FNCCI January breakfast assembly on Nigerian 2024 economic system outlook

FNCCI January breakfast assembly on Nigerian 2024 economic system outlook

On thirtieth January 2024, the Franco-Nigeria Chamber of Commerce and Trade (FNCCI) in collaboration with Stren & Blan Companions hosted a January Breakfast Assembly to debate and provides a hen eye view of the Nigerian 2024 Financial system. The occasion which befell at Eko Accommodations and Suites commenced with a heat welcome deal with from Mr. Laurent Favier, Consul Normal of France to Nigeria, the place he expressed an amazing optimism in direction of the structural reforms put in place to develop the nation’s economic system by the brand new administration. Whereas commending the efforts of the organizers of the occasion, Mr Favier highlighted the numerous presence of French companies in Nigeria and expressed his optimism in direction of their continued progress and contribution to the economic system.

Learn additionally: What to expect from Nigeria’s economy in 2024

OPENING COMMENT BY FOUNDING PARTNER, STREN AND BLAN PARTNERS

Shortly after the nice and cozy welcome deal with, Mr. Amala Umeike, Founding Companion, Stren and Blan Companions delivered the opening remark the place he gave an summary of the agency’s objectives, values, and dedication to its purchasers. He emphasised the significance of energetic participation in financial conversations as they have a tendency to form the nation’s economic system. He additionally hinted at a forthcoming world dialog on Nigeria’s financial panorama to be held in London, emphasizing the interconnectedness of Nigeria’s economic system with the worldwide market.

A BIRD’S EYE VIEW OF THE NIGERIAN 2024 ECONOMY PRESENTATION

Mr Taiwo Oyedele, Chairman, Presidential Fiscal Coverage, and Tax Reform Committee gave an in depth presentation that was centred on the worldwide economic system context in Nigeria and the nation’s social economic system actuality. He mentioned intimately how rates of interest and inflation might result in a recession and finally spoil the Nigerian economic system. He addressed challenges presently affecting the economic system together with trade administration which he described as a significant factor slowing down the impact of the reforms put in place. He additionally identified some key developments for the reason that removing of subsidy up to now 12 months. These developments embrace extra exports than imports, a big enhance in oil manufacturing, and N8 trillion saved on account of Naira floatation and subsidy amongst others. He blamed the stagnant economic system regardless of these developments on market inefficiencies brought on by illicit and speculative calls for by people.

He highlighted some reforms put in place to manage the economic system together with the Fiscal reforms and concluded his presentation by suggesting regulation of rates of interest and financial progress facilitation, tackling corruption, and a cultural shift as means in direction of fostering a steady financial atmosphere.

PANEL DISCUSSION

Following the presentation was the panel session which consisted of Moses Umoru, Director Normal FNCCI, Uche Okoli, Audit & Assurance accomplice, Mazars in Nigeria, Ozioma Agu, Companion, Power, Finance, and Infrastructure, Stren & Blan companions, Prince Ojeabulu, Chief Government Officer, Rensource Power, and Christian Mulamula, Head of Workplace, Nigeria Worldwide Finance Company.

Throughout this session, Ozioma Agu expressed her optimism in direction of the downstream sector, pinpointing transformative tasks just like the graduation of the Dangote refinery and the Port Harcourt refinery anticipated to start quickly resulting in lesser dependence on imported petroleum merchandise. Regardless of the electrical energy challenges confronted however the massive gasoline assets within the nation, she identified poor coverage implementation as one of many setbacks within the sector. Her proffered options embrace the necessity for traders, individuals able to serving to the nation faucet assets it possesses, and the necessity to repair the demand and provide forces.

She concluded by saying, that Nigeria has an abundance of gasoline reserves and what’s required presently are traders with assets, manpower, and capability to maximise the untapped assets current within the nation.
Uche Okoli burdened the necessity for companies to give attention to modifications to company taxes, and academic taxes which just lately elevated from 2.5% to three%, and likewise guarantee tax compliance because it primarily impacts the tax burden on organizations. She additional emphasised the necessity for companies to interact in sustainable enterprise supplies and be ready for tax audits and investigations.

Mr. Christian Mulamula mentioned the gasoline sector as an space the Worldwide Monetary Company is seeking to fund. Whereas referring to the World Financial institution’s intention to donate grants and subsidies to the Gasoline sector, he iterated that the company was additionally seeking to fund non-public builders looking for improvement financing. One other business highlighted was the chemical-making sector. He expressed the necessity for progress within the manufacturing of related chemical substances equivalent to fertilizers and methanol.

Prince Ojeabulu concluded the session by highlighting the pressing want for subsidy removing on electrical energy, which is premised on making the price of power cost-effective and permitting for traders to function in a correctly working market. Moreover, the necessity for coverage implementation in all areas was burdened by the varied panellists.

Closing Remarks

The occasion ended with a closing comment by Alhaji Usman Mohammed, Chairman Board of Administrators who appreciated the panellists and attendees of the occasion. He urged attendees to leverage the insights gained to drive significant change of their respective spheres and put in private efforts towards navigating and implementing insurance policies.

The FNCCI January Breakfast Assembly offered a platform for strong discussions and actionable insights aimed toward steering Nigeria towards a path of sustainable financial progress and prosperity in 2024 and past.

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