Local Refineries, Andrew Uviase, the Managing Partner of Ecovis International, discussed the need for a revamped GDP reporting template to achieve a more realistic assessment of output growth and addressed key issues. He highlighted the importance of presenting absolute figures in addition to percentage growth in GDP reports, emphasizing transparency in the methodology of converting nominal GDP to real GDP.
Regarding inclusive growth, Uviase expressed concern about the stagnant economy and poor distribution of production output, suggesting that transparent cash transfer programs and independent monitoring bodies could enhance effectiveness. He advocated for strategic infrastructure funding, suggesting that public-private partnerships could be viable for various types of infrastructure.
On inflation, he attributed the crisis to factors like poor infrastructure, insecurity, and FX shortages. Uviase recommended boosting security for farmers to increase supply, stabilizing the economy, and addressing structural impediments to production to curb inflation, local refineries.
Addressing the decline in foreign investment, Uviase urged the government to implement short-term measures like tax incentives and long-term efforts to improve security and infrastructure, emphasizing the importance of stable policy measures.
For investors in the coming year, Uviase advised consulting professional advisers to assess risk, venture type, gestation period, and legal requirements when choosing asset classes.
Regarding the foreign exchange market, he suggested a managed float for the naira, with government intervention to ensure rate stability and availability of forex to preferred sectors.
Conclusion: Local refineries
Looking ahead to 2024, Uviase projected increased tax scrutiny for businesses, stable inflation due to operational refineries, eased pressure on FX, boosted government revenues from taxation, and ongoing or slightly worsening insecurity that requires enhanced security force capabilities, local refineries.
Source: guardian.ng
