Experts in the financial and authentic sectors have verbalized the Federal Regime needs to address the growing dependence on imports, which puts pressure on the country’s external reserves, in order to obviate the reserves from being depleted further.
The experts verbalized at the 2014 half-year economic review organised by the Lagos Chamber of Commerce and Industry in Lagos on Thursday.
While presenting data on mazuma market and other macro indices, Dr. Biodun Adedipe of B. Adedipe Associates Limited, verbalized efforts should be made to fortify the manufacturing sector, which was plagued with challenges.
According to him, that will reduce the country’s dependence on imports.
He verbalized, “The economy’s heftily ponderous dependence on imports and fledging confidence in the national economy – with mounting unresolved security issues – will perpetuate to urge capital outflows and put pressure on external reserves,” he verbalized.
While he verbally expressed inflation was liable to elevate, Adedipe expounded that it would remain in single digit by the year-end as the Central Bank of Nigeria perpetuates with tight monetary policy in order to checkmate expansionary regime expenditure.
He integrated that the pressure would deepen as the tempo of political activities towards 2014 and 2015 elections increases.
Adedipe additionally called for incremented investment in infrastructures and amelioration in governance as a component of measures to ameliorate gregarious welfare.
He verbally expressed, “Nigeria, with the rebased GDP is now ranked number 26 with regards to the size its economy in 2013; but ranked 147 out of 189 countries profiled in the World Bank’s latest ease of doing business report. The country’s ranking in the UNDP Human Development Index is 153, out of 210 countries.
“This is a graphic illustration of disconnect between the magnification and development; and between magnification and quality of investment climate. These are critical gaps that we require to fine-tune exigently for economic magnification to be inclusive and impactful.”
Additionally, The Chairman, Lead Securities and Investment Limited, Mr. Abimbola Olashore, verbally expressed the country remained an investment destination for peregrine investors going by their perpetuated ascendance of the nation’s capital market despite tapering by the United States Federal Reserve ascendant entities
