Some financial experts on Monday expressed concern that the 2015 general election would stall economic activities until the third quarter of 2015, adding that uncertainties in the nation’s economy would normalise by July 2015.
Mr. Harrison Owoh, Managing Director, H J Trust & Investment Ltd., said that economic activities would be determined by the outcome of the elections scheduled for March 28 and April 11.
Owoh said that activities in the economy would not have normalised by second quarter if not for postponement of the elections.
He said that the outcome of the general election would determine the direction of the economy, noting that investors would continue with their ‘wait and see’ attitude until July.
Owoh said that the general election was strategic to economic growth and development for both local and foreign investors.
He said there was a need for the country to diversify in its economy and not to focus attention on only oil production to avoid repeat of its current experience.
Mr. Emeka Madubuike, Managing Director, Compass Securities Ltd., said that market and economic stability would be determined by developments in the global oil market.