Rand Merchant Bank Economic Forum Highlights Key Strategies for Navigating Nigeria’s Reform Challenges
Rand Merchant Bank Nigeria (RMB) hosted a high-profile economic forum in Lagos to address Nigeria’s evolving reform landscape. The event, themed “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” brought together financial experts, policymakers, and business leaders to discuss macroeconomic trends, financial markets, taxation, digital finance, and infrastructure. Held at The Wheatbaker Hotel in Ikoyi, the forum offered a platform for dialogue on navigating the country’s current economic challenges and opportunities.
In his keynote address, RMB Nigeria CEO Bayo Ajayi highlighted the positive impact of recent government reforms, including the liberalisation of the exchange rate. Ajayi noted that these changes have enhanced access to foreign currency, lowered interest rates, and created investment opportunities. Additionally, he spoke on proposed tax reforms as a potential boost for business growth, stressing the importance of continuing to align government policies with market dynamics.
During a panel discussion, IMF Resident Representative Dr. Christian Ebeke discussed the clear benefits of the reform policies, emphasizing the improved economic indicators, such as a reduction in the debt ratio, increased Foreign Direct Investment (FDI), and a more stable financial system. These changes, according to Ebeke, have positioned Nigeria on a path toward greater economic stability compared to previous years, fostering a more favorable business environment.
The forum also delved into the challenges posed by digital transformation and infrastructure gaps. Prof. Olayinka David-West of Lagos Business School led a session focusing on cybersecurity concerns within Nigeria’s financial ecosystem. Dr. Femi Ogunseinde, from the Ministry of Finance Incorporated, addressed the ongoing infrastructure challenges, particularly broadband penetration, which remains far below the target. Participants included industry leaders from PwC, NIBSS, and Digital Jewels Africa, contributing to a broad conversation on the future of Nigeria’s economy.
Source: business day