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| LCCI President, Chief (Mrs) Nike Akande |
INDUSTRIALISTS in the country have taken a look back at the out gone 2015 and expressed hope that 2016 will usher in a better business
environment for them if the right policies are put in place by the
federal government to stimulate the economy and attract domestic and
foreign investments.
They made their expectations for the new year known through their
various trade associations like the Lagos Chamber of Commerce and
Industry, LCCI; Nigerian-British Chamber of Commerce (NBCC), Ikorodu
Chamber of Commerce and Industry (ICCI), etc.
Muda Yusuf, Director General, LCCI , noted that this year, the
chamber expects the businesses of their members to surge and the
country’s GDP growth to rebound, though, slowly to about 3.5 if the
right mix of fiscal and monetary policies are put in place.
According to him, while the recovery is expected to be driven by
increase in government expenditure, the growth in oil sector may be
constrained still by low price and investment drive.
“Also the exchange rate volatility is expected to persist fuelling
high inflation of about 10-11 percent. However, correction towards Real
Effective Exchange Rate (REER) in the form of exchange rate adjustment
is likely in Q1, 2016. This will reduce the pressure on external
reserves.
Sectoral Outlook 2016
