Business
BoI Organises Customers’ Networking Forum
The Bank of Industry (BOI)
has organised a quarterly customers’ networking forum for the South West region held in Osogbo, capital of Osun State.
The aim of the forum, according to the Divisional Head (SME-South), Mr Abdul-Ganiyu Mohammed,is to create a proactive path and direction for small business owners and entrepreneurs.
He said the bank, by its mandate, had positioned itself to firmly entrench viable economic activities in Nigeria, to strengthen the macro and micro economies.
Mohammed said the forum remained a conscious drive on the part of the bank to grow and develop the real sector of the economy.
According to him, the pattern and quality of interactions among participants will proffer reliable solutions to array of challenges that are confronting investors.
He, however, urged participants to take the advantage of the interaction and improve on their business strategies and as well increase their business margin.
Meanwhile, the speaker at the first discussion session, Mr Promise George, who spoke on: “Macro-economic and Sectoral Review: Implications for Business”, said there was need for thorough review of Nigerian monetary and fiscal policy.
George described the exchange rate as the only micro-economic variables with “greatest adverse effect”on the economy.
He explained that an unfavourable exchange rate would definitely provoke galloping inflation and by extension, bring about high rate of unemployment, which drastically diminished the Gross Domestic Product(GDP).
The speaker emphasised the indispensable status of energy in the quest for sustainable investment drive, saying government should subsidise diesel rather than petrol.
Also, in his speech, Mr Joy Akinlolu, who spoke on: “Thriving in the face of the Present Micro-economic Challenges”, admonished entrepreneurs to find out what their competitors were lacking and quickly make provision for it.
Akinlolu maintained that the satisfactory knowledge about the business strength of competitors would make it possible for an investor to increase the number of his customers as well as profit margin without stress.
He counseled investors to avoid “ceremonial advertisements” and be “real” in publicity.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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