Redwood Consulting says 2023 economic outlook to look at challenges for businesses

Redwood Consulting’s 2023 economic outlook for Nigeria will examine the economy and implication for businesses.

Focus will be especially on the planned recovery from the 2020 COVID induced recession, the volatility in the foreign exchange markets, and a high and rising inflation, amongst others.

As the country gears up for the 2023 elections and with global economic conditions presenting its own challenges for the Nigerian economy, businesses, especially consumer facing businesses, need to be alive to the implications of these evolving trend and to understand how to identify opportunities and mitigate risks in these highly challenging times.

Speaking further on this, Jerry Sawyerr, general manager Redwood Consulting, said “The economic outlook is a platform to enlighten captains of industries and stakeholders on how to achieve their business objectives in a challenged economy, first by having a thorough analysis of the situation from some of the best economic analysts available.”

According to him, this is in line with the organisation’s vision “To be the catalyst of business transformation in Africa, delivering innovative and impactful advisory through intelligence gathering and insight-motivated solutions.

He explained that Redwood Consulting is using the platform to give back to society in a knowledge-economy that will help organisations achieve their objectives.

In a similar vein, Macdonald Ukah, a renowned economic analyst for emerging and developing markets, and guest speaker at the event said, “The Nigerian economy is increasingly volatile. Business need to acquaint and update themselves with the insights required to form perspective about risks and opportunities in their business environment.”

He disclosed that the 2023 Economic Outlook will provide insights into how firms will make better business decisions in the year.

The Nigeria Development Update, a biannual report from the World Bank states that Nigeria needs to reform its policies to reduce its vulnerability to recent economic crisis by restoring its microeconomic stability, boosting private sector development and competitiveness, and expanding social protection for the poor and most vulnerable.

The Economic Outlook 2023 is a product of Redwood Consulting and was first initiated in 2019 with Doyin Salami, economic adviser to the President Buhari administration, as the guest speaker.