The First Bank of Nigeria (FBN) has predicted that the federal government’s planned expenditures, particularly the more than N9 trillion set aside for capital expenditures, will result in good economic development for Nigeria.
This is mentioned in the bank’s “Current Realities and Prospects” projection for 2024.
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First Bank Group CEO Dr. Adesola Adeduntan stressed in her opening speech that 2024 offers businesses an opportunity to rethink, plan, and adjust to the opportunities that are now available in the market.
Adeduntan also highlighted the fast start to the beginning of the year, marked by President Bola Tinubu signing the 2024 appropriation bill into law, allocating N9.9 trillion for capital expenditure.
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He started, “So by implication, we believe there will be significant spending that is planned that will allow and should create enough stimulus within the economy that allows significant and serious players to be able to tap into the growth and the aspirations of the government,”
Also speaking during the event was the Chief Consultant of B. Adedipe Associates Limited (BAA Consult), Dr Biodun Adedipe who delivered the keynote address.
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According to him, the anticipated growth in 2024 would be influenced by Nigeria’s present dynamics, including a fast-rising population, rapid urbanization, increasing Internet penetration, inflation, current exchange rates, and interest rates, among other indicators.
Nevertheless, he urged key players in the Nigerian economy, particularly those associated with trade groups, to engage in policy advocacy, highlighting numerous benefits, especially for the private sector, which holds the largest contribution to the economy.
