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April 20, 2024
You are currently viewing Expert projects moderate expansion for Nigeria’s GDP in first quarter
L-R: Country Manager, Virgin Atlantic, Yann Stirton; Director of Education, Charterhouse Lagos, John Todd; President and Chairman of Council, Nigerian-British Chamber of Commerce (NBCC), Ray Atelly frpa; Deputy President, Nigerian-British Chamber of Commerce (NBCC), Mr Akin Osuntoki and Managing Director, Tangerine Life, Anele Mbaya, during the Nigerian-British Chamber of Commerce (NBCC) Members Evening/Induction Ceremony held in Lagos

Expert projects moderate expansion for Nigeria’s GDP in first quarter

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By Rukayat Moisemhe

Mr Ebenezer Olufowose, Managing Director, First Ally Capital Ltd., has projected moderate expansion of the country’s Gross Domestic Product (GDP) in the first quarter of the year.

He said this during the Nigerian-British Chamber of Commerce (NBCC) members’ evening/induction on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that Virgin Atlantic, Tangerine Africa, Charter House Lagos, Lagos Skyline Waterfront Development Company and 11 other organisations were inducted into the chamber.

Olufowose stated that while major growth drivers were expected to face headwinds in the first quarter of the year, the country’s GDP growth would expand moderately given the historical resilience of Nigeria’s economy.

He noted that the recent policy changes by the Central Bank of Nigeria (CBN), which aimed to clear existing foreign exchange obligations, would also alleviate short-term pressure on the naira.

He said that the monetary policies of the CBN might also continue to have a positive impact on the valuation of the naira in the short run.

Olufowose, however, stated that these efforts might be insufficient to achieve sustainable stability.

According to him, Nigeria’s heavy reliance on imports and the lack of a clear strategy to diversify its economy will likely continue to stir fluctuations in the foreign exchange market.

“Nigeria’s inflation rate soared to 31.7 per cent in February.

“In the near term, inflation numbers are posed to remain elevated due to sustained cost pressures.

“The challenges within the local food sector, notably the insecurity in food-producing regions, are expected to persistently exert upward pressure on food prices.

“However, strategies for insulating investment portfolios include a shift to safe haven instruments, bias for short-term investment and diversification of investment portfolios.

“It is important to not invest in what you do not understand and consider non-traditional assets with inflation hedge,” he said.

In his remarks, Mr Ray Atelly, President, NBCC, said the event marked a significant moment in the chamber’s journey.

He said the induction served as a promising opportunity to network and continue to build a vibrant economic community.

“It is an opportunity for us to connect, collaborate and inspire one another as we continue to pursue excellence in our respective fields,” he said. (NAN)(www.nannews.ng)

Edited the Olawunmi Ashafa

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