Investment in critical economic sectors will ensure double-digit growth – Asset manager

By Kadiri Abdulrahman

Jodor Asset Management Limited says Nigeria’s economy will rebound with new generation of global investors, industry players and consumers.

The Founder and Chief Executive Officer of the company, Mr Nduka Ofulue, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Ofulue spoke on the heels of the DiČX Africa Launch-Pad Empowerment Summit, which is scheduled to hold in Asaba, Delta from April 26 to April 28.

He said that the summit is centered on the theme, “Empowering new generations using innovative products to improve digital skills”.

According to him, “investments in key sectors of the Nigerian economy will show double-digit growth within three to four quarters.

He said that the DiČX Africa project was designed to achieve sustained value across the Nigeria commodity sector using technology and innovation.

“The cost pull effect on global commodities and material value has seen traders and merchants struggle to meet absolute returns for investors.

“This is as a result of the issues arising from domestic Insecurity, the CBN cashless policy, the lingering economic fall-out from Covid-19 and the international funded war in Ukraine.

“Many of Africa’s once calm and bouyant economies are struggling to generate organic growth.

“The International Monetary Fund (IMF) forecasts for the 10 major economies in Africa are dire,” he said.

According to Ofulue, value is being eroded with more money giving birth to less quantity for Africa’s consumers.

“Manufacturers have increased costs of goods while consumers have seen the value shrink in the same goods.

“Coca-Cola is not left out. They have had to marginally increase their product cost and reduce their product size.

“ This chilling effect is felt across all key sectors in Nigeria and Africa`s; higher prices for a lesser quantity in products.

“Such trend can only exacerbate further issues across economic value chains, resulting in less revenue for governments,” Ofulue said.

He said that to address the challenges, DiČX Africa project and Launch-Pad Summit was initiated to critically rethink the impact of monetary and fiscal policy on a new generation of consumer goods and services.

“Nigeria’s future stares us direct in the face, we must stare back with confidence for new generations of global investors, industry players and consumers,” he said.

(NAN)