Polaris Bank Limited and some other experts have said a depressed economy needs the right growth incentives and appropriate reporting to recover.
The Group Head of Brand Management and Corporate Communications of Polaris Bank, Mr Nduneche Ezurike, said the annual capacity development programme of the lender was aimed at emphasising the importance of regular training to business sustainability strategy and qualitative service delivery.
Also, a former editor of a national newspaper who was one of the speakers at the seminar, Dr. Akintola Olaniyan, while lamenting the bad state of the national economy, expressed worry over the nation’s rising debt portfolio estimated at N77tn. He recalled the concern of Nigeria slipping into two periods of recession in eight years in 2016 and 2020, despite the country’s huge potential for growth and rapid development.
Citing OPEC and NEITI data, he said, “Nigeria boasts of nearly 40 billion barrels in crude reserves, ranking 11th out of 20 countries. Additionally, gas and oil contribute 65-83 per cent of the country’s total export revenue, with a crude oil production capacity of 2.5 million barrels per day. However, Nigeria currently produces 1.8 million barrels per day, making it Africa’s largest oil producer and the 13th largest in the world.
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