Expert raises hopes on economy, urges focus on non-oil sector
Despite the growing impasse around national budget’s approval, experts have continued to forecast a positive outlook for the economy, especially for the nation’s exchange rate, in the foreseeable future.The latest is from the Chief Executive Officer of RTC Advisory Services Limited and lecturer at the Lagos Business School, Opeyemi Agbaje, who said the exit from recession in some critical areas, ushered in positive developments as several macroeconomic indicators like stable exchange rates, growing foreign reserves and inflation are reassuring.
Delivering his paper titled: “The Nigerian Economy and Financial Sector in 2018’’, at an interactive and capacity building forum organised by First City Monument Bank (FCMB) for media executives and correspondents based in Abuja and the Northern Region, he however noted that there still remain issues overhang.According to him, the non-oil economic sector requires more passionate attention, like the manufacturing and the domestic food segments, as well as raising employment level and few of fuel subsidy concerns.
A lot of cleaning up is going on in the financial sector while portfolios and profitability are improving. From a number of indications, the economy should record incremental improvements in 2018, over 2017.“However, the recovery is mainly powered by the oil sector. It is also imperative for our economic system to be skewed towards an investment-led growth strategy to facilitate sustainable development across all sectors,” he said.
Agbaje, a one-time Chairman of Convention on Business Integrity, however urged the media to brace up to the challenges of the profession by playing more active roles in not just reporting activities, but serving as a compass to society.He added that it is the responsibility of the practitioners to ensure diligence, ethics, fairness and professionalism in the discharge of their duties in order to promote peace, understanding and progress.
The Group Head, Corporate Affairs of FCMB, Diran Olojo, reaffirmed the bank’s commitment to support the Nigerian media industry by empowering its practitioners with the requisite tools and knowledge that promotes the values of professionalism and ethics in the discharge of their duties.
He said the forum is part of the lender’s initiatives to further promote excellence, build capacity of media practitioners, spur ideas, deepen relationships and appreciate their contributions over the years to the success of FCMB since its establishment 34 years ago. “At FCMB, we recognise the strategic importance and role of the media not just in promoting our business, but in the areas of agenda setting, providing solutions and dissemination of quality and balanced communication that drives national unity and development in a sustainable manner.
“As an institution anchored on the culture of excellence and professionalism, we will continue to champion and execute initiatives that would assist the Nigerian media industry and journalists perform optimally as the fourth estate of the realm and key influencers. “We therefore, urge our media practitioners to reinvent themselves and expand the frontiers of their knowledge by adopting innovative skills that would help them meet the dynamics of the profession while upholding due diligence and ethics that conform with global best practice,” he said.
Olojo assured that FCMB will continue to offer and deliver cutting edge solutions that provide the best customer experience, adding that the bank is resilient and focused on sustaining the momentum of its position as a performer by supporting initiatives that would enhance the growth and achievement of the personal and business aspirations of customers, as well as the overall good of the economy.
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