Expert lauds FG’s 2020 economic policies, identifies challenges

The Managing Director, Excel Professional Services Limited, Dr. Oladimeju Alo, has lauded Federal Government’s 2020 economic policies and plans saying they hold great prospect for growing the economy, promoting job creation and reducing poverty just as he identified dependent for its forex income on sale of crude oil as a major challenge in realizing her policy thrusts.
He made the disclosure while speaking Wednesday on “The Nigerian Economy 2020 Issues, Challenges and Prospects for the Insurance Industry,” at the 2020 Business Outlook seminar of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.
According to him, “Many of the economic policies and plans for 2020 hold great prospect for growing the economy, promoting job creation and reducing poverty…the challenge of implementing these policies and plans has always revolved around the structure of the economy, which is largely dependent for its forex income on the production and sale of crude oil.”
Another major challenge, he said, remains the capacity of government to follow-through with its policies, pronouncements and initiatives.
“The current challenge of insecurity has added to the intractable problem of corruption that has been with us for decades. All these present operators in the economy a tough business environment to navigate.
“The insurance sector has its own peculiar challenges to contend with. In dealing with those challenges in 2020, the sector would have to add the challenges of raising its capital to the new levels set by the regulators. In these complex permutation, there would be losers and gainers.
“The insurance firms that would do well in 2020 are those who had invested in their Brand equity; Innovation capabilities; Talent management capabilities; Information technology resources and capabilities Individual firms would do well to pay attention to these critical areas in 2020,” he added.