4 January 2009
Lagos — Managing Director, Zenith Bank Plc, Mr. Jim Ovia, has called for a healthier strategic public private partnership to engender institutional building in the face of emerging challenges in the country.
The Zenith Bank chief, in his projections for 2009, said in a statement yesterday that the declining crude oil prices in the international market had made it imperative for stakeholders in the Nigerian economy to build a stronger partnership through strong commitment to the support of Small and Medium Enterprises as well as development of indigenous industries.
Ovia stated that it was evident that year 2009 would be a very challenging one for all sectors of the economy, a situation he said called for discipline and reappraisal of priorities.
"2009 calls for some belting-up by all and there is need for everyone to rededicate themselves to virtues and values that will give us all lasting success, especially at a trying time like this.
"There won't be room for any kind of wastage and it is imperative for corporate organisations to take very strategic decisions that will positively impact on the economy at large and their respective businesses," he said.
The bank chief noted that already, the initial reference price of $59 per barrel for the 2009 budget has been pushed back to the assumptive price of $45 per barrel due to developments in the international oil market.
"Since the budget speech, crude oil prices have dropped below the $45 per barrel benchmark to about $35 per barrel. This undermines economic expectations in 2009 for Nigeria and other economies dependent on oil as a revenue source."
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