, others examine 2022 economic outlook

Coronation Merchant Bank and economic experts have examined this year’s economic outlook for Nigeria.

The bank said in a statement that its 4th interactive session series focused on the theme ‘Nigeria’s economic landscape – a blend of optimism and uncertainty.’

The event had in attendance Chinwe Egwim, chief economist at Coronation Merchant Bank; Joseph Nnanna, chief economist at the Development Bank of Nigeria; Biodun Adedipe, founder and chief consultant at Adedipe Associates and Andrew Nevin, advisory partner/chief economist at PwC Nigeria.

Banjo Adegbohungbe, managing director/chief executive officer of Coronation Merchant Bank, in his welcome address, said there were factors expected to influence the macroeconomic landscape in 2022, given the lessons learnt from the recovery path of 2021, and would be needed in shaping the economy in the current year.

He said the bank would continue to hold discussion sessions on topical issues related to the market and the economy.

Read also: Heritage Bank, FAMO strategize to advance women economic sustainability

According to Egwim, consumption habits are moderately better, and bigger thrust on prices is expected soon.

“Looking ahead, on the back of specific factors we expect upward pressure on prices. Overall, consumption patterns are relatively better and are almost mirroring pre-pandemic levels. However, we must note that consumer pockets are still steadily being rebuilt,” she said.

Nevin said, ‘We have a bigger economy and more economic activities than we think. The official number from NBS is about N20trn in the fourth quarter which understates the economy perhaps as much as 25 percent. We also have a smaller population than estimated, so we are actually richer than we think.”

Adedipe, who noted the pattern of the oil and non-oil sector for 10 years, said, “Looking at this in the context of where we are, I see an economy that will grow very strongly, and I expect growth to be sustained this year.”

Nnanna, during the panel discussion, said the diversification strategy needed by the economy would move factors of production towards high productivity, thereby encouraging investments and improving infrastructure.