The recent Parthian Economic Discourse 2024 provided a significant platform for stakeholders, including the Director-General of the Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, to advocate for improved management of policy reforms by the Federal Government. The discourse was centered around the theme ‘2025 Macroeconomic Outlook for Nigeria,’ where key figures highlighted the pressing need to navigate the complex economic landscape shaped by local and global factors. Dr. Almona emphasized that Nigeria must enhance its Foreign Direct Investment (FDI) by improving how it manages domestic investors, hinting at the ripple effect this could have on attracting international capital. The engagement drew attention to the necessity of policy coherence and consistent engagement with private investors to foster an environment conducive to economic growth.
Keynote speaker Bismark Rewane, Managing Director of the Financial Derivatives Company, raised alarm bells over the depreciation of the naira. His analysis indicated a staggering 47 percent decline in the currency within the year, which he attributed to inadequate management of monetary policies by the Central Bank of Nigeria. He contended that the exchange rate has become a significant driver of inflation, overshadowing interest rates. Rewane encouraged a reevaluation of the exchange rate management system, asserting that effective monetary policy reform should be viewed as a continual process rather than a series of discrete events. He suggested that mismanagement during critical moments—such as the removal of fuel subsidies and adjustments to the exchange rate—demonstrated the need for a comprehensive strategy rather than piecemeal tactics.
In the context of the Nigerian economy, Rewane emphasized the crucial elements of an efficient exchange rate system that encompasses a deep understanding of reserves, exports, and market operations. He pointed out that perceptions of entities such as “Aboki FX” as threats to the economy are misguided, arguing that these platforms provide transparency that is essential for price discovery in a market. His call for a cohesive approach to economic reform underscores the pivotal role the Central Bank of Nigeria must play—one that consists of linear steps rather than an uncoordinated strategy that has historically led to economic turbulence.
Dr. Almona’s remarks also highlighted the vital role of significant investments, particularly referencing the Dangote refinery as emblematic of the potential for large-scale projects to enhance Nigeria’s economic landscape. She advocated for a supportive environment for such investments, suggesting that the government’s treatment of pivotal projects like Dangote’s refinery would not only influence domestic stakeholders but also sway the perceptions of foreign investors looking at the Nigerian market. The message was clear: celebrating and safeguarding these critical investments can foster a more robust economic environment, which would ultimately lead to greater investment flows into the country.
As the discourse progressed, topics such as subsidy removal, energy tariffs, and alignment with global economic shifts were examined, with participants questioning how these variables would interact with inflation and consumer welfare. Various voices from the panel, including that of Professor Olayinka David-West, called for an integrated approach towards adopting digital solutions and fiscal discipline to enhance economic planning and improve financial inclusion. His emphasis on technology underscores the transition that many economies are undergoing to innovate and streamline operations, projecting a future where technology informs competitive economic strategies.
The dialogue concluded with sentiments from industry leaders on the pressing need to create an enabling environment for infrastructure investment through clear and supportive policy frameworks. With speakers like Yemi Sadiku advocating for private sector participation as essential for economic resilience, the takeaway from the discourse is that collaborative efforts involving government, investors, and innovative technological solutions may hold the key to effectively managing policy reforms and building a sustainable economic framework for the future of Nigeria. Overall, the emphasis on holistic reform and cooperative engagement signifies a potentially transformative period for the nation’s economic trajectory, asserting that end-to-end strategies over fragmented approaches will be necessary for sustainable growth.
