Access Holdings Plc says reforms by the Federal Government are driving macroeconomic stability and unlocking new opportunities for investment, business growth and sustainable economic development.
The Chairman of Access Holdings, Mr Aigboje Aig-Imoukhuede, said this at the group’s Annual General Meeting (AGM) in Lagos on Wednesday.
Aig-Imoukhuede commended the government for implementing reforms that had stabilised the economy, noting that improved conditions in the foreign exchange market and easing inflation were boosting business confidence.
According to him, stable economic conditions are critical for investors and businesses to make informed decisions and plans for the future.
“The first and most important thing for any investor, domestic or international, is macroeconomic stability. By that, I mean the ability to predict what is going to happen tomorrow.
“The stability that has been attained in the foreign exchange market is remarkable.
“Prior to about 24 months ago, price movements were as high as 20 to 30 per cent quarter-on-quarter, making planning almost impossible,” he said.
He said the improvement in macroeconomic conditions had enhanced investor confidence and contributed to positive momentum in the capital market.
“The fact that we can sit down, plan, speak to local and international investors and have a functioning market is significant.
“That is also what accounts for the stock market performance we are seeing today,” he said.
Aig-Imoukhuede said the progress recorded should be acknowledged, adding that the reforms had laid the foundation for economic recovery and growth.
He, however, identified insecurity as a key challenge that must be tackled to unlock the country’s economic potential.
The chairman also urged the government to deepen reforms by creating a more conducive environment for entrepreneurs and productive businesses.
“What I want the government to focus on is making life easier for those engaged in productive activities, not just the large businesses but also the small ones,” he said.
He stressed the need for efficient public institutions and improved service delivery, saying the next phase of reforms should focus on productivity, enterprise and business expansion.
“If the next step is taken, Nigerians and indeed the world will remember it for a very long time,” he said.
Speaking of lending opportunities in the economy, Aig-Imoukhuede identified infrastructure development, large-scale agriculture and industrial projects as key sectors for bank financing.
Also, the Group Managing Director of Access Holdings Plc, Mr Innocent Ike, said agriculture remained one of the country’s biggest growth opportunities, particularly when pursued on a commercial scale.
“We cannot achieve food security if we continue to practise agriculture largely at a subsistence level.
“Agriculture at scale is what will make the country self-sufficient and build export capacity,” he said.
Ike said investment in agricultural processing, storage and supporting infrastructure would be critical to unlocking value across the sector.
According to him, large banks should focus on infrastructure and major projects, while microfinance banks, fintechs and other smaller lenders cater to small businesses and individuals.
“When you create that ecosystem, where large banks support large projects and smaller institutions support SMEs and individuals, you create the foundation for accelerated economic growth,” he said.
