TBY Index berths in Davos to promote anti-corruption drive, diversification plans
The Business Confidence Index for Nigeria, a publication of The Business Year (TBY) has raised hopes for the economic rebound of the country, based on expected results from the current anti-corruption drive of the Federal Government and the diversification agenda.
The index, which forms part of the second edition of TBY launched on the sidelines of the World Economic Forum in Davos, Switzerland, was an aggregation of sentiments of key stakeholders, regulators, and government officials on the direction of the nation at this crucial point in history.TBY, in partnership with Nigeria’s Presidency, launched the report with the theme: “The Business Year: Nigeria 2016”.
The Editor-in-Chief of TBY, Leland Rice, highlighted major events that shaped the 2015 coverage, saying: “Nigeria’s free, fair, and peaceful elections were a high-water mark for 2015, not just for Nigeria but for the continent and the world. “The subsequent instillation of a reformist administration has created hopefulness for the future and fueled unprecedented demand among global investors for insights on Nigeria’s trajectory in 2016.”
He noted that the nation’s major development projects were extensively covered, including Eko Atlantic and Centenary City.
The edition also featured interviews with Nigeria’s most important policy makers and business leaders, opening with an interview with President Muhammadu Buhari.
This was followed by interviews with South African President, Jacob Zuma, and Belgium’s Prime Minister, Erna Solberg, all raising hopes on improved bilateral relations with Nigeria.
Others interviewed include the Chairman of Dangote Group, Aliko Dangote; Chairman of Zenith Bank, Jim Ovia; Chairman of Forte Oil, Femi Otedola; Chairman of Heirs Holding, Tony Elumelu; Group Chief Executive of Oando, Wale Tinubu, among others.
The index, based on a collation of data from over 200 interviews, offers a comparative look at the sentiments of leading executives in different sectors.
Specifically, on a confidence scale of one to five, Information Technology and Telecommunications ranked the highest, followed by agriculture, while energy ranked the lowest, given the low global oil prices.
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Oyenma, noted that efforts to strengthen corporate governance and transparency were bringing a note of optimism to his 2016 outlook for Nigeria’s capital markets.
“Diverse investment products, strong regulation, increased transparency, and easy access to the market have ensured increased participation,” he said.
The Chief Executive Officer of TBY, Ayse Valentin, added: “We are excited to launch our second publication on Nigeria’s economy. We are fortunate to have had the full support of the Presidency of Nigeria, who facilitated the best possible production of our annual economic overview.”
The finance chapter, one of the key pieces of the publication, featured interviews with the Governor of the Central Bank of Nigeria, Godwin Emefiele, as well as the heads of the country’s leading banks and financial institutions.
Already, it has been projected that a global audience of 97,700 readers will access the printed version of The Business Year: Nigeria 2016, while a wider audience will be able to access it through TBY’s iPad, iPhone, and Android applications.