The Chief Executive Officer (CEO) of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, has predicted tough days ahead in the country.
He, therefore, stressed the need for Nigerians to demand good governance from their leaders in view of changing global economy architecture.
He disclosed this while speaking on the topic, “The Changing Global Economy and Its Impact on Nigeria”, at the installation ceremony of the 18th Hope President, Rotarian Adewale Sanni, of the Rotary Club of Maryland, Ikeja District 9110, held recently in Lagos.
“With trade war going on all over the world, when the elephants are fighting who suffer? China and America are fighting, Canada and America are fighting, who is the grass here? Nigeria.
“This is important because of the changing global economy architecture that has witnessed a shift from liberal to ill-liberal democracy in developed countries.
“So those of us looking up to government to manage the economy and liberate us from poverty are wasting our time. The people of Nigeria must organise themselves to work harder than they are working now and to demand their rights from governments.
“If they demand good governance they would be get supply of good governance.”
Meanwhile, reiterating the importance of private sector led economy, the newly installed president of Rotary Club of Maryland, Rotarian Adewale Sanni, said listening to the quest speaker signified the essence of what Rotary is all about, adding that it was the reason why they were trying to improve on their corporate social responsibility (CSR) to reach the less privilege in the society.
“We know government cannot do everything, so we as Rotarians are trying as much as possible to support people who are in need, economically disadvantaged that will at least move them from above poverty level for them to have something to do.
“We go to communities and villages to support them and give them kinds of their needs, because we do the needs analysis first then we support with what they actually need that is while we are embarking on a multimillion Naira project as part of our project during our tenure.
“As experts in various professions we would continue to advocate for a better country that is comfortable for all through the establishment of huge vocational centre where youths are trained to be empowered through the support of private sector,” he said.
However, the renowned economist, while speaking on what the economy would look like between December 2019 and December 2020, predicted that by December 2019, not much would have changed, saying oil production would remain the same at 1.7m barrels, price would $60 to $65 per barrel, Nigeria’s revenue would not change in pattern, interest rates would come down a little bit, there would be plenty of loans but nobody to take them due to onerous conditions.
According to him: “Unemployment would not reduce, rent will not come down more likely to increase by minimum of 20 percent, minimum wage would be paid but with some consequential arrears this month or next month causing increase in price of commodities,” he said.