Honeywell Group Top Shots Hughes, Busari, Talk On Nigeria’s Economic Development

Honeywell Group’s Chief Investment Officer, Otu Hughes and Senior Adviser, Government Relations, Oluwayemisi Busari, shared ideas on strategies for businesses to surmount the tough economic challenges in Nigeria while fielding questions from the media at the 28th National Economic Summit.

With inflation at over 20%, Nigeria’s economy is in dire straits. Although the economy is projected to grow at an average of 3.2% in 2022-2024, the growth outlook is subject to downside risks, including further declines in oil production and heightened insecurity.

While answering questions on the summit’s four-pillared agenda, Otu Hughes and Oluwayemisi Busari, senior executives of leading investment holding company, Honeywell Group, shared ideas on increasing investments in the country, economic diversification, corporate governance, government relations, and much more.

According to Otu Hughes, “Businesses are hard hit by foreign exchange volatility. The government needs to cushion this volatility through insightful policies. Foreign exchange stability will help businesses in planning and decision-making.

He further stated that, “We have invested in the major sectors of the Nigerian economy, such as energy, technology, manufacturing, foods, real estate, infrastructure, and financial services. Our goal is to deliver value and improve lives.”

Speaking on the need to strengthen the relationship between corporate organisations and the government for effective policy formulation, Oluwayemisi Busari said, “The private and public sectors are like conjoined twins with a symbiotic relationship. Corporate organisations need the government as much as the government needs them. The quality of the relationship will have a positive impact on the quality of policies for business. There is a need for investing in this relationship, as it holds enormous benefits for all stakeholders, including the citizens.”

Vice President Yemi Osinbajo, who represented President Muhammadu Buhari, the special guest of honour at the summit, commended the Nigerian Economic Summit Group (NESG) for providing the platform for dialogue on moving the country’s economy forward.

Some other high-profile speakers at the event were Mrs. Zainab Ahmad, Minister of Finance, Budget and National Planning, Mr. Atedo Peterside, President/Founder, Anap Foundation and Founder, Stanbic IBTC Bank Plc, Mr. Asue Ighodalo, Chairman, Nigerian Economic Summit Group, with other notable speakers.

The Nigerian Economic Summit is an annual event which brings together private and public sector leaders to dialogue on the future of the Nigerian economy. It is organised by the Nigerian Economic Summit Group (NESG) which operates as a non-profit, non-partisan private sector organisation with a mandate to reform the Nigerian economy into an open, private sector-led globally competitive economy.