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Dr. Falil Ayo Abina, Chairman/Founder of AACS
(Consulting & Principal Investments), who stated this while participating
in the Commonwealth Africa Summit 2020 which was concluded in London at the
weekend, said the “the effects of coronavirus on local
and global economy will still be felt long after a cure is found for the
disease.”
According
to Dr. Abina in one of his presentations, “As the world
battles with the uncertainty around the spread of the coronavirus, I am worried
about the ‘economic pandemic’ it is causing, with markets crashing out of
panic. Oil prices have declined from $70/ barrel at the beginning of the year
to close to $30/ barrel on the back of declining demand and a glut in supply.
When this is considered against a 2020 budget predicated on a benchmark of $57/
barrel in Nigeria, the full effect of the ‘economic pandemic’ starts to be even
clearer. This may well prove an even larger challenge in the long run.”
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The
AACS chairman, who spoke on Thoughts on the Way Forward for Africa in 2020,
said despite the many challenges of the continent, it could not afford to rest
in the comfort of the status quo. “Instead, we must
strive to improve productivity and the overall quality of life across the
continent. We must come up with disruptive solutions, create the underlying
capacity to bring them to life, and push ourselves to lead in 2020 and beyond,”
he added.
He,
however, noted that despite significant uncertainty, the African continent is
positioned for growth in 2020, adding “living up to
this expectation will require African nations to simultaneously execute on
outward and inward strategies.” (The Nation)
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