Templars held an in-house seminar at the firm’s Lagos office focusing on the Federal Government budget of 2016 and its implications for the Nigerian economy. In attendance were a number of Partners, Senior Associates and Associates from Templars.
The seminar was led by a 4-man panel, which included 2 Managing Counsel from Templars – Zelda Akindele (Finance) and Ijeoma Uju (Corporate & Commercial), along with guest speakers – Kunle Elebute, (Partner and Head of Advisory, KPMG Nigeria) and Bismarck Rewane (Managing Director/Chief Executive Officer of Financial Derivatives Company Limited).
The panelists began the session by setting the context of the current macro landscape and the economic outlook for Nigeria. In light of the suggested proposals in the budget, there was a clear emphasis on diversification and focus on non-oil revenue. The session collectively examined key macroeconomic challenges currently facing the country as a result of the steep decline in crude oil prices.
Both speakers urged the government and businesses to think creatively and shift focus to capital projects to reflate the economy – particularly as oil prices are likely to remain low, unlike in previous periods.
The session further evaluated opportunities for businesses having to adjust to this new climate, sparking an extensive discussion on areas within the budget needing the attention by the new government. Measures put forward to attract private sector investors and improve overall consumer confidence include agriculture reform, increased spending on health care and transport sector deregulation, among others.
Templars routinely organises sessions on topical issues with relevant industry professionals to unearth prevailing challenges in the Nigerian business environment, and reflect on practical ways to remedy them.