A non-executive director of Parthian Partners, Mr. Bismarck Rewane, has said that Nigeria’s economy will begin to exit the most painful phase of the reform adjustment process in 2025.
He made the assertion at the Parthian Economic Discourse 2024 (PED24), held in Lagos recently.
The Parthian Economic Discourse 2024 brought together leading economic experts, policymakers, and business executives to discuss the future of Nigeria’s economy.
Held at Four Points by Sheraton, Lagos, the event focused on “Policy Shifts: Strengthening Economic Institutions for Sustainable Growth.” It provided a platform for thought leaders to deliberate on the country’s critical challenges and opportunities as it approaches 2025.
In his keynote presentation on Nigeria’s 2025 macroeconomic outlook, Mr Rewane delivered a hopeful yet pragmatic assessment of the nation’s economic trajectory. He projected that the economy would begin to recover from the most challenging phase of its reform adjustments by 2025, emphasizing the importance of strategic policy implementation and institutional reforms.
Rewane highlighted several key points during his address. He noted that while Nigeria’s exchange rate fundamentals indicate that the Naira should be more robust, achieving stability depends on an efficient and effectively managed FX system. He stressed that the primary challenge lies not in the reforms themselves but in their management, citing poorly sequenced policy changes and insufficient structural reforms as significant obstacles.
The keynote speaker also underlined the critical role of investment in driving economic growth. “Revenue alone is not enough,” Rewane stated. “Investment is key, but it is influenced by confidence, transparency, and the right policies.” He also called attention to persistent challenges, such as power supply inefficiencies and the lack of transparency in the oil and gas sector, which require immediate attention through structural reforms.
A panel session followed the keynote, offering more profound insights into the reforms needed for sustainable growth. Moderated by Dr Benson Uwheru, Group Executive/GCOO of Parthian Group, the session featured Professor Olayinka David-West, Associate Dean of Lagos Business School; Olufemi Shobanjo, CEO of NGX Regulation Limited; The DG/CEO of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, and Executive Director of Parthian Group, Yemi Sadiku.
The panelists proposed actionable strategies to address Nigeria’s economic challenges. Professor David-West emphasized the importance of adopting a “digital-first mindset,” advocating for using technology and AI to improve fiscal discipline and economic planning. Dr Almona identified high energy costs as a significant driver of inflation and stressed the need to resolve power supply issues to stabilize prices.
Olufemi Shobanjo discussed the role of liquidity in capital markets, emphasizing initiatives that enhance investor confidence and ensure market stability. Yemi Sadiku highlighted the need for an environment that enables infrastructure investment, urging the government to create policies that encourage private sector participation.
The discourse concluded with a reinforced call to tackle the root causes of Nigeria’s economic challenges to achieve long-term sustainable growth. Rewane aptly remarked, “The things outside our control far exceed what we can control, but by addressing these root causes, Nigeria can unlock sustainable growth and economic stability.”
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