Yemisi Izuora
The Chief Consultant of Biodun Adedipe Associates Limited, a firm of Financial and Management Consultants, Biodun Adedipe will be addressing key issues on the economy at the forthcoming Finance Correspondents Association of Nigeria (FICAN) Half-Year Economic Review.
The event, which holds at FICAN Centre, Onipanu Lagos on July 20, will give him the opportunity to review developments in the economy in the first half of the year as well as highlight implications of such developments in the second half.
Adedipe, who will be the guest speaker at the event, will be speaking against the backdrop of observed improvements in some economic indices, an indication that the ongoing economic recession might end in the third quarter as predicted by the Federal Government.
While the general economic outlook seems cautiously optimistic for the remainder of fiscal 2017, emerging indicators suggest that economic policy must remain cautious.
Data from the National Bureau of Statistics (NBS) showed that the economy contracted marginally by 0.52 percent in the first quarter of this year, a much more positive development for the first quarter of last year. The data also shows that about 18 economic activities recorded positive growth in the first quarter of this year; indicating that the economy was firmly on the path of recovery.
There have also been positive effects of improved foreign exchange management on the performance of the manufacturing sector and other economic activities. The non-oil sector grew by 0.72 per cent in the first quarter of this year, largely reflecting the growth recorded in agriculture and solid minerals, and recovery in manufacturing, construction and services sectors.
The guest speaker is expected to analyse recent happenings in the economy, including a drop in inflation figures, pick-up in Gross Domestic Product (GDP) and Purchasing Managers’ Index (PMI) survey for June which showed improvements in business and investment sentiment.
Adedipe is also expected to address issues around the improvements in foreign exchange market liquidity which trailed the launch of the Investors’ & Exporters’ (I&E) FX window and the impacts of Central Bank of Nigeria (CBN) FX interventions on the domestic economy.
He is also expected to speak on the impact of rising crude oil prices and domestic crude oil production, both of which have culminated in increased foreign exchange supply.
Analysts insist that with economic recovery still fragile, the business cycle going forward will remain anchored by stability in the Niger Delta, developments in the oil market and domestic FX policies.
“The FICAN Half-Year Economic Review has remained an industry-based knowledge sharing platform that will allow the guest speaker speak to key issues on the economy to enable participants to write from the position of knowledge,” a statement from the association said.