Foreign Investment Network (FIN) has listed a number of economic strategies Nigeria and other African countries could adopt, to avert the economic effects of the COVID-19 pandemic.

FIN is a United Kingdom-based company driving foreign direct investment, FDI for Africa and other developing economies.

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The group, in a video conference programme it organised, themed: COVID-19 and The Economic Threat: How Africa can overcome financial crises”, said the new economic experience brought about by the COVID-19 has created a sudden summersault in global financial outlook.

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Participants at the conference, including financial experts, members of the International Community, United Nations consultants and other contributors from various countries in Africa, expressed fear that some economies have nosedived while others are undergoing monumental shift.

They, however, noted that while the situation creates panic, it has also provided an opportunity for African countries to try digital investment and explore new tools for economic growth.

At a panel discussion moderated by a United Kingdom-based journalist and author of books on economic crime, Nich Kochan, Africa was advised to focus more on increasing national savings, develop a more open communication model and create jobs, markets within the continent, for the good of people in the continent.

London Enterprise Ambassador and Chief Economic Strategist in ECOWAS Commission, Prof Ken Ife, said that “Nigeria is recognised as one of the countries that produces more food than it requires but 30-40% of it can’t make it into the food chain because of post-harvest losses, poor storage, lack of value additions, lack of quality infrastructure, transport cost among others.

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