FirstBank’s Nigeria Economic Outlook 2022 webinar had over 2000 participants

 The webinar by First Bank Limited to address Nigeria Economic Outlook for 2022 which was themed “Rearview look at 2021, lessons learnt – Outlook 2022” had over 2000 participants across the globe. The Oracle Today News gathered.

The bank initiative was used by the bank to set the tone for the year through the provision of an opportunity for participants to learn directly from economic experts to stay informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2022 which will be impacted by the micro and macro-economic activities of the country.

The event was strategically positioned at a time when investors, local and foreign, are making investment decisions and forecasts for the year. Hence, this event has provided insights into what should be expected and the outcome of the government’s utilization of macroeconomic tools.

Amongst the economic experts present at the webinar was Mr. Opeyemi Agbaje, the founder of RTC Advisory Services Limited believed that inflation will potentially remain a concern to Nigerian consumers.

In his words, “Inflation will probably continue to be a concern for the consumer, shrinking his wallet and decreasing the cost of consumption for the consumer.”

Speaking on the 2021 review and 2022 outlook, he stated that, “GDP growth is gradually inching up, by Bismarck’s projections, we may finally be above the rate of population growth in terms of growth….Trade is beginning to pick up, real estate is beginning to reach positive territory, communications and information has been strong, agriculture remains problematic and I think there is finally evidence that insecurity and disruptions of the agricultural value chain are affecting food production and prices”.

In his opinion, in 2021, consumers were concerned about food supply and its prices, these concerns are expected to be sustained in 2022.

Mr. Bismark Rewane, the keynote speaker at the event stated that the first half of the year, H1 2022, will focus on Economics while the second half, H2 2022, will be Politics centred.

In addition to this, he said, GDP should be expected to be 3.9% higher than the projected rate and we could see inflation on an upward ride before reducing. Also stating that external reserves will reduce during the year and we will see the Naira strengthening as exchange rate differential drops and converges.

Earlier in his opening remarks, Chief Executive Officer, FirstBank, Dr. Adesola Adeduntan, said the webinar provided the opportunity to assess the performance of the Nigerian economy across key indices in 2021 and benefit from expert opinions on the expectations and forecast for 2022.

Adeduntan said it would also provide excellent insights on the key factors that would shape both the global and local economic landscape in 2022.

He noted that in 2021, global outputs rebounded and recovery was strong following improved vaccination efforts, as well as support from the monetary and fiscal authorities.

According to him, the fourth wave of COVID-19 omicron variant created some level of caution, impacting the activities of the fourth quarter of 2021 and leading to the push for booster jabs and reinstatement of COVID protocols.

According to him, specific key lessons can be gleaned from the economic and related activities of 2021.

He noted that these lessons and other expected occurrences in 2022 were vital ingredients to the planning processes of the bank’s esteemed customers and stakeholders.

Adeduntan said: “As a Bank, we have a legacy of supporting the growth of businesses as the engine for economic growth and development in Nigeria and across Sub-Sahara Africa.

“In line with our renewed vision ‘to be Africa’s bank of first choice,’ FirstBank will take the lead in driving the development of the different sectors and industries within the economies where we operate to support overall economic growth and sustainability.

“As a bank that is woven into the fabric of society, this webinar is further reinforcing our support and collaboration with stakeholders as we demonstrate our commitment and willingness to be the partner of first choice to our customers.”

Adeduntan hoped that at the end of the webinar, participants would have gained valuable insights into the global and local economic direction.

He said the participants would as well understand how to strategically position their businesses and personal endeavours to harness the opportunities that would arise all through the year.