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NACC projects higher oil price, weaker currency in 2022

By Femi Adekoya
10 December 2021   |   4:04 am
The Nigerian-American Chamber of Commerce (NACC) has predicted a rise in dollar rates and hike in oil price, while also warning that COVID-19 would become an endemic in 2022.

Dame Adebola Williams

The Nigerian-American Chamber of Commerce (NACC) has predicted a rise in dollar rates and hike in oil price, while also warning that COVID-19 would become an endemic in 2022.

The National President, NACC, Dame Adebola Williams, however, noted that 2022 would also come with threats and opportunities, as venture capital investment in technology is expected to double, leading to economic growth, adding that the value of Cryptocurrency will also continue to rise.

The National President stated this on the sidelines of its December 2021 breakfast meeting themed: Looking forward: “Economic growth opportunities in a post-Covid world” in Lagos.

She pointed out that global economies had changed since the outbreak of COVID-19, presenting numerous opportunities and threats.

She charged businesses to take advantage of the opportunities created by the pandemic to stay relevant, sustainable and contribute their quota to economic growth and development.

“The world as we know it is fast fading away as what we have now is the new normal. Businesses must note these opportunities and leverage on technology to remain profitable,” she said

The Managing Director, Synlab Nigeria Limited, Kenneth Okolie, said the opportunities from the COVID-19 pandemic had led to a surge in number of laboratories testing for Polymerase Chain Reaction (PCR) from 10 to about 60 in Nigeria.

He said prior to the pandemic, samples for those classes of tests were flown abroad, a development, which led to loss of tangible foreign exchange, and under-utilisation of capable laboratory manpower.

He charged Nigerian businesses to be abreast of existing and new opportunities constantly thrown up by the pandemic and its mutating variants to meet up with demands.

“Economic growth is driven by two main factors—demand and supply and the pandemic has led to an increase in demand across sectors particularly as economies are reopening globally.

“Now is the time to innovate from the lifestyle and behavioural changes from the new kinds of demands from COVID-19 and you must recognise the trends and dive into the opportunities therein,” he said.

Okolie urged Nigerians to embrace pharmacogenetics, a medical procedure that allows investigation of genetic profile on drug compatibility.

This, he said, would enable doctors optimize and personalise medications for effective treatment.