Nigeria’s Economy Yet To Bounce Back After COVID-19’

Nigeria’s economy has yet to achieve the expected bounce-back rate after the pandemic, 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, has said.

The firm, in a statement, said its 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 spiralling inflation rate.

“The Nigerian economy has remained resilient with moderate GDP growth post-pandemic period, albeit below expectation with a spiralling 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,” Adeyemi said.

She however advocated for the formulation and implementation of sound pro-business policies and incentives that promote an enabling environment for businesses to thrive as key factors for building a stronger economy under the incoming administration.

She expressed optimism that Nigeria’s economy could experience a stronger rebound after May 29 if the right policies were formulated and implemented by the incoming government.

Adeyemi is confident about the role of Still Earth Holdings in contributing to the country’s post-election economic growth.