RMB Nigeria hosted an Economic Forum focused on Nigeria’s reform landscape, gathering leaders to discuss macroeconomic trends and strategies for adaptation. CEO Bayo Ajayi emphasized the potential benefits of recent reforms, while expert panelists analyzed risks and opportunities presented by emerging technologies and infrastructure challenges. The forum reinforced the need for businesses to adjust to the evolving economic environment.
Rand Merchant Bank Nigeria (RMB) gathered prominent business leaders, policymakers, and financial experts for an Economic Forum focused on navigating Nigeria’s reform landscape. This exclusive event, titled “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” took place at The Wheatbaker Hotel in Ikoyi and facilitated discussions on macroeconomic trends, financial markets, taxation, digital finance, infrastructure, and risk management.
Bayo Ajayi, CEO of RMB Nigeria, emphasized the potential benefits of the government’s reforms for businesses, stating that adapting to these changes is essential for success. He discussed the positive impacts of liberalizing the exchange rate and tax reforms, suggesting that these initiatives might stimulate investment and economic growth. Ajayi remarked, “The liberalization of the exchange rate has improved access to dollars, reduced interest rates reflecting market prices, and enabled investment opportunities for investors.” He also highlighted the role of reducing the corporate tax rate from 30% to 25% in attracting foreign investment.
Subsequent discussions explored strategic positioning for businesses amid evolving policies, moderated by Samantha Singh-Jami from RMB Research for Africa. Distinguished panelists including Dr. Christian Ebeke from the IMF and Mr. Kenneth Erikume of PwC examined methods for ensuring profitability while adapting to policy reforms. Dr. Ebeke pointed out that the abolition of fuel subsidies has positively influenced Nigeria’s economy, stating, “The impact of government reforms is very clear. It has resulted in improvements in the current account, a reduction in the debt ratio, increased Foreign Direct Investment, and greater financial stability compared to previous years.”
The Forum also addressed issues surrounding Nigeria’s digital transformation and risk management, led by Prof. Olayinka David-West, Dean of Lagos Business School. Experts like Mrs. Ngover Ihyembe-Nwankwo from NIBSS and Dr. Femi Ogunseinde discussed emerging technologies and their implications for financial security. Mrs. Ihyembe-Nwankwo identified cybersecurity as a critical concern and noted the need for managing risks associated with AI and blockchain. Dr. Ogunseinde reiterated the digital infrastructure gaps, emphasizing the necessity for investment to address broadband challenges, stating, “There are significant headwinds. On the physical side, there are major infrastructure gaps.”
Overall, the RMB Nigeria Economic Forum served as an efficient platform for thought leaders to exchange insights and devise strategies for navigating Nigeria’s evolving economic landscape. The discussions highlighted the necessity for agility and innovation as key drivers of sustainable growth in the face of reform complexities.
The recent Economic Forum hosted by RMB Nigeria has underscored the importance of adaptability for businesses amid Nigeria’s economic reforms. With thoughtful insights from industry experts regarding taxation, digital transformation, and risk management, participants recognized the opportunities presented by new policies while also addressing potential risks. Continued dialogue among stakeholders is critical to successfully navigating the complexities of these reforms and fostering long-term economic stability.
Original Source: punchng.com
