Op-Ed
Chinwe Egwim: The Quintessential Economist
Chinwe Egwim; Economist, Author and Advocate (Source: Lilian Madu)
Chinwe Egwim is currently the Senior Economist at a leading financial institution in Africa with over 500 published economic notes primarily geared towards macroeconomics. An award-winning economist, a highly sought after thought leader and an Executive Council member of Women in Management, Business and Public Service (WIMBIZ). She consistently applies rigorous analysis to ensure Africa’s economic landscape is better understood. In this interview with Alaba Ayinuola, Chinwe talks about her career-path, challenges, the causes close to her heart and Africa’s economy. Excerpt.
Alaba: Could you briefly tell me about your background and career-path?
Chinwe: I always find this question interesting because I’d like to think of myself as dynamic and so a succinct description may be difficult to achieve but I will try my best. I am an unapologetic goal-getter, consistently seeking ways to push boundaries and a firm believer of living a purpose-driven life. I also happen to be an Economist with specialization in Macro and Development Economics. I currently work at FBNQuest Merchant Bank (a subsidiary of FBN Holdings) as the Senior Economist.
My role as an economist is refreshing as it gives me an opportunity to critically analyse macroeconomic trends (growth, inflation, reserves, policy rate, oil prices, national account, and trade activities amongst others) for business, policy and investment decision purposes. I currently have well over 500 economic notes under my belt, multiple economic research reports and I have led the analysis of several Purchasing Managers’ Index (PMI) reports among others. Aside from contributing to the advancement of my firm, I offer recommendations to public office holders as well as investment and economic strategy advice to business owners.
Outside my position as the Senior Economist at FBNQuest, I have engaged in high-level projects which align properly with my career trajectory. On the back of my extensive knowledge on market insights and ability to actively engage multilaterals, government and sub-nationals, I was appointed as a National Consultant by the United Nations Economic Commission for Africa; where I led the services trade project partly driven by the United Nations Conference on Trade and Development. Furthermore, my contributions have also supported notable committees’ setup by development agencies like the World Bank.
I kicked-off my career as an economist in the fiscal analysis division of the research department at the Central Bank of Nigeria (Abuja HQRS). However, I have spent the larger part of my career as a professional economist in the private sector.
Alaba: Why Economics and what sparked the interest?
Chinwe: To be honest, before securing my second degree in Economics I was not completely sure on how I would like to apply myself as an economist. The spark came during my first professional stint as an economist. I must also highlight that proper and well-appreciated guidance from my father contributed to this spark. I also gained mentorship very early and this assisted with my increased interest in economics. It also unlocked the different ways I could excel in my career as an economist.
Additionally, through volunteering activities, I discovered my flare for social impact and the interlinkages it has with macro, financial and development economics. Furthermore, my passion for economics was strengthened when I realised, I could use it as a tool to shape conversations that assist decision-makers and stimulate actionable steps for relevant impact.
Alaba: How has your purpose, mission and values shaped your journey thus far?
I personally believe that life is not just about you as a person, fulfillment for me comes from helping the next person or largely contributing to initiatives that positively impact others; this forms a significant portion of my value-system and is at the center of most of my decisions. I am deliberate with using my role as an economist to add value to my organisation which by extension, is contributing to development via the financial services industry. I am also intentional about working beyond my desk. Therefore, you are very likely to see me offering my expertise to specific impact-driven projects within and outside my current industry.
Alaba: What have you sacrificed for your professional journey? Any regrets?
Chinwe: Interesting question. I will say a lot of play or travel and leisure activities and this is not just due to limited time on the back of increased focus on work but mainly due to channeling financial resources towards tools and resources needed to equip and strengthen me as I climb my career ladder. The opportunity cost has been well worth it and so, no regrets. I also believe that life is in seasons. There are times when laser focus on building and climbing is required and other times when fun, play and ample relaxation can be done with no guilt.
Alaba: As a female executive, kindly share some of your biggest challenges, biases and learning curves?
Chinwe: Well, this is no longer a current issue for me. However, earlier in my career, being the only female or in some cases, one of the very few females in an industry meeting or engagement was somewhat challenging as asserting my voice and making relevant contributions in a relatively loud room was a struggle. I quickly nipped this challenge in the bud. The antidote – ample and very extensive preparation before every external meeting or engagement and understanding that you tastefully seize as many opportunities to contribute/ speak as opposed to waiting for a microphone toss which rarely happens.
