Nigeria’s Agric Sector to Grow by 1.6% in 2022 – Economic Expert

An economic expert and the Chief Executive Officer of Financial Derivatives, Bismarck Rewane, has projected the Nigerian agriculture sector to grow by 1.6 per cent by the end of 2022. Speaking at a virtual roundtable titled: ‘Nigeria’s Economic Outlook 2022’, organised by the First Bank of Nigeria (FBN), Rewane explained that he expects the Nigerian financial services sector to continue its progress in 2021, and grow by 8.32 per cent. According to him, the growth would be driven by increased collaboration with FinTechs in promoting financial inclusion, citing that tier-1 banks would leverage their robust customer base and balance sheet size. Also, Rewane predicted that there would be aggressive digital innovation and lending solutions as well as possible mergers and acquisitions within and across tiers to boost capital structures. He continued“Players would benefit from volume and value growth. Top players (Nestle Nigeria and Unilever) will report profit growth of 20 per cent in 2022. “Agriculture sector is likely to grow by 1.6 per cent in 2022, an efficient rail system will ease logistics constraints and boost productivity.” Furthermore, he noted that declining inflation would be positive for consumer purchasing power, adding that monetary tightening in advanced economies could trigger capital outflow, citing that the Gross Domestic Product (GDP) growth perspective would be sublime as the oil price remains stable. Meanwhile, the economist called on policymakers to find solutions to heightened social unrests spurred by high unemployment and poverty levels, and financial sector crisis, among others. On his part, President and Council Chairman of the Nigerian British Chamber Of Commerce (NBCC), Bisi Adeyemi, highlighted the challenges posed by the unstable global market, and the implications for Nigerian businesses. “A major objective for hosting the 2022 Economic Outlook is to undertake a comprehensive assessment of the opportunities, challenges and indeed the threats that businesses should expect to contend with this year. “I am sure that like me, many of you would like to have a crystal ball to give you a sneak peek into what the year holds, and I certainly would like to know how the permutations of a pre-election year will impact the economic indices,” Adeyemi noted. Also, the British Deputy High Commissioner, Ben Llewellyn-Jones, underscored the strong bilateral ties between the two countries and the United Kingdom’s commitment to strengthening existing trade relations, including its continued support for Nigeria’s efforts to diversify its economy. Meanwhile, earlier in his opening remarks, the Chief Executive Officer, FBN, Adesola Adeduntan, said the event, themed: “A Rearview Look at 2021, Lessons Learnt – Outlook 2022,” was aimed at providing an opportunity for participants to learn directly from economic experts to stay informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2022.

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