Rand Merchant Bank hosts economic forum on navigating reform challenges

Financial leaders and policymakers gathered at an economic forum organised by Rand Merchant Bank Nigeria (RMB) to discuss strategies for navigating Nigeria’s economic reform environment.

The event, titled “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” was held at The Wheatbaker Hotel in Ikoyi and addressed macroeconomic trends, financial markets, taxation, digital finance, and infrastructure development.

RMB Nigeria CEO Bayo Ajayi emphasised potential opportunities arising from recent government policies. “The liberalisation of the exchange rate has improved access to dollars, reduced interest rates reflecting market prices, and enabled investment opportunities,” Ajayi said. He also noted that proposed tax reforms could encourage business growth.

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During a panel discussion moderated by Samantha Singh-Jami from RMB Research, IMF Resident Representative Dr. Christian Ebeke pointed to positive economic indicators following policy changes. “The impact of government reforms is very clear. It has resulted in improvements in the current account, a reduction in the debt ratio, increased Foreign Direct Investment, and greater financial stability compared to previous years,” Ebeke stated.

A separate session led by Prof. Olayinka David-West of Lagos Business School examined digital transformation challenges. Panellists including Mrs. Ngover Ihyembe-Nwankwo of NIBSS identified cybersecurity as a significant concern in the financial ecosystem.

Dr. Femi Ogunseinde from the Ministry of Finance Incorporated highlighted infrastructure gaps, noting that Nigeria’s broadband penetration remains at 40-45% compared to the 70-80% target. “The high cost of broadband provision continues to be a challenge,” he said.

Other participants in the discussions included Kenneth Erikume of PwC, Deepak Bhojak of Tolaram Group, Tilewa Adebajo of CFG Advisory, Tokunbo Taiwo of Digital Jewels Africa, and Ifeyemi Ifekoya, Chief Information Security Officer at RMB Nigeria.