As for biases, I will share that the narrative of being ambitious is not a feminine trait stuck with me to an extent, but I am glad that I didn’t let it linger and I was able to get past it early in my career. There is also the narrative of successful career women being aggressive as opposed to assertive. It is good to see that these biases are gradually being phased out.
Alaba: How can women leverage on sponsorship and mentorship to achieve the success they want in their business and career, especially in male-dominated industry?
Chinwe: I have personally gained a lot from being a mentee to strong leaders within and outside my industry such as sharpening my technical skills. I have also been given opportunities to add value to high level projects, exposed to opportunities that have had a direct impact on my career progression, built very strong networks and strengthened my CV. But let me just say this, understand that the onus is on you as a mentee to make this relationship effective. You must be able to communicate value to your prospective mentor and have a sense of direction. Also, you must understand that time is a luxury for many and so every mentor-mentee meetup should be utilised properly.
I have a few mentees that were paired with me through mentorship camps or programs. A few examples are WIMBIZ Mentorship program and the Leading Ladies Africa mentorship camp. When you are paired with a mentor, dynamics are a bit different. My advice is to find ways to build organic relationships with your mentor while you both progress during the mentorship scheme. It should be a symbiotic relationship.
It is also worth considering peer mentorship. This allows you learn from your peers. Nobody knows it all and so we should all be willing to adopt this style of mentoring as well. Through peer mentorship, I gain fresh perspectives that enable me to do better at work and I also usually get first-hand knowledge on industry related matters which is good for me, especially for my role as a senior economist in the banking and finance industry.
Alaba: As a senior economist with a leading financial institution in Africa. What is your take on the impact of the global pandemic (COVID-19) in Africa?
Chinwe: So far, Africa has been spared the worst of the coronavirus pandemic in terms of cases and deaths, but its economy has not been so lucky, especially the poorer, smaller countries dependent on a single resource or sector. The COVID-19 crisis has exacerbated existing macroeconomic weaknesses – reflected in high ‘twin deficits, rising public debt and soaring inflation in the majority of sub-Saharan African countries. Private capital flows, including foreign direct investment (FDI) and portfolio investment flows, were at historical lows and remittance inflows to Sub-Saharan Africa are expected to shrink.
Of course, in Africa it is a case of different countries, different impact. So, what do I mean by this?
- For diversified economies – such as Ivory Coast, Senegal and Ghana in West Africa and then Kenya, Uganda and Tanzania in East Africa, activity has slowed significantly but they are still managing to grow according to the IMF.
- Meanwhile, oil exporters such as Algeria, Angola and Nigeria suffered significantly from the plunge in crude oil prices, especially in the earlier months of the crisis. For oil exporting countries in Africa their collective GDP expanded by 1.5% in 2019. However, this is expected to decline by over -4%, due to contractions in Angola and Nigeria.
- Now as for tourism-dependent countries such as Morocco, Tunisia and the Seychelles, they have experienced sharp contractions as downturns in international tourism severely impacted the services sector.
Again, the picture is mixed when it comes to how different countries manage debt and raise fresh funds. On one hand, there is Zambia, which is heavily dependent on mining and became the first country to default on its debt last year, while Ivory Coast later easily raised funds on the market through a Eurobond issuance in November 2020; it was about the equivalent of USD1.19bn and it was five times oversubscribed. Since then, the financial markets have found their appetite for risk again, and especially for African debt, but investors remain cautious. Another important source of funds for African countries is remittances from their foreign workers and inevitably this has also suffered due to the pandemic.
Now let me shed some light on banks – African central banks were resilient in 2020 compared with central banks across countries in other continents. Central banks, in a coordinated effort with fiscal authorities have used expansionary monetary policy in the form of increased money supply through traditional, open-market operations as well as quantitative easing. Some central banks have used their monetary flexibility to promptly lower interest rates by c.300 basis points (bps), as we saw at the Central Bank of Egypt, while others have adopted a more gradual approach, like the South African Reserve Bank’s trimming of 275 bps between March to May of last year. All central banks have been attempting to calibrate their actions with government fiscal support measures while preserving their inflation targets. Another tool that central banks are deploying is macro-financial assistance, which comprises medium/long-term loans or grants to businesses or households given the pre-existing difficulties for many with accessing loans from banks.
Alaba: Do you think Africa can fully recover from the economic consequence of the pandemic? If yes, How?
