In collaboration with the Nigerian Economic Summit Group (NESG) and Ventures Africa, Oando PLC, Nigeria’s premier energy solutions provider, will hold the 7th edition of its quarterly webinar series, “Paying the Price: The Cost-of-Living Crisis.”
The webinar, which will take place at 12 p.m. (WAT) on Tuesday, December 7, 2021, is open to the public and will feature a varied panel of famous economic experts. The panelists include Dr. Yemi Kale, former Statistician and Director-General of the National Bureau of Statistics; Abimbola “Bibi” Olufore, Head of the UNIDO Investment and Technology Promotion Office in Nigeria; Afolabi Imoukhuede, Senior Special Assistant to the President on Youth Empowerment and Job Creation; and Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader, PwC Nigeria. Lola Talabi-Oni, Consultant, Policy & Government Relations, Global Citizens, will lead the discussion.
The “sachet economy,” as it has come to be known, has seen a rise in the cost of goods and services in the year 2021. Food prices rose by 18 percent in March and 20.75 percent in October, according to the National Bureau of Statistics’ Consumer Price Index (CPI) Report.
The COVID-19 epidemic, instability, and the lack of clear economic drivers all contribute to the rising cost of life. Businesses and industry in Nigeria have been forced to close or operate at reduced capacity as a result of the COVID-19 pandemic, leading to the loss of jobs and additional saturation of an already huge labor market. Farmers in Benue and other north-central regions have been severely disrupted by the security issues posed by armed herdsmen and Boko Haram rebels, further depleting Nigeria’s already depleted agricultural output. This has resulted in a decrease in agricultural exports, which currently account for only 3.25 percent of Nigeria’s overall exports.
Economic diversification, monetary policies and practices that protect the value of our currency, protection of our digital landscape (social media), power, and infrastructure, all of which have been proven to positively impact the performance of and growth in businesses across all sectors as well as attract foreign direct investment, are further compounded by the absence of these basic economic drivers.
Unfortunately, it appears that the challenging times in which we find ourselves are going to be here for a while longer. The Nigerian National Bureau of Statistics (NBS) in the 2019 Poverty and Inequality in Nigeria Report states that due to the current economic realities of the country, an additional seven (7) million Nigerians are projected to fall into poverty by 2022.
The 7th Oando Webinar Series (OWS) will take place in this context. Experts who have worked together for more than 30 years are slated to investigate the issues causing Nigeria’s rising cost of living and propose practical suggestions that the average Nigerian may implement to stay afloat.
COVID-19 has brought to the fore an increased appetite for information and the realization that success can only be achieved if there is cooperation among people, businesses, and countries. Against this backdrop, Oando PLC, Africa’s leading indigenous energy company, created a bespoke webinar series as a platform for engaging discourse among thought leaders, including public sector officials, senior decision-makers, business leaders, research analysts, and subject matter experts from across the world.
Now in its seventh edition, OWS is targeted at senior executives across all sectors.