Some financial experts have predicted that the agricultural sector will drive economic activities in the country post COVID-19. This, according to them, was in view of the various intervention funds injected into the sub-sector by the federal government. Speaking at the EFG Hermes first virtual investor conference held recently, the Head of Frontier Research, EFG Hermes, Kato Mukuru, said production of basic consumables, like what to eat, would drive the economy.
According to him: “It is really hard when to tell the peak, or timing of the peak, of the crisis in a country without a scientific model. Hopefully Nigeria will peak August and be done by the end of September, 2020. Agriculture will drive the recovery process very fast because of the various Central Bank of Nigeria facilities that support funding agricultural products. There is a massive need for Nigeria to reduce her food import bill.”
Karim Awad said, “The conference is being held in the middle of significant global economic changes, as the COVID-19 pandemic continues to affect Frontiers Emerging Markets (FEMs). Lockdowns and the resultant decrease in global trade earnings, coupled with a contraction in portfolio inflows, have strained several countries’ financial positions.” This Day