Chinwe: Africa is expected to rebound in 2021 with growth varying across countries. Many African countries have seized the opportunity within the crisis to move faster on necessary reforms and investments that will be crucial for long-term development. However, concerns of a second wave are fueling further uncertainty. In such context, the road to recovery will be long and will require policies and investments that focus on connecting people to job opportunities, which can help end extreme poverty, particularly post COVID-19. In a time of lockdowns and social distancing, investing in the digital economy and infrastructure will also be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery.
Alaba: What causes are closest to your heart?
Chinwe: Economic and Financial literacy, inclusion, gender equality and youth Empowerment.
Alaba: How do you unplug and manage your work-life balance?
Chinwe: Binge on feel-good tv series. As often as possible, I try to get uninterrupted 8 hours of sleep. I try to take walks as often as possible and vacations are also a must -have.
Alaba: If you were a brand, you would be like? Why?
Chinwe: I consider myself as a brand. However, I will take a stab at answering this question. So, Nike is my answer. Nike embodies overcoming of one’s limitations, the pursuit of a mission or calling. This brand is about realizing one’s full potential, taking down barriers, being brave, bold, hardworking and resiliently moving forward, hence the “Just Do It”. It evokes fundamental values needed to thrive. Therefore, it strongly resonates with me and my personal brand.
Alaba: Your top picks to read, watch and listen?
Chinwe: To read
- Understanding Economic “Jargon” by Chinwe Egwim – I authored this book to help its readers stay economically alert and serve as a guide with regards to navigating the macroeconomic landscape. Especially, for those that are keen on staying ahead.
- The “Girl” of Entrepreneurs by Ibukun Awosika – This book is incredibly amazing. It has been my travel companion for years. The book documents the experiences of African businesswomen in terms of their background, their start-up stage, their growth pattern, their challenges, the impact of choices of spouse on their business as well as their work-life balance.
- A-Z of Personal Finance by Nimi Akinkugbe – An awesome book that helps you stay woke with your personal finance. The book provides you with important practical information and useful tips on matters concerning you and your money. Every emerging leader should have this book in their book collection.
- Strategize to Win: The New Way to Start Out, Step Up, Or Start authored by Carla Harris – This book has served as a blueprint for me with regards to navigating my career path. It offers new ways to conceptualize career strategies and gives proven tools for successful change.
To watch
- The Last Dance. A documentary that chronicles the rise of Michael Jordan. There are so many career and life lessons to learn from this documentary. A few of them are: you have to start somewhere; to win, you must hold yourself accountable; a great team can make all the difference; play to your strengths; sometimes, you have to take a break and recharge and you need to find your motivation.
To listen
- Life in BLOOM with Tosin Durotoye Podcast
- The WIMBIZ Choose to Challenge Podcast
- The Smart Money Tribe by Arese Ugwu Podcast
- The Women Who Transcend Podcast
- Porsha4Real with Porsha Williams Podcast
B I O G R A P H Y
Chinwe Egwim is currently the Senior Economist at a leading financial institution in Africa with over 500 published economic notes primarily geared towards macroeconomics. She consistently applies rigorous analysis to ensure Africa’s economic landscape is better understood.
Chinwe is an advocate for women empowerment and a firm believer of equipping disadvantaged women with tools to enable them to thrive. In 2020, Chinwe was appointed as an Executive Council Member of Women in Management, Business and Public Service (WIMBIZ). She has received multiple recognition and awards for her work as an Economist. Some of which include:the Most Influential People of African Descent (MIPAD), 100 most inspiring Nigerian women by Leading Ladies Africa, the Corporate Nigeria PowerList under 40 and also a leading woman in banking by the Association of Professional Women Bankers. Chinwe was nominated by Future Awards Africa and won the HER Network Career Woman of the Year in 2018.
Chinwe authored a book titled, Understanding Economic “Jargon”. The book uses a simple approach to breakdown how economic indicators and the investment climate react to economic shocks and upswings. It has ranked as a bestseller on Amazon.
By Savina Harrilall, Chief People Officer at Mukuru (Image: Supplied)
The Harvard Business Review describes the secret of corporate success as ‘human magic’. A culture that creates a space within which people thrive and where their ambitions, passions and commitment translate into productivity, results and shared growth. It is also an essential investment into the business at a time when people are feeling invisible and stressed amidst a storm of geopolitical and economic instability. The International Monetary Fund report released halfway through 2024 found that while global growth looks relatively stable on the surface, there are undercurrents affecting overall positivity and momentum.
