Nigeria has all it takes to record positive economic growth in 2024 despite the diverse economic uncertainties within the country and the world at large.
This optimism formed the basis of discussions by various economic experts at the First Bank Nigeria Economic Outlook 2024, themed “Current Realities and Prospects.”
In his opening remarks at the event, the Chief Executive Officer of First Bank Group, Dr Adesola Adeduntan, stated that the year 2024 offers the opportunity to refresh, think and recalibrate businesses to align with the opportunities available in the current environment.
According to Adeduntan, the year started on a very strong footing with President Bola Tinubu, signing the 2024 appropriation bill into law and the fact that 9.9 trillion is budgeted for capital expenditure.
“So by implication, we believe there will be significant spending that is planned that will allow and should create enough stimulus within the economy that allows significant and serious players to be able to tap into the growth and the aspirations of the government,” he said.
On the role of First Bank in tapping into the opportunities that abound in 2024, Adeduntan assured Nigerians that the bank would continue to play a pivotal role in aiding customers’ businesses to navigate through the year to maximise the benefits therein.
The First Bank CEO stated that “we see ourselves as your trusted business advisor, an institution you can always count on either in terms of financing or providing real business advice or even just being there for you at all times. We are excited about the opportunities that the economy offers and we believe that after today, the takeaway will be such that it will positively impact your business.”
The Keynote speaker who is the founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult), Dr Biodun Adedipe, listed Nigeria’s current realites of rapidly growing population, rapid urbanisation, deepening Internet penetration, Teledensity, inflation current exchange rate as well as interest rates among others as some of the indicators that will drive the expected growth in 2024.
He however called on major stakeholders in the Nigerian economy especially those affiliated with any trade groups, to participate in policy advocacy as there were many advantages to it, especially to the private sector which contributes the largest to the economy.
