The Managing Director of Julius Berger Plc, Mr. Detlev Lubasch, on Wednesday said because President Muhammadu Buhari‘s administration is yet to take shape, his economic agenda is difficult to predict.
Speaking at the 45th Annual General Meeting of the construction giant in Abuja, Lubasch lamented there has been an economic down turn in the country from the second half of 2014 to this year.
He called for a renewed focus on the nation’s economy, noting that the new administration will face challenges since key economic issues still continue.
He said: “There is an urgent need for renewed focus on the Nigerian economy. It is expected that the new administration will face some challenges, as key economic issues persist.
“But, there are positive indications for the future based on priorities communicated by President Buhari. As the President’s economic team has yet to take shape, it is difficult to predict his agenda for the economy.”
Lubasch said the time needed for the government to settle down shows no hope for rapid improvement.
He added: “With this expectation, the new administration has stated that no major actions can be realistically expected prior to the third quarter of 2015.
“Our forecast is that our strong order backlog will provide a steady revenue stream during the transition period, but that it will be difficult to maintain our level of performance in 2015, to that of the previous year.
“However, we will continue efforts to diversify our portfolio, to increase the proportion of private sector clients. Currently, public sector projects still represent 50 per cent of our business and large-scale infrastructure works remain a main competence.”
According to him, budgetary provisions for capital projects in 2015 are significantly lower than that of the previous year.
I want to add that Buhari's government has no agenda on anything!!! We all share an even deeper frustration of living in Nigeria than Julius Berger
ReplyDeleteOde, Mumu.
DeleteTHIS IS CHANGE IN NIGERIA ,......The Kano State Government has earmarked over N220 million to provide free food to the needy during the Muslim fasting period of Ramadan.
DeleteIf you understand the rate at which the economy has been battered, you will appreciate the predicament of PMB's administration. Its only the wise that looks before limping. Please exercise patience a little more.
ReplyDeleteTHIS IS CHANGE IN NIGERIA ,......The Kano State Government has earmarked over N220 million to provide free food to the needy during the Muslim fasting period of Ramadan.
DeleteThis so called Julius Berger is one of the key company that has contributed to the milking of Nigeria due to multiple exesively inflated contracts, and non executed contracts with joint shear of Purchase Order with public holders, now julius berger is also afraid and not happy of having Buhari as Nigerian president as they don't know what's next. Also such over inflated contracts will affect their business as usual...
ReplyDeleteThe economic agenda is difficult to predict because there is no agenda! Buhari promised change but not once did he tell our gullible Nigerian brothers how he was going to enact the change.
ReplyDeleteWe as a country rely too much on oil and the fall in oil prices and the backing out of the US as a oil purchaser fron Nigeria really did a number on our economy. Buhari needs to find a way to invest in other sectors of the economy if there is to be actual change.