Experts at Coronation Merchant Bank and other organisations have expressed optimism over the 2022 economic outlook.
They spoke at the fourth edition of Coronation Merchant Bank’s Interactive Session Series themed “Nigeria’s Economic Landscape – a blend of optimism and uncertainty”
A statement by the bank said the event, which was held virtually, featured expert speakers such as the Chief Consultant, Adedipe Associates, Dr. Biodun Adedipe; Advisory Partner/Chief Economist, PwC Nigeria, Dr. Andrew S. Nevin; Chief Economist, Coronation Merchant Bank, Chinwe Egwim; and Chief Economist, Development Bank of Nigeria, Prof. Joseph Nnanna.
In his welcome remarks, the Managing Director/Chief Executive Officer of Coronation Merchant Bank, Banjo Adegbohungbe, outlined some key factors expected to influence Nigeria’s economy in 2022.
He said, “There are a number of factors, both positive and negative that are expected to influence the macroeconomic landscape in 2022. The lessons learnt on resilience as Nigeria embarked on a recovery path in 2021 will be critical in shaping the business and macroeconomic environment this year.”
He further stated that the bank would continue to hold sessions on topical issues relevant to the markets and the economy.
Delivering her macro-economic presentation, Egwim said, “Looking ahead, on the back of specific factors we expect upward pressure on prices. Overall, consumption patterns are relatively better and are almost mirroring pre-pandemic levels. However, we must note that consumer pockets are still steadily being rebuilt.”
Also speaking, Nevin expressed his optimism for 2022, stating that, “We have a bigger economy and more economic activities than we think. The official number from NBS is about N20trn in the fourth quarter which understates the economy perhaps as much as 25 per cent. We also have a smaller population than estimated, so we are actually richer than we think.”
Speaking further on the economic landscape, Adedipe said, “We’ve seen the pattern in the last 10 years of non-oil sectors accounting for between 77 per cent and 82 per cent in terms of contribution to our GDP, while the oil sector has repeatedly accounted for less than 10 per cent. It is now obvious that what drives the economy is the non-oil sector and that is where we will have to pay a lot of attention. Looking at this in the context of where we are, I see an economy that will grow very strongly, and I expect growth to be sustained this year.”
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