Rand Merchant Bank Nigeria hosted an Economic Forum to discuss Nigeria’s economic reform complexities, featuring insights from business leaders and experts. Bayo Ajayi highlighted opportunities in policy reforms, while panel discussions focused on strategic business positioning, digital transformation, and risk management. The event reinforced the importance of adaptability in navigating the evolving economic landscape.
Rand Merchant Bank Nigeria (RMB) convened an Economic Forum, bringing together business leaders, policymakers, and financial experts to examine the complexities of Nigeria’s reform landscape. This exclusive event, held at The Wheatbaker Hotel in Ikoyi and themed “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” focused on critical discussions surrounding macroeconomic trends, financial markets, taxation, digital finance, infrastructure, and risk management.
Bayo Ajayi, the CEO of RMB Nigeria, underscored the substantial opportunities arising from government economic reforms, emphasizing the need for businesses to adapt in order to thrive. He pointed out that initiatives like the liberalization of the exchange rate and tax reforms could stimulate investment and enhance economic stability. Ajayi stated that “The liberalization of the exchange rate has improved access to dollars, reduced interest rates reflecting market prices, and enabled investment opportunities for investors.”
A prominent discussion at the forum, moderated by Samantha Singh-Jami from RMB Research, centered on strategic positioning amid policy adjustments. Panelists, including Dr. Christian Ebeke from the IMF, Kenneth Erikume from PwC, Deepak Bhojak from Tolaram Group, and Tilewa Adebajo from The CFG Advisory, deliberated on how businesses can successfully navigate policy modifications without compromising profitability. Dr. Ebeke highlighted that the removal of fuel subsidies has significantly stabilized Nigeria’s economy, noting that “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 dialogue also covered Nigeria’s digital transformation and risk management, led by Prof. Olayinka David-West from the Lagos Business School. Experts, including Mrs. Ngover Ihyembe-Nwankwo from NIBSS, Dr. Femi Ogunseinde from MOFI, and Mr. Tokunbo Taiwo from Digital Jewels Africa, assessed the risks and opportunities posed by emerging technologies like Artificial Intelligence and Blockchain. Mrs. Ihyembe-Nwankwo identified cybersecurity as a critical concern, insisting that while these technologies provide advantages, they entail security risks that must be addressed proactively. Dr. Ogunseinde elaborated on infrastructure gaps, stating, “There are significant headwinds… Nigeria remains far from its penetration target—currently at 40-45% compared to the 70-80% goal.”
The RMB Nigeria Economic Forum served as a vital platform for industry leaders and policymakers to share insights and devise practical strategies for adapting to Nigeria’s evolving business environment. The discussions underscored the necessity for agility and innovation in pursuing sustainable growth as the nation confronts the challenges of economic reform.
In summary, the RMB Nigeria Economic Forum effectively highlighted the opportunities and challenges amidst Nigeria’s economic reforms. With valuable insights from leading experts, discussions emphasized the need for businesses to remain adaptable and responsive to policy changes while addressing digital transformation and risk management. The forum underscored the importance of collaboration among industry leaders to foster sustainable growth in Nigeria’s evolving economic landscape.
Original Source: punchng.com
