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Statistician General Optimistic About Investment Prospects in Nigeria

Statistician General Optimistic About Investment Prospects in Nigeria

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The Statistician General, National Bureau of Statistics (NBS), Dr. Yemi Kale, has stated that there are still great investment prospects for investors who want to invest in the economy, despite the current challenges facing the country.

Kale who disclosed this last week in Lagos at the Institute of Directors (IoD) October 2017 members evening with the theme: 'Beyond Recession: Outlook for the Nigeria Economy' organised by the Institute declared that the investment outlook is very much positive, and the country has a large market which makes her a viable investment hub.

He also noted that the country has enjoyed a 6 per cent growth rate in the past amid infrastructural challenges and expressed confidence that if the country can still strive despite these myriads of challenges, therefore there is hope for a better and stronger economy if these challenges are addressed.

He explained that there is a huge difference between the economy and the capital growth rate figures, adding that less than two percent of stocks of a company in the economy are in the capital market.

The NBS Statistician further noted that the capital market is not the full representation of the companies in the economy, adding that the market gives information where the economy is going, not its present position.

He added: "The statistics released by the NBS are reliable especially based on the comments we are receiving from foreign investors, donor agencies and the International Monetary Fund (IMF). They commend us for the data. Most African countries send their staff to NBS for training and some request us to send our experts to them so they can learn from us.

"Therefore even if there is still a lot of work to do push the economy forward, I think we have made significant progress. There is high prospects for output growth (especially in agriculture and minerals) in short term, but domestic risks in medium term, and external risks in long term.

"A prudent economy with shrewd business managers are meant to save during the period of boom, this will ensure that during scare period, the economy has something to fall back on. We need to pay attention to the agricultural value chain, and the Food and Beverage sector."

In his remarks, the chairman and President of the Council, Alhaji, Ahmed Mohammad, said despite the country's exit from the recession, the recovery of the economy is still far off, adding that macro economy indicators such as Gross Domestic Product (GDP) growth, inflation and unemployment and others can be viewed as aftermath of policy choices.

He also stated that as an institute, they are mindful of the feelings expressed by Nigerians about the economy, stating that as directors, they monitor the dwindling growth of businesses and feel the pains of employees, "some of whom are being owned salaries for several months."

Mohammad explained that it was imperative for directors to interacts, share experiences and brainstorm over the state of the economy and come out with critical recommendations that would ameliorate the situation and offer suggestion to our policy makers.

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