Nairametrics, weekend took an important step toward addressing the struggling global economic situation, with Nigeria as the focal point as it organized a gathering of experts to discuss a new direction aimed at improving the country’s economy in 2025.

The quarterly webinar conference, titled “Nigeria Economic Outlook 2025,” was held on Saturday, November 30, 2024, marking a positive initiative by the organization to bolster Nigeria’s economy by tackling key areas that could contribute to an increase in the country’s gross domestic product (GDP).

The conference focused on topics such as exchange rates, interest rates, economic growth, and geopolitics. 

With speakers from around the world, the event emphasized the need for a critical evaluation of the existing economic challenges, while also exploring potential solutions and strategies to navigate through these difficulties. 

Dr. Olusegun Omisakin, Chief Economist and Director of Research and Development at the Nigerian Economic Summit Group (NESG), highlighted the recent decline of Nigeria’s economy. 

He discussed how the country’s democratic governance, which began in 1999, coincided with economic growth, particularly a significant rate of 14.6% in 2002. However, he noted that the years following this peak have been characterized by a downturn in economic performance

‘’By 2005, growth had slowed to 7%, and between 2010 and 2016, GDP growth rates fluctuated between 2.7% and -1.6%, including a recession in 2016,” he said.

Omisakin explained that Nigeria’s economy must be restructured with a focus on core indices that have mitigated acceleration, to have a headway. He also noted that while some economic stability might be achieved in the short term, the costs to the population will remain high unless structural issues are addressed. 

Similarly, another speaker, Dr. Bunmi Bajomo the Head of Group Corporate Banking & Chief Operating Officer CIB, Ecobank Transnational Incorporated, took a swipe at government policies that hinder growth at financial institutions. But with a ray of hope, she mentioned that the reform in the Forex exchange regime has benefitted Nigerians in some sectors including the export zone.

She noted that reforms carried out by CBN as of April 2024 reduced the margin between the official and parallel markets.

“The gap between the official and parallel markets as of last year was like night and day. The official market was at about 475, while the parallel market was trending around 1,000. With the reform earlier this year, as of April 2024, the gap had narrowed to less than 1%. Even though we’ve now seen the gap widen to around 5%.That is one positive move,” remarked Bajomo, also noting that the FX liquidity level has improved significantly by the new administration against the previous.

Bajomo expressed hope that Nigeria’s trade position in other sectors aside from petroleum is making an appreciable impact. She noted that if players in the agro-allied export sector can sustain production, it will help to reshape the economy because of the current exchange rate.

In his contribution, Egie Akpata, a real estate expert and Chairman of Skymark Partners, noted  that the state of the Nigerian stock market doesn’t reflect Nigeria’s economy, stressing many big players in the economy are not represented in the security market, but commending the stock market in 2024 for its resilience.

He said, “The stock market’s 2024 year-to-day return is just 30%. That 30% is kind of what was initially concentrated because the year-to-date return was 30% by April and it’s been flat since April.”

He revealed that the initial run-up in the all-share index was highly concentrated in large stocks, mentioning Dangote Cement, BUA Foods, Geregu Power, and others with exceptional performance in quarter one of 2024, adding that since then, the return position has broadened out.

Sharing similar views, Kelvin Emmanuel, an economist and public policy expert mirrored into the petroleum sector. Emmanuel dissected the mainstream and downstream challenges, while proffering how the sector can be salvaged.

On the global scene, Professor Jeremy Ghez, a renowned professor of economics and international affairs at HEC, Paris noted that there is a lot to learn from global big players like United States of America. While drawing analogy from President-elect, Donald Trump’s “America First” mantra, he emphasised the ideology of ‘Transactionalism’ economic process and the power of negotiation including compromise as a veritable option to get the best deal in economic growth.

Jeremy explained that African leaders would best adopt such strategies as the power of negotiation in strengthening their economy.

Amanda Woolverton, a marketing and communication expert, mentioned the economic security and safety of the business supply chain in business to stabilise the country’s economy. She also mentioned the impact of conscientiousness adaptation of ‘America First’ in strengthening Nigeria’s economic growth. 

Issues like diaspora fund remittances and their proper utilisation were discussed as speakers said that the government’s strategy in managing the fund is important. 

Earlier in his opening  remarks, Mr. Ugodre Obi-Chukwu, the founder and chief executive officer at Nairametrics, welcomed the participants, saying the current economic outlook called for expert positions ahead of 2025. He noted that Nairametrics Economic Outlook is an ongoing conversation done every quarter of the year with a focus on reviewing how to better the country’s economy.