The world is, as the report describes, in a sticky spot. And people do not work in isolation of these undercurrents. Gallup found that 20% of the world’s employees are lonely, engagement is stagnating and overall well-being is on a decline. The cost of this disengaged, deflated workforce, says the company, is in the region of $8.9 trillion and approximately 9% of the global gross domestic product (GDP). Employees are also feeling replaceable.
The American Psychological Association (APA) shows that the mercurial economic, social and political environments are influencing employee decision-making and needs. Employees are increasingly seeking stability, well-being, and meaning in their work. Unfortunately, the lingering effects of the pandemic continue to destabilize organisational foundations. As a result, both companies and employees are grappling to regain their equilibrium.
Defining employee potentialising
People are not a pillar within the business, they are its foundation. If they are committed, engaged and supported, then they deliver that elusive magic and bring their energy that can ignite a company’s culture. And ticking all of these boxes comes down to leadership. The environment follows the leader – people will want to give more, be more and create more if they feel that they are working within a company that values their potential, and recognises their worth.
Potentialising employees means measuring the success of a business against the success of its people. Your business can invest in all of the right baseline tools such as leadership enablement, benchmarking, and referencing against people practices, but if you’re not actually putting people at the centre of these conversations, you’re not prioritising their potential. People don’t want to hear about benchmarks and metrics and standards – they’re important, sure, but people want to hear about the people-things. They want to know what your business is doing to enable their success. This takes people-centricity a level up.
At Mukuru, we have spent time building our foundations so we can embrace the concept of potentialising the employee. We have the compliance, the certifications and the standards – for example, we did not publicise being BB-BEE compliant for the first time in 20 years, not because it is not newsworthy, but rather because we understand and see this as a step towards unlocking opportunities for our people. It is how we ensure we continue to create employment opportunities and expand the skillsets of employees and potential employees, thereby supporting the growth of our current and future talent.
Redefining people within growth
Mukuru is driving commercial outcomes by prioritising our interactions with people, both inside and outside the organisation. Every person within the company is skilled and a leader of their own roles, and masters of their destinies. Recognising their individuality and embracing diversity, enables the cultivation of spaces where our people can thrive. This, in turn, enhances our interactions with customers. Happy employees lead to satisfied clients, and happy customers make for a successful business.
Creating a psychologically safe space for employees ensures that people feel they truly belong. As a recent Harvard Business Review study into the value of human-centred leadership found, employee fulfilment rests on the foundations of leadership, recognising the individual, and meeting unique needs. Levelling up on servant leadership is heart leadership. Heart leadership champions empathy and elevates humanity and authenticity, where leaders relate to employees by investing, empowering and caring for them. This is the secret sauce to potentialising.
The myth of a 9-to-5 model to drive employee productivity must be shattered once and for all, and in its place, we need flexible work environments that align employee and organisational needs – building spaces that allow people to thrive. Nobody needs to be perfect. None of us are perfect. Nobody needs to fit a specific mold. We need to smash the mold and elevate uniqueness. The primary goal, particularly at Mukuru, is to inspire people to fully embrace their authentic selves in their roles while fostering a culture of mutual respect and civility.
When the organisation prioritises and shows up for its people, the people become motivated to invest in themselves and wholly show up for the organisation. And this synergy is when it truly discovers the value of potentialising its employees.
Dr. Jesupelumi O. Adenihun (Image: Supplied)
You have likely heard the saying, “You are what you eat,” and it couldn’t be truer. What we consume plays a far greater role in our health than many of us realize. Over time, our eating habits can either support our body’s natural healing processes, leading to improved health and vitality, or contribute to nutrient deficiencies, inflammation, and even chronic diseases.
What this means is, our eating habits over time sets off a series of chain reactions in our bodies that impact our overall well-being. The good news, however, is that by consistently making the right food choices, we can put ourselves on the path to a state of good health and well-being. While this might sound daunting at first, it is often the small, consistent actions that yield the best results. Let’s take a look at 10 simple but effective habits you can begin to cultivate for better health and adopt as lifestyle practices:
- Substitute soda with water: No beverage is more refreshing or beneficial than plain water. It hydrates, cleanses, and confers numerous health benefits.
- Snack on nuts and seeds: When you are craving a snack, go for nuts or seeds, unless you have an allergy. They are nutrient-dense and can also be satisfying.
- Opt for grilled or baked over fried: Choosing grilled or baked foods helps reduce unhealthy fat intake without compromising on flavor. This also helps reduce the risk of developing high cholesterol levels which is a cardiovascular risk.
- Enjoy homemade smoothies over sugary drinks: When time permits, make homemade smoothies making use of reliable recipes. If you are short on time, consider vendors who provide fresh, nutrient-packed options.
- Practice mindful eating: Mindful eating means being fully present during meals, savoring each bite, and listening to your body’s signals. Eating mindfully is a game changer for a lot of people.
- Be well-informed about what you consume: Whether it’s food or drinks, it is essential that you stay conscious of what’s in your food and drinks. Many packaged products contain hidden sugars that the body doesn’t exactly need. Always take a moment to check the ingredients.
- Add more vegetables to your plate: Think beyond the usual veggies—some varieties exist which also depends on your geographical location. Be open and willing to explore new options and add color to your meals.
- Prioritize lean proteins: Not all proteins are created equal. Make lean protein choices and consider plant-based options to support your overall health.
- Use natural spices over salt-laden seasonings: High salt intake is known to be a contributor to heart-related conditions like hypertension. Opt for natural herbs and spices to add flavor without carrying on health risks.
- Stay physically active: Find an activity you enjoy and can commit to, whether you are at home or on the go. Consistency is key. Also seek the counsel of a coach if you need to.
Remember, true wealth lies in your health. Let each meal choice you make be a step toward a healthier, more vibrant life. Eat to wealth, health is wealth.
Written By: Dr. Jesupelumi O. Adenihun (Nutrition Coach, Preventive health care specialist).
Morenike George Taylor, Founder Reni Legal Consulting | County Support Consulting (Image: Supplied)
I remember a pivotal moment in my career that taught me a profound lesson about the importance of securing sufficient funding for a project. It all started when my team and I were working on an ambitious venture, a hotel to be located in Lekki, a high brow area in Nigeria. After months of planning, I found an investor who was excited about the potential. He assured me that he would provide the necessary funds to bring our vision to life.
Initially, the investor invested a portion of the money, which gave my team and I a glimmer of hope. With that commitment, I felt a surge of confidence. We began allocating resources, hiring a team, and setting timelines. Everything seemed aligned for success.
However, as we progressed, the promises began to wane. The investor started delaying further payments, citing various reasons that ranged from market fluctuations to unforeseen personal issues. Each time I reached out for updates, I was met with assurances that the funds would come through soon. Then, midway through the project, the investor informed me that he could no longer fund the project.
This sudden withdrawal created a domino effect. We had already committed to other businesses that were relying on our funding to get started. As the primary business was still in development, those secondary businesses began to pressure me for repayments. They had their own obligations, and without the promised funds, they found themselves in a precarious position. It was an overwhelming situation, and I watched helplessly as relationships soured and trust evaporated.
The main business, which had so much promise, struggled to survive. Without the necessary capital, we couldn’t complete our operations or deliver our product to market. As the financial strain mounted, it became clear that our venture was on the brink of collapse. Ultimately, the business we had worked so hard to build didn’t make it.
This experience was a harsh but invaluable lesson. It underscored the critical importance of raising sufficient funding before embarking on any ambitious project and how this needs to be taken into consideration in any contract documentation you sign. If I had tied all our contracts and obligations to the complete funds being raised, we could have safeguarded our operations against such unforeseen circumstances.
This experience taught me that in business, clarity and preparation are paramount. Without sufficient funding, dreams can quickly turn into nightmares, and projects that hold so much promise can fade away before they even have a chance to succeed
In the world of business, securing adequate funding is crucial for success. Particularly, if you require $1,000,000 for example to execute your vision, it is essential to raise that exact amount and tie all your contracts to this figure, especially concerning repayment terms. This approach ensures that your business can commence operations without financial strain.
When you set out to raise capital, clearly defining your financial needs is the first step. If you determine that your project requires $1,000,000, raising exactly that amount helps avoid unnecessary complications. Insufficient funding can lead to a cascade of operational issues, including delays, inability to meet contractual obligations, and ultimately, project failure. By securing the full amount, you create a solid foundation for your business operations.
Tying your contracts to the $1,000,000 funding goal is a strategic move. This means that all agreements—whether with investors, lenders, or partners—should explicitly state that the commencement of business activities, as well as repