Economy

Peaceful elections will ensure economic stability of Nigeria- Expert

An economic expert, Dr Emmanuel Abolo, on Thursday, said a peaceful conduct of the 2019 General Elections would ensure stability of the Nigerian economy.

Abolo, the Chief Executive Thinker, The Economic Thinktank Centre Limited, made the assertion at the Third Annual Human Resources Landscape Outlook Conference in Lagos.

Nigerians are set to go to the polls on Feb. 16 to elect their President and National Assembly members.

The Independent National Electoral Commission has also fixed March 2 for gubernatorial and state assembly polls.

Abolo noted that Nigeria’s Gross Domestic Product (GDP) grew by 1.9 per cent in 2018 following the country’s exit from economic recession in 2017.

He said both the International Monetary Fund (IMF) and World Bank had also projected that Nigeria’s GDP would grow by 2.0 per cent and 2.2 per cent in 2019 and 2020 respectively.

According to him, as the political environment braces up for the 2019 general elections, there are concerns about the implications on the economy.

Abolo said: “Pre-election uncertainties could elevate political tensions and leadership succession could hamper policy continuity.

“While we expect the election to be peaceful, its outcome will determine economic activity and business in Nigeria.

“A peaceful election will ensure stability of the Nigerian economy and pave the way for the flow of both local and foreign investments.”

He said the fallout of the election could lead the Naira to depreciate to N400 to a dollar by the second quarter of 2019, adding that the Central Bank of Nigeria (CBN) should be ready to confront the situation.

The economic expert said the task ahead for Nigeria remains employment creation, security and economic growth, stressing that the government that emerges after the poll must hit the ground running.

Earlier in his address of welcome, Mr Joel Omeike, Chief Executive Officer, Passion For Professional Excellence, said the conference was aimed at creating a platform for the HR community to network and exchange ideas.

Omeike said it also afforded them the opportunity to look at economic projections and its impact on HR management and the country at large.

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