The Nigerian Economic Summit Group (NESG) and the International Monetary Fund (IMF) organized a public presentation of the fall 2019 issue of the IMF Regional Economic Outlook (REO) with the theme ‘Navigating Uncertainty’ on the 27th of November 2019 at Four-points by Sheraton, Lagos, Nigeria.
During his presentation of the IMF Regional Economic Outlook for 2019, IMF’s Mission Chief to Nigeria, Mr. Amine Mati, revealed that Nigeria and a number of countries in the sub-Saharan region of Africa experienced stability within the time covered. He explained that despite the fact that Nigeria experienced 2.3 percent growth, the country isn’t experiencing growth across all sectors due to a variety of reasons including; ongoing structural reforms and huge investments in infrastructure. Furthermore, the IMF chief mentioned that a tightening of global market conditions was responsible for the stunted growth experienced across the regions covered and that a reduction in the volume of trade globally meant that there was a lower demand for natural resources – which happens to be Nigeria’s main revenue source.
Mr. Bismarck Rewane, Managing Director of Financial Derivatives and a Member of the Nigerian President’s Economic Advisory Council (EAC) noted that a trade-off between encouraging domestic growth and allowing foreign importation is one area that policy makers have to come to terms with. He reiterated that there was a need for alignment and confluence of beliefs while putting the business and economic environment into consideration. More so, Mr. Rewane made it known that he believes Nigeria doesn’t have a debt crisis and neither does it have a revenue problem; but that government expenditure has a multiplier effect on debt and revenue respectively.
While delivering her presentation, Dr. Jumoke Oduwole of the Presidential Enabling Business Environment Council (PEBEC) made it known that the government was ensuring that there is an alignment of various sectors of the Nigerian economy and there is an existing urgency to grow the economy faster than the 2.3 percent growth that is being experienced.
Furthermore, during the panel session moderated by Mr. Taiwo Oyedele, Facilitator NESG Fiscal Policy Roundtable, the Chief Executive Officer of the NESG, Mr. ‘Laoye Jaiyeola made it known that the best way to ensure quicker growth is to ensure that the Nigerian economy operates freely. He reiterated the NESG’s commitment to championing the growth and development of the Nigerian economy.
The Nigerian Economic Summit Group (NESG) is a non-profit, non-partisan private sector organisation with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy.