Driving Inclusive Growth in Africa’s Largest Economy

Driving Inclusive Growth in Africa’s Largest Economy

Driving Inclusive Growth in Africa’s Largest Economy

Nigeria is emerging from its worst economic recession in more than 20 years.

The economic crisis was driven by a contraction in the oil sector as well as an inadequate supply of foreign exchange, aggravated by the foreign exchange restrictions. This resulted in cuts in production and significant loss of jobs.

The new administration in Nigeria has announced a bold and comprehensive reform programme. Planned for formally release in mid-February 2017, the reform agenda focuses on macro-economic stability and improving the social welfare of Nigerians.

Key reforms include steps to reduce volatility in foreign exchange, the rationalization of the public sector to cut costs, renewed efforts at enforcing tax compliance, and increasing digitalization.

On agriculture, Nigeria could become the breadbasket of Africa. With agribusiness the second largest contributor to GDP, Nigeria intends to be completely self-sufficient in rice, tomatoes and wheat production. This will also help to take pressure off foreign exchange imbalances.

The outlook for 2017 is for continued economic recovery in Nigeria as the package of reforms takes effect and as fiscal and monetary stimulus boosts growth.

About Christopher Ezeadichie 3363 Articles
Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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