According to experts in finance and economics, Nigeria’s GDP will grow by 3.47% if the government prioritizes supporting infrastructure that supports exports, manufacturing, and small and medium-sized enterprises (SMEs).
They also anticipate that the government will encourage lower borrowing rates, strengthen the market, assist small businesses, and give corporate tax advantages. Experts in the area estimated growth of 3.3%, which is 0.4 percentage points more than the economy’s projected conclusion from the previous year and somewhat higher than the 3.3% forecast by the World Bank.
Although the World Bank and other organizations have predicted that the economy will develop at a rate higher than three percent, local experts claimed that if the government does not put the right measures in place and fails to actively promote domestic manufacturing, and export then the forecast would not be achieved.
The presentation was done at, the First Bank Nigeria Economic Outlook 2024: “Current Realities and Prospects” event, which took place in Lagos. The keynote speaker, in person of Dr. Biodun Adedipe, stated that government acceptance of the fact that investments in supporting infrastructure are necessary for SME manufacturers to prosper in the nation will be the real game changer in the manufacturing sector.
According to him, infrastructure may be created by the government by creating industrial parks or clusters where space and necessities like electricity, water, and roads are provided, saving firms from having to spend money on infrastructure to produce.
Moreover, several companies in the past three months have found the Nigerian markets attractive, and are planning on establishing businesses in the country. To attract more business establishments in the country, the government is advised to create a conducive environment and also to research the needs of the several big manufacturing companies.
In addition, the CEO of FirstBank Group (Dr. Adesola Adeduntan), voiced optimism regarding the future of the economy. He urged companies to proactively and aggressively modify and adapt their operations to the ever-changing landscape of governmental priorities and policies.
Citing the newly signed appropriation, he emphasized the possibility of economic stimulation that would help major players in the market.
Instead of offering reasons for delay, the CEO urged firms to move decisively in favor of a constructive and forward-looking strategy. firms should also concentrate on discovering ways to succeed rather than worrying about the risk of failure.
