RMB Nigeria hosted an Economic Forum addressing Nigeria’s reform complexities, gathering business leaders and experts. Key themes included macroeconomic trends, digital finance, and risk management. Bayo Ajayi emphasized the opportunities from government reforms, while panelists discussed strategies for adapting to policy shifts and digital advancements. The forum reinforced the importance of innovation for sustainable growth amidst economic reforms.
Rand Merchant Bank Nigeria (RMB) recently organized an Economic Forum aimed at addressing the intricacies of Nigeria’s reform landscape, attended by business leaders, policymakers, and financial experts. The forum, themed “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” took place at The Wheatbaker Hotel in Ikoyi, facilitating vital discussions on macroeconomic trends, taxation, digital finance, and risk management.
Bayo Ajayi, CEO of RMB Nigeria, underscored the potential arising from the government’s economic reforms, asserting the necessity for businesses to adapt for continued success. He highlighted that initiatives like the liberalization of the exchange rate and tax reforms are poised to stimulate investments and bolster long-term economic stability.
“The liberalization of the exchange rate has improved access to dollars, reduced interest rates reflecting market prices, and enabled investment opportunities for investors,” Ajayi stated. He also emphasized the expected benefits of the tax reform, which aims to reduce rates from 30% to 25%, in promoting business expansion and attracting foreign direct investment.
A significant part of the forum centered around strategic positioning amid policy changes, moderated by Samantha Singh-Jami, RMB Research for Africa. Panelists, including IMF Resident Representative Dr. Christian Ebeke and PwC Partner Mr. Kenneth Erikume, discussed navigating these shifts while ensuring profitability in businesses.
Dr. Ebeke remarked on the notable impact of government reforms, stating, “The impact of government reforms is very clear. It has resulted in improvements in the current account, a reduction in the debt ratio, increased Foreign Direct Investment, and greater financial stability compared to previous years.”
The discussions also delved into Nigeria’s digital transformation and risk management, led by Prof. Olayinka David-West from Lagos Business School. Experts, including Mrs. Ngover Ihyembe-Nwankwo of NIBSS and Dr. Femi Ogunseinde of MOFI, assessed the risks linked to emerging technologies like Artificial Intelligence and Blockchain Technology.
Mrs. Ihyembe-Nwankwo highlighted cybersecurity as a vital issue, noting the significant advantages of AI and blockchain while warning of the associated security risks. Dr. Ogunseinde raised concerns regarding digital infrastructure, calling for financial resource mobilization to bridge Nigeria’s broadband gaps.
“There are significant headwinds. On the physical side, there are major infrastructure gaps. Nigeria remains far from its penetration target—currently at 40-45% compared to the 70-80% goal. Additionally, the high cost of broadband provision continues to be a challenge,” he stated.
Overall, the RMB Nigeria Economic Forum has provided an essential platform for industry leaders and policymakers to share their insights and consider effective strategies for adapting to the evolving economic landscape. The emphasis on agility and innovation remains crucial for sustainable growth as the country continues to face ongoing economic reforms.
The RMB Nigeria Economic Forum successfully convened key stakeholders to discuss the complexities of Nigeria’s reform landscape. Discussions highlighted the opportunities and challenges arising from economic reforms, emphasizing the need for businesses to adapt strategically. The focus on digital transformation and risk management underscored the necessity for innovation in navigating emerging technologies. As Nigeria progresses through these reforms, staying agile and informed will be vital for sustainable economic growth.
Original Source: punchng.com
