A renowned economist and financial analyst, Mr Bismarck Rewane says Nigerians will be better off economically this new year despite the current global challenges
Mr Rewane made this prediction at a forum themed: “2022 Economic Outlook” organised by the Nigerian-British Chamber of Commerce, NBCC, in Lekki, Lagos, to chart a course for Nigeria’s economic recovery in the face of lingering global headwinds.
The economic outlook forum usually held within the first month in the New Year has been a rallying point for stakeholders, including financial institutions, manufacturers and other key players in the economic sector to rub minds and project, based on expert predictions.
According to the Financial Analyst, the recent appointment of an Economic Adviser by President Muhammadu Buhari and the lifting of the Twitter ban signify an open market communication
Noting that growth momentum would be sustained, and the nation’s external reserve will likely decline, while legacy will trump static disequilibrium and the currency will appreciate nominally, Mr Rewane who forecast that government would increase domestic borrowing, scored the current administration economic recovery plan a C-Plus.
On the planned subsidy removal by the government, Mr Rewane who said it would be in the best interest of Nigerians in the long run, explained that State governments will be the greater beneficiaries of both the subsidy removal and value added taxation.
He urged Nigerians to hold government accountable for the increased revenues as data integrity would characterize the year.
“I believe that it will be in the best interest of Nigeria and the best interest of the consumers, because it will reduce the incentive to smuggle and increase government revenue, however, increased government revenue must be accompanied by the demand for accountability and the supply of accountability and good governance” Mr Rewane stated
In a remark, the President and Chairman of Council, Nigerian-British Chamber of Commerce, Mrs Bisi Adeyemi acknowledged that with the prediction made by the financial analyst, the outlook for the nation’s economy in 2022 is truly optimistic.
She however noted that based on current trends, Nigerian citizens would put the government to task.
“We will begin to question some of those figures and indices that government is projecting, because if reality doesn’t match the projections, it means that they will have to reverse or they lose the confidence of the people, so, if government does all that it has purposed to do according to the budget, according to the economic plan, indeed, there’s reason to be optimistic” she noted
Mrs Bisi Adeyemi said that the Chamber, would continue to play its part by attracting both local and foreign direct investments, including holding of exhibitions to drive the economy as it begins to recover.