Stanbic IBTC Holdings PLC, a member of Standard Bank Group, recently hosted a webinar titled “2022 ‘Virtual Economic Outlook- Investing and planning in an election cycle”.
Stanbic IBTC The event which aimed at reflecting on economic trends that shaped 2021 and projecting into 2022, held on Monday, 14 February 2022.
According to the financial services provider, the webinar affords participants the opportunity to learn directly from economic experts on the importance of planning and investment.
Bismarck Rewane, Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, and Muyiwa Oni, Head, Equity Research, Stanbic IBTC Holdings PLC, led deliberations at the virtual event.
Other speakers at the webinar were Eric Fajemisin, Executive Director, Corporate and Investment Banking; Remy Osuagwu, Executive Director, Business and Commercial Clients; Executive Director Client Solutions – Bunmi Dayo-Olagunju and Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, set the tone for the event by appreciating the customers for the confidence and trust reposed in the organisation through their patronage.
He assured Nigerians of valuable and exciting opportunities despite the likely headwinds as the nation prepares for its general elections.
Bismarck, who enumerated the current state of the Nigerian economy, noted that Nigeria’s expenditure currently stands at N19.63 trillion while its revenue stands at N10.71 trillion.
This, he said, represented a fiscal deficit of N8.92 trillion, which translates to an increasing level of poverty, inflation, unemployment and the number of out-of-school children.
He noted that the number of fully employed Nigerians had dipped by 54.41 per cent in the last five years and the working population grew by 18.45 per cent, while 50 per cent of Nigerians remain idle.
Highlighting Nigeria’s fiscal position in five years, he noted that while oil prices increased by 62.36 per cent; currency and balance of trade weakened by 239.76 per cent and 35.95 per cent respectively, with gross external reserves gaining 39.29 per cent.According to him, sustained supply concerns have helped to shore up global oil prices above $80 per barrel while the Central Bank of Nigeria has continued to step up its intervention programme in the forex market as the nation’s gross external reserves continue to dwindle. Also, he said, the naira has continued to witness increased pressure due to excess liquidity.“The nation’s economy is expected to continue its rebound as witnessed in the last quarter of 2021 while oil prices are likely to remain high as major economies re-open […]