Business
Nigerian Economy to Reach $400bn by 2026 – Rewane
Bismarck Rewane, Managing Director and CEO of Financial Derivatives Company Limited, has projected that Nigeria’s economy will grow by 3.5% by 2026, reaching a gross domestic product (GDP) of approximately $400 billion. Speaking at the Access Bank Customer Forum in Lagos, Rewane also predicted that Nigeria would become the second-largest economy in sub-Saharan Africa.
He forecasted improvements in Nigeria’s foreign exchange system, with unencumbered foreign reserves increasing to $20 billion, alongside a more efficient forex auction process. Rewane further projected inflation would drop to 22%, while the monetary policy rate (MPR) could be reduced to 20%, helping to lower the rate of bad loans in the banking sector.
However, he warned that the naira could weaken to N1,550 to the dollar in the parallel market due to factors like intervention funds and diaspora remittances.
Other key predictions include a rise in total factor productivity from 2.4% in 2024 to 2.6% by 2026, and an increase in Nigeria’s trade balance from $8.42 billion to $9.3 billion. Rewane also anticipated the price of petrol stabilizing at N900 per litre, bolstered by output from the Dangote refinery and modular refineries.
Additionally, he forecasted that the stock market capitalization would hit N58 trillion, with major companies like Dangote Refinery and the Nigerian National Petroleum Corporation going public. Prices of essential commodities such as rice, beans, and tomatoes are expected to rise significantly by 2026.
Meanwhile, the Minister of Finance highlighted a net inflow of $2.35 billion into Nigeria’s foreign reserves, which has helped stabilize the naira. Despite these optimistic projections, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, expressed concerns, citing issues such as divestment, poor education, and unemployment. He called for data-driven decision-making to address these challenges.
DP
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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