RMB Nigeria gathers experts for economy discourse

Rand Merchant Bank (RMB) Nigeria has gathered experts across professions for its Economic and Business conference, to the discuss the nation’s challenges, especially in the real sector, under the theme: “Unlocking Real Sector Growth to drive Sustainable Economic Development”.
 
According to the bank, the opportunity to change course and usher the country into inclusive and sustainable growth does indeed exist if the right operating environment and policies are instituted. The conference will engage industry participants in a dialogue on the catalysts needed to stimulate inclusive real sector growth and accelerate economic development.

Speakers include Dr Okechukwu Enelamah, Former Minister of Industry, Trade & Investment, Oscar Onyema, CEO of the Nigerian Stock Exchange, Eme Essien, CEO of International Finance Corporation Nigeria, Olukayode Pitan, MD of Bank of Industry, BiolaAlabi, CEO of Biola Alabi Media, Raj Gupta, MD of African Industries Group, Christian Wessels, MD of Daystar Power and others.
 
It recalled that Nigeria, a key regional player in West Africa, with a population of approximately 200 million, accounts for about 47 per cent of West Africa’s population and about 65 per cent of the West Africa economy.

Despite Nigeria’s dominance in the region and population size, the real GDP growth for 2018 was only 1.9 per cent and the first quarter 2019 GDP came in at two per cent, although it was refreshing that the growth was driven by the non-oil sector, the extent of the growth remained sub optimal.
 
With an abundance of resources, Nigeria is Africa’s biggest oil exporter, has the largest natural gas reserves on the continent, vast natural resources, arable land, and a young entrepreneurial population.
 
After a decade of steady growth, market reforms, and increased political stability—as demonstrated by the recently held national elections in 2019, for the sixth consecutive time since its return to democracy in 1999, the country seems to be performing below its potential economically.