This month’s edition of the LBS Alumni Session witnessed a huge turn out as members of the Lagos Business School Alumni Association (LBSAA) gathered today at the School’s Honeywell Auditorium to listen to projections from the renowned Economist and LBS Faculty member, Dr Doyin Salami.
Speaking on the topic: ‘The Challenge of Adapting to New Realities – Short and Medium term Outlook and Implications” he emphasised that Nigeria, today, is at the point of adjusting to new realities which he went ahead to recount. He stated that the first reality is the change in government since it colours the dimensions of the current economy. He termed the second reality the ‘Lower for Longer Phenomenon’ as he projected that oil price will remain in the $30-$40 range for longer than we expect. “We will most likely continue to experience low oil prices through 2016 and 2017; pessimists say not earlier 2020. However, the earliest rebound may happen 2017” he said.
Salami further detailed the other economic realities as the uncompetitveness of the nation, the challenge of economic inclusion and the fiscal vunerability of the States. His presentation was delivered in three parts – output drivers over the next 18 months, implications for business and recommendations. At the end of his presentation, he responded to questions around one of the most discussed economic topics today – the devaluation of the naira – as well as other questions asked by members of Alumni. “Devaluation is an exercise in futility. Conversations should be around the right exchange policyand not devaluation” he said.
Salami is an economist and member of LBS faculty. He is also a member of the Monetary Policy Committee of the CBN and IMF’s Advisory Group for Sub-saharan Africa. He is also a consultant and he works with several multilateral and multi-national organisations
The session was attended by over 150 alumni organised by the LBS Alumni Relations Office.