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H2: Fuel Subsidy Removal, Increased Oil, Non-oil Exports To Boost Economy – Experts

by Olushola Bello
2 years ago
in Business
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Afrinvest West Africa Limited has provided guidance to domestic investors on opportunities available in this period of massive reforms across key sectors of the economy.

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At the company’s mid-year investment parley held in Lagos, the Group managing director, Afrinvest West Africa, Ike Chioke, spoke on the opportunities provided by the naira and energy reforms to investors and how they could be explored for optimum returns on investment.

Speaking on the theme: ‘The Turning Point: Positioning for Optimal Return’, he called on investors to position themselves for the opportunities in the economy, which had been magnified by ongoing reforms.

Chioke said the factors seen in both domestic and global economies showed that the country’s economy was at turning point for greatness, saying, “removal of the petrol subsidy was expected to provide fiscal savings of N2 trillion in 2023. This together with earnings from improved oil exports and non-oil sources, would buoy revenue.”

According to him, although the naira has been devalued by significantly about 40 per cent, but it has great benefits, including government making huge savings around N2 trillion, just from the subsidy removal.

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He, however, kicked against spending the savings on palliatives, saying a palliative is not a permanent solution.

Chioke added that, the forex reforms by the Central Bank of Nigeria(CBN) have raised hope on sustainable economic development, noting that, the spike in forex rate at the parallel market would be short-lived as more foreign investors pump dollars to the economy.

He said, Naira would face pressures at the parallel market but that would be for a short time and the bigger picture was that more foreign direct investments would find their way into the economy.

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On his part, the managing director of Afrinvest Consulting, Abiodun Keripe, said the reforms in the forex market had opened the possibility of Nigeria growing its foreign reserves to $60 billion by year end.

He said achieving the target will require increased oil production, boost in diaspora remittances, sustenance of tax and oil subsidy reforms. Keripe said implementing these reforms would also strengthen the naira from current status to around N550/N600 per dollar by year end.

Keripe said, despite the improved export earnings, Nigeria’s heavy dependence on importation impeded the trade balance gains.

He advised investors to remain overweight in fixed-income investments, with a particular emphasis on yield play, explaining that, “sovereign with strong fundamentals should be the center of focus while corporates should also take a substantial part for stability.”

Also speaking, managing director/chief business officer, Optimus by Afrinvest, Mr Ayodeji Eboh, said the reforms represented a turning point because with Nigeria’s new government, there was going to be short term pains, which would ease as time progresses.

He, however, said savings from subsidy should be tied to specific projects that will add value to the people. He called for investment in infrastructure and in boosting policies that promote ease of doing business.


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