Respite appears on the horizon as Economic Experts pronounced a positive national economic outlook for Nigeria in the year 2025.
The prospects, according to them, are premised on the audacious yet controversial economic policies of President Bola Ahmed Tinubu-led Federal Government.
Since assumption of office, Tinubu had introduced three bold and controversial economic policies that, in spite of the acclaimed prospects, have further plunged the country deep into unprecedented high inflation and attendant poverty and hunger.
But at the debut edition of the Nasru-Lahi-L-Fatih Society’s Business Roundtable held earlier today at Four Point By Sheraton, Victoria Island, Lagos, experts posited that the resuscitation of the country’s Port Harcourt and Warri Refineries, in addition to the operationalization of the Dangote Refinery, and the tightening of the loopholes in the management of Foreign Exchange, are enormous positive trajectories that would start manifesting positive economic gains any moment from now.
Dr. Muda Yusuf, the Keynote Speaker, stressed that:
“”Interestingly, data have shown that things would start easing out from any moment. And this indicator is already showing from the price of PMS per liter. If the current trajectory are sustained, there is guarantee that things would start easing out
“But that also depends on the Fiscal Policy of the government. And by this I mean how the government is able to manage it’s borrowings, utilise existing ones, ensure that current painstaking gains achieved are not lost to complacency or abuse, and continuing rallying around capital projects, among others, ” he stressed.
Yusuf, the Chief Executive Officer for the Center for the Promotion of Positive Enterprise (CPPE), doubled as the Immediate Past Director-General of Lagos Chamber of Commerce and Industry.
Corroborating Yusuf’s submission, Chief Yomi Ajenifuja, a financial risk management expert, and former Internal Auditor for Zenith Bank Plc, said it was also essential for businesses to embrace innovation in surviving the economic reforms, insisting some of the conglomerates that have left the country did so because of dearth of creativity to adapt to the current business climate.
“Procter and Gamble was one of the conglomerates that left Nigeria amidst the aftermath of he fuel Subsidy removal last year. But this was not primarily because of the business climate but rather the lack of.enthisiasm by the business to think creatively in navigating the period.
“For instance, the company is into production of Diapers, in good quality, of course. But over time, small businesses ventured into the snake market and started producing moderate quality and at affordable prices. That was a specific approach to the economic challenge of the time as people’s purchasing power had reduced drastically and their ability to go for the former quality has become unsustainable. But instead of he company to respond, it continued to investment in expensive equipments and gadgets,” he added.
Speaking with Kiin Media Crew, Alhaja Ganiyat Babalola, NASFAT Women Affairs Secretary, said the breakfast roundtable was an important economic intervention that has the potentials of helping many hopes during the economic reforms period.
“Most of the women you see are the breadwinners of their families. So a gathering as this is very important to help illuminate their minds on how best they can manage and sustain their businesses in this trying time. And we are definitely going to take it up from here, starting with a stepdown training that would be succeeded with virtual regular convergence like this,” she added.
There was also a panel session on the topic: Faith, Finance, and the Future: Building Resilient Businesses in a Globalised Economy. The session was moderated by Hadjia Aminat Adams, and facilitated by three panelists, Mr. Tella Fatai, the Chief Operating Officer of The Alternative Bank, Mr. Sulaimon Balogun, Chief Executive Officer of Property Pro, and the keynote speaker.
During the panel discussion, the trios of Fatai, Balogun, and Yusuf agreed unanimously that Ethical Financing otherwise known as Islamic Banking is one of the moral-driven economic solutions to the Nigeria’s economic complexities.
They admonished synergy among religious governing councils and associations to galvanise more supports towards the initiatives, as it holds key to unlocking some of the funding challenges in the economic sector.
NASFAT President, Alhaji AbdulWahid AbdulRauf, the Chief Host, in his remarks, said he was pleased with the quality of experts, business owners, and investors, that attended the Business Roundtable.
According to him, “at NASFAT, we are committed to helping the government and country address the lingering economic challenges, by investing heavily in human capital development, economic empowerment, and mentoring for personal integrity and quality leadership.
“We have been on the Frontline, helping to train and empower women, and youths as one of our statutory interventions. We have also been investing in businesses and creating employment opportunities for Nigerians. The is why we want the government to NASFAT as a trusted partners it can work with…..,” he added.
The event was well attended by the creme de la creme members of NASFAT, including the Chief Missioner, Imam Abdulazeez Onike, members of Board of Trustees of NASFAT, its Agency Managers, and representatives of sister Islamic organisations.
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