BGL, FDHL, NESG lament non-passage of petroleum bill
BGL Plc, one of Nigeria’s foremost Investment Banking outfit in Nigeria , Nigerian Economic Summit Group (NESG) and FDHL have lamented the non_passage of the Petroleum Information Bill.
Two seasoned speakers, in the persons of Frank Nweke Jnr (Director General, Nigerian Economic Summit Group) and Bola “Koko” Onadele (President, Financial Datanet House Limited “FDHL”) who spoke at the BGL’s inaugural online seminar (Webinar) on the Socio _ Political and Economic Environment of Business in Nigeria held last week in Lagos, with investors around the globe participating from the comfort of their offices by connecting to the webinar portal from their laptops, lamented on the harsh operating environment which have been affecting the growth of businesses in the country.
Frank Nweke Jnr, speaking on the politics and the policies of the newly elected Goodluck Jonathan-led Government and the implications for business over the next four years commended the 6th National Assembly for the role that they played and the critical legislation that they passed in the last six months.
He, however pointed out that the non-passage of the Petroleum Information Bill will be a major deterrent to the planned transformation by the President Goodluck Jonathan led government.
Bola “Koko” Onadele in his presentation on the developments in the economy and its implications for the Financial Markets expects interest rates to remain high. He expects that there will be continued pressure for the naira to remain weak to the dollar due to intended investment for growth by the government which will require sourcing of funding internationally and domestically. Pressure on the naira will also be affected by increased funding of foreign education and trade imbalances. On the fixed income market, he predicted the creation of non-sovereign bonds to finance infrastructure projects in the power and housing sector.
With regards to the equity market, he advised investors to approach the equities market with a long term perspective. His short term expectations are not favourable due to increased volatility in the economy.
According to Albert Okumagba, GMD BGL Plc, “the beauty of a webinar is the ease and convenience that it gives members of the public to participate. It enables us to break the time/distance barrier to reach investors especially in the Diaspora, enlighten them on the realities in Nigeria and Africa. It also allows us to give them a real life picture of what is obtainable and clear any doubts that they have about investing in Nigeria.”
Following the successful hosting of the Interactive Forum electronically, the company announced that the Interactive Webinar will be held quarterly to keep investors updated on developments in the economy and would also aim to address topical issues for businesses in the country. Funso Oke, the head of the BGL Research said that the company had come up with the initiative as a means of providing reliable information to local and international investors in a timely and efficient manner.
