‘Nigeria’s Economy’ll Witness Growth, This Year’

Registration of voters taking place at a designated ward in Port Harcourt, Rivers State, last Saturday.

The Finance Houses Association of Nigeria (FHAN) says Nigeria economy will witness rapid growth in 2011 because of the measures put in place by the Federal Government.

The President of the association, Mr Eddie Osarenkhoe, who made the assertion in an interview with newsmen in Lagos said that the establishment of Assets Management Corporation of Nigeria (AMCON) would make the capital market to bounce back in 2011.

The president said that the AMCON’s plan of absorbing the toxic assets of banks would solve the liquidity problem and enhance the provision of loans for interested investors in 2011.

Osarenkhoe said that the Central Bank of Nigeria (CBN)’s directive on banks to divest and focus on their core businesses would further impact positively on the insurance company.

He said that the expected increase in the oil prices in the international market would boost economic activities and add to the national income.

Osarenkhoe said that the success of the April general elections would also boost economic activities and ensure stability in the economy.

He said that it would shape the investment climate and bring in new foreign investors, while those already in the country would be encouraged to increase their investments.

The president said that the N75 billion bailout for Small and Medium Enterprises (SMEs) in 2010 would revive the real sector, adding that the sector would witness a lot of activities.