Afrinvest (West Africa)
Limited has
disagreed with a report credited to the International
Monetary Fund (IMF), which said that the nation’s foreign exchange market
is still deep in uncertainty.
The
company said such assessment of a market that has undergone series of reforms,
with notable results, particularly the establishment of the Investors’ and
Exporters’ Window that attracted $29billion in less than 10 months is
contestable.
The
Group Managing Director of Afrinvest, Ike
Chioke, while unveiling the 2018 Outlook for the Nigerian economy and
financial market in Lagos, said even at the moment, the fundamentals still favour
the economy. According to him, what the country needs is taking advantage of
the favourable times now, and sustaining its policy implementations in the
foreign exchange market.
While
discussing the report entitled: “The Virtuous Cycle… Again!”, Chioke pointed
out that the exchange rate could be determined now, unlike one year ago, with
reserves above $40billion; oil price at over $70 per barrel; and a steady
production at record level.
The
report offered an assessment of growth prospects in 2018, in light of the
notable recovery of the Nigerian economy in 2017. He said that with the upturn
in commodity prices, impressive performance in the oil sector and adoption of
pro-market forex reforms by the apex bank, the financial market has clearly
become more attractive to foreign and local investors.
The
financial expert said: “2017 was indeed a year of
recovery for the Nigerian economy. Through deliberate efforts from the
government, we saw a rebound in economic activity, as well as strengthened
investor confidence and business sentiments.
“It is against the backdrop of these improving macroeconomic
conditions that we have taken a positive outlook for 2018, as we expect the
economy to continue on its positive trajectory since its recovery.
“Akin to our last two-year bull run in 2012 and 2013, we have been
ushered into a “virtuous cycle” marked by stability in external sector
indicators and fiscal balance, declining inflationary pressures, improving
growth profile, increasingly accommodative monetary policy and strong capital
market returns.
“In these early days, we have seen market capitalisation and the
All-Share Index at record highs, and we advocate a cautious, active trading
strategy in the current bull market.”
Further
analyses of the report showed the slow recovery of the non-oil sector, while it
listed strong prospects for growth in anticipation of expansion in fiscal
spending, deceleration of inflation rate and increase in private investments.
“Furthermore, it emphasises our two-year long theme calling for
structural reforms from policymakers to build long term macroeconomic
resilience to mitigate fault lines that could break the cycle and plunge the
economy back into a vicious cycle of macroeconomic instability and weak capital
market returns,” he added.
Afrinvest
is a wealth advisory firm involved in investment banking, securities trading,
asset management and investment research with a focus on West Africa.
(Guardian)
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