Years after covid -19 pandemic, Nigeria’s economy is yet to achieve the expected bounce-back rate, primarily due to inflation and other disruptions, including the contraction of the oil and gas sector resulting from low output.
A firm Still Earth Holdings, in a statement through it Executive Chairperson, Oyindamola Adeyemi disclosed this while speaking at The Economist’s The World Ahead 2023 release event.
Adeyemi was quoted in the statement to have said the Nigerian economy had remained resilient with moderate GDP growth post-pandemic period, albeit below expectation with a spiraling inflation rate.
“The Nigerian economy has remained resilient with moderate GDP growth post-pandemic period, albeit below expectation with a spiraling inflation rate. The non-oil sectors have continued to contribute positively, driven by agriculture, service industries, and construction while oil and gas contracted due to low outputs,” she said.
However, She advocated that the incoming administration should formulate and implement sound pro-business policies and incentives that will promote an enabling environment for businesses to thrive as key factors for building a stronger economy.
She further expressed optimism that if the right policies were formulated and implemented by the incoming government, Nigeria’s economy could experience a stronger rebound after May 29.
Adeyemi is confident about the role of Still Earth Holdings in contributing to the country’s post-election economic growth.