Experts outline factors that will shape business outlook

Geopolitical tensions, Trump 2.0, energy volatility, tax reforms as well as rising debt levels have been listed as key factors that will shape the economy as well as businesses this year.

Bemoaning the country’s extremely low productivity of just 5.8 per cent which he tied to many factors, he said the country ranks 159th out of 186 countries in terms of labour productivity measured by output per hour worked.

“Nigeria workers will need about 40 years to generate the economic value produced in just 10 years by workers in South Africa. Nigeria needs to close this gap

if we intend to lead Africa’s economic resurgence,” he said.
He urged the government to demonstrate responsible governance by eliminating corruption and drastically reducing the cost of governance, stating that Nigeria loses at least $18 billion annually to corruption and financial crimes, significantly affecting the country’s economic standing.

Speaking, NACC president, Sheriff Balogun, highlighted current key economic developments like the strategic reforms aimed at stabilising and growing the economy, as well as the Medium-Term Expenditure Framework.

He said the Chamber facilitates trade and investments, strengthening economic ties between countries, supporting economic diversification, promoting non-oil exports and encouraging investments in emerging sectors.

He urged stakeholders to collaborate with the chamber to shape Nigeria’s economic future. A panel session featuring the CEO, Centre for the Promotion of Private Enterprise (CPPE) Dr Muda Yusuf; President, Nigerian Association of Chambers of Commerce, Mines, Industry and Agriculture (NACCIMA), Dele Oye; CEO, Zenith Carex International Limited, Dr Adelana Olamilekan and moderated by the Director, Enterprise Development Centre, Pan Atlantic University, Dr Nneka Okekearu, listed the many pressing business challenges and how to navigate these trying times. Yusuf lamented that inflation is almost at 100 per cent with rising poverty leaving many Nigerians behind,

Richard Mofe-Damijo (RMD) was also presented with the Creative Industry Legend Award for his outstanding contributions to the nation’s creative economy. 
NACC Deputy President, Ehi Braimah, stated that despite the current uncertainty and rapid policy changes, the Chamber would continue to facilitate and promote bilateral trade relations between Nigeria and the US.

NACC acting Director-General, Wofai Samuel, stated that the conversation was timely and necessary, considering that economic projections usually set the tone for the growth outlook of any country at the start of the year. She added that the program provided Nigerian and American businesses valuable insights and relevant information towards understanding expected trends and conditions in the economy as well as key economic insights that would influence decision-making and planning for the year.