Nigerian Economic Outlook 2024: Stakeholders Advocate Infrastructure Investments for Robust Recovery

Taiwo Ajayi
2 Min Read

In a pivotal moment at the 10th edition of the National Economic Outlook event, prominent economists, financial analysts, and business leaders convened to discuss Nigeria’s economic trajectory for 2024.

The consensus among key stakeholders is a call on the government to foster an environment conducive to private capital inflow, specifically targeting crucial sectors such as roads, railways, and power infrastructure.

Hosted by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in collaboration with B. Adedipe Associates at the CIBN Corporate Headquarters in Lagos, the event featured a panel session moderated by Mr Olufemi Awoyemi, mni, FCIB, the Chairman of Proshare Limited.

The discussions delved into the outlook for the year and its implications for businesses in the country.

Mr Lamido Yuguda, FCIB, the Director-General of the Securities and Exchange Commission, emphasized the success of strategic policies that liberalized the telecommunications sector, attracting multibillion-dollar private investments over two decades.

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He urged similar policies to lead to the concession of roads, addressing the urgent need for private investments in improving nationwide connectivity.

Dr Toyin Sanni, the Executive Vice Chairman/GCEO of Emerging Africa Group, highlighted the importance of robust infrastructure investment platforms to mobilize capital for Public-Private Partnership (PPP) infrastructure projects.

The Director General of the Manufacturing Association of Nigeria, Mr Segun Ajayi-Kadir, emphasized the necessity of the right policy mix to overcome longstanding infrastructure challenges hindering the productivity of manufacturers.

Ade Adefeko, Advisor, Agriculture Trade and Development Finance, stressed the crucial role of addressing infrastructure and logistics issues to unlock the agricultural value chain.

The overall sentiment from economists, financial analysts, and business leaders is a shared belief that Nigeria’s revenue diversification is imperative, with sectors like Agriculture, Manufacturing, Mining, and Information & Communications Technology (ICT) poised to lead the way through enabling policies that unlock the economy, create jobs, and address poverty via significant investments in infrastructure.

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