The African Development Bank (ADB) reports that since 2021, high oil prices have not improved the performance of the Nigerian economy as they have in the past. Instead, macroeconomic stability deteriorated due to low oil prices, high inflation, an expensive gasoline subsidy that consumes a significant portion of gross oil earnings, exchange rate distortions, and diminishing oil production.
Millions of Nigerians and Africans in general are living in poverty as a result of the nation’s poor economic climate. According to current trends, 13 million more Nigerians will live below the poverty line between 2019 and 2025, as population growth in the country continues to exceed efforts to reduce poverty.
Chairman of Lumière Group International, a leading Commodities and Trade Finance Group in Africa, Charles Fordjour, emphasised these concerns confronting not just Nigeria, but Africa.
Fordjour quoted the ADB in highlighting that the economy is projected to grow by an average of 2.9% per year between 2023 and 2025, only slightly above the estimated population growth rate of 2.4%. Growth will likely be driven by services, trade, and manufacturing.
The financial expert who has worked in the UK, US and UAE, gaining valuable insights and skills in the global financial markets, said that he believes his many years in the London financial district and expertise in developing customer-centric and innovative investment and finance solutions will be of immense help to the country.
Fordjour has successfully executed projects across diverse industries, including infrastructure,
telecommunication, transportation and logistics, energy, oil & gas, mining and construction. He is also passionate about adapting and localizing best practices from other regions to improve the economic prospects of Africa
According to him, “My major contributions can be in the form of skills transfer, sharing knowledge and skills with individuals and institutions in Nigeria and Africa, and this can be through training, mentoring, or volunteering in various sectors of the economy and society.
“There is also investment in businesses or projects that can stimulate economic growth and development in Nigeria and Africa.
“I love and support any form of entrepreneurship. So I’ll always encourage and support entrepreneurs in Nigeria and Africa. As well as advocating for policies that promote and support development in Nigeria and Africa. This can be through public awareness campaigns, community organizing, and engagement with relevant stakeholders.
“Developing and applying technology solutions that can help address some of the challenges facing Nigeria and Africa such as electricity, water, healthcare, and education.
“There is also the aspect of providing financial support to development-oriented organizations and initiatives in Nigeria and Africa.
The financial expert leverages interdisciplinary tools of stakeholder selection, risk management, credit enhancement and financial engineering to create and deliver investment opportunities with high
growth potential and low risk.
He is also a pan-Africanist who empowers and inspires Africans through his practical leadership style, provision of growth opportunities and motivational words through thought-provoking conversations.
The expert has also received several recognitions for his achievements and contributions to the African
agenda.
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