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EO predicts positive outlook for Nigerian businesses

By on March 25, 2016

A global network of business owners, the Entrepreneurs’ Organisation, has predicted a positive economic outlook for Nigerian businesses.

The EO, in the first part of its twice-a-year Global Entrepreneur Indicator survey results, said the prediction came amid great apprehension in government circle as well as the Organised Private Sector about the challenges facing the Nigerian economy.

It said 57.1 per cent of the respondents reported the willingness to start a business in the current economic environment, with the expectation of improvement in the business environment in the next six months.

EO said, “An interesting aspect of the survey is the prediction of a great improvement in the country’s economy with 85.7 per cent of the respondents affirming this against the global average of 28 per cent.

“The Nigeria business community also affirmed an increase in both the number of people in full-time and part-time employment with 42.9 per cent of the respondents expecting even a rise in the number within the next six months.”

The organisation said 57.1 per cent of the respondents expected business revenue, net profit and access to capital in the country to rise in the next six months, while 28.6 per cent of the respondents expected an increase in the use of debt instruments in the next six months against what obtained in the last six months.

Commenting on the report, the President, EO Lagos Chapter, Mr. Vincent Molokwu, was quoted to have said that the Nigerian economy would surely bounce back, especially with the concerted efforts of the government and the OPS.

Molokwu, who is also the group Managing Director, NiGSA Energy Nigeria, expressed optimism in the positive outlook predicted by the report, saying, “Proper leadership, sincere effort at providing selfless governmental direction are major pointers that give cautious but strident hope to the Nigerian business community.”

The EO is a global network of more than 11,000 business owners in 48 countries with an average annual turnover of $52.3m per member and a combined $565bn in annual revenue.

The GEI survey, which is in its 6th year, was conducted from February 1 to 29, 2016 and is aimed at predicting the economic outlook and business landscapes in 155 chapters from the 48 member-countries of the EO, the statement said.

 

[Punch]