To attract more foreign investments into the Nigerian economy, the policy environment needs to be strengthened by the implementation of more liberal and clearer policies. This call was made by Cobus de Hart, Chief Economist for North and West Africa, Oxford Economics, who was a guest speaker at the ICAN / ICAEW Joint Economic Insight event held in Lagos on Friday, April 26, 2019.
Speaking on the theme: ‘Nigeria: The African Giant Crawling Back on its Own and its Untapped Technological Potential’, Hart stated that the Nigerian business environment is still seen as very unfriendly, especially since the wrong policies were implemented after the oil shock. He however noted that the economy has witnessed a progressive shift to non-oil outputs.
He said: “The non-oil sector is now the main driver of growth. The non-oil sector has expanded from 0.8% to 2.7%. That is actually progressive”, explaining that diversification can be accelerated with even more liberal policies.
Hart also said that the near-term outlook was encouraging with PMIs hinting at a solid start to 2019, FX risks which have eased off considerably and the loosening of the monetary policy.
According to him, despite the 2019 general elections, portfolio investor appetite is …read more