The Global Economy and the Nigerian Economy are gradually coming out of the issues that were caused by the general inflationary pressure across the globe.
Economist and Investment Analyst, Gbenga Ogunrinola, disclosed this while speaking to TVC News’s Tolulope Ogunjobi, on the Premier Business programme, Business Nigeria.
Mr Ogunrinola who was speaking from the United Kingdom said the general global Economy has been picking up for the last two months.
He disclosed that people are coming out of their shells to put more money out there especially shopping for the Christmas Season.
The British pounds according to him has also been picking up in value for a few weeks now with its value now almost at the level it was in June at the onset of the current downturn.
On the issue of investors coming into the Nigerian market, Mr Ogunrinola said the issue of repatriation of funds is a major challenge that Nigeria must overcome if the nation will return to its former level of investment.
He described a situation where investors are unable to repatriate there funds from the Nigerian market as one that has reduced investment in Nigeria to almost ground Level.
On the issue of the recent rate increment by the Central Bank of Nigeria, the Country according to Mr Ogunrinola has not gotten the benefit of the increase despite a corresponding increase in Other Economies across Africa and Other parts of the World.
He disclosed that Nigeria must address the issue of repatriation of funds by investors for the nation to return to its former Level of investment.
On whether the Diaspora remittances will help in raising the value of the Naira, h said it is not enough as its a two way issue.
He advocated a plan to enhance production of goods in Nigeria to help raise the value of the Naira and enhance the nations economy especially essential goods and services.
He also spoke on the measures put in place by the Government of the United Kingdom to ensure that its citizens enjoy lower energy bill with the Russia Invasion of Ukraine still very much in play.
He said the government is also working on Tax Cuts for the people of the United Kingdom describing it as a sign that the confidence in the Economy is now high again.
The Nigerian market according to him has shown doggedness with its performance over time pointing out that a few stocks are the ones pushing the market up.