Experts in economics and finance have predicted that if the government concentrates
on funding infrastructure that facilitates manufacturing, exports, and small and
medium-sized businesses (SMEs), Nigeria’s GDP will expand by 3.47%.
They also anticipate that the government would support small firms, enhance the market,
advocate for lower borrowing rates, and offer tax breaks to corporations.
Local experts predict growth of 3.3%, which is slightly higher than the 3.3% predicted by the
World Bank and 0.4 percentage points more than the economy’s anticipated finish last year.
Even though the World Bank and other relevant organizations have predicted that the economy will grow at a rate higher than three percent, local experts said that unless the government takes intentional steps to encourage export and domestic manufacturing as well as implement policies to support businesses, the nation will not meet the forecast.
They presented their work at the First Bank Nigeria Economic Outlook 2024: “Current Realities and Prospects” event, which took place in Lagos.
The keynote speaker, Dr. Biodun Adedipe, Chief Consultant at B. Adedipe Associates Limited, stated that government acceptance of the fact that investments in supporting infrastructure are necessary for SME manufacturers to prosper in the nation will be the real game changer in the manufacturing sector.
According to Adedipe, infrastructure may be created by the government by creating industrial parks or clusters where space and necessities like electricity, water, and roads are provided, saving firms from having to spend money on infrastructure to produce.
Speaking about the large exodus of foreign manufacturing firms, Adedipe stated that these businesses are carrying out their 2013 global plan, pointing out that Nigeria continues to be a market in which the majority of manufacturers would want to sell their products.
According to Adedipe, in the past three months, corporations from Dubai, Germany, Switzerland, and five other nations have inquired about opening operations in Nigeria because they perceive the country's market to be appealing.
Adedipe pleaded with the government to improve the climate and conduct in-depth studies on the requirements of multinational manufacturing conglomerates and the factors that drive the decision to relocate to Nigeria from China or other locations.
He warned against the possibility of falling behind and emphasized the significance of matching growth projections with the overall economy.
The Chief Executive Officer, of FirstBank Group, Dr Adesola Adeduntan, expressed optimism about the economic future. He urged companies to proactively and aggressively modify and adapt their operations to the ever-changing landscape of governmental priorities and policies.
Citing the newly signed appropriation, he emphasized the possibility of economic stimulation
that would help major players in the market.
Instead of offering reasons for delay, Adeduntan urged firms to move decisively in favor of a
constructive and forward-looking strategy. firms should also concentrate on discovering
ways to succeed rather than worrying about the risk of failure.
Jumoke Oduwole, Special Advisor on Presidential Enabling Business Environment Council
(PEBEC) and Investment stated that the private sector ought to be given the opportunity to
fully capitalize on the economy and rule the continent of Africa.
Even if the nation exports a large number of goods other than oil, she claimed that the
business climate still requires a lot of care.
