Oando PLC, Nigeria’s leading energy solutions provider, is set to host the 7th edition of its quarterly Webinar Series themed, “Paying the Price: The Cost-of-Living Crisis” in partnership with the Nigerian Economic Summit Group (NESG) and Ventures Africa.
The webinar, scheduled to hold on Tuesday, December 7, 2021, at 12 p.m. (WAT), is free for all to attend and will feature a diverse panel of notable experts on the economy. The panelists include Dr. Yemi Kale,Former Statistician & Director-General, National Bureau of Statistics; Abimbola ‘Bibi’ Olufore, Head UNIDO Investment and Technology Promotion Office, Nigeria; Afolabi Imoukhuede, Senior Special Assistant to the President on Youth Empowerment and Job Creation; and Taiwo Oyedele, Fiscal Policy Partner & Africa Tax Leader, PwC Nigeria. The session will be moderated by Lola Talabi-Oni, Consultant, Policy & Government Relations, Global Citizens.
2021 has been characterized by an increase in the price of goods and services, birthing another wave of what is now popularly termed the ‘sachet economy’. According to the National Bureau of Statistics Consumer Price Index (CPI) Report, inflation remains at a four-year high, with the price of food-having increased by 18% in March and 20.75% in October.
Contributory factors to the ever-increasing cost of living include the COVID-19 pandemic, insecurity and the absence of proven economic drivers. In Nigeria, the COVID-19 pandemic has exacerbated an already tenuous situation; causing businesses and industry to shut down or operate at minimum capacity, resulting in job losses, further saturating an already large unemployment market. The security challenges caused by militia herdsmen and Boko Haram insurgents have heavily impacted farming activities in Benue and other north-central states, causing further disruption to the already insufficient agricultural production of the country. This has led to a decline in the exportation of agricultural produce which now stands at a minuscule 3.25%of Nigeria’s total exports.
This extenuating situation is further compounded by the absence of basic economic drivers such as economic diversification; monetary policies and practices that protect the value of our currency; protection of our digital landscape (social media, digital currencies, etc.); power and infrastructure; all of which have been proven to positively impact the performance and growth of businesses across all sectors as well as attract foreign direct investment.
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.
It is against this backdrop that the 7th edition of the Oando Webinar Series (OWS) will hold. The panelists, with a combined industry experience of over thirty years, will examine critical factors affecting the increasing cost of living in Nigeria and proffer practical solutions that the ordinary Nigerian man can adopt to survive.