Northbridge raises hope on economy

Category: Business Published on Monday, 11 February 2013 05:00 Written by Kayode Ogunwale, Lagos

The Chief Operating Officer of Northbridge Investment and Trust Limited, Mr. Tunde Ogunje, says the government efforts coupled with appreciation in the capital market in 2012 shows that Nigeria has the potentials to be great.

He stated this in the review of 2012 and economy outlook for 2013 of the firm.

Ogunje said: “The economy in 2012 did not improve significantly though some sub sectors of the economy performed very well, almost beyond expectations. For the first time in many years since the 1999, the budget for the year was passed in the preceding fiscal year.”

“Though it was passed with amendments, the additional N63 billion accounting for the difference between the budget proposal submitted by the President and what was passed is not material enough to cause rancor between the executive and legislative arms of government like we have had in recent past.”

He said sometimes there is a huge gulf between what statistics suggest and what reality shows. Of the growth in GDP and all the figures that have been brandished, the rally in the capital market is about the only aspect of growth cutting across different categories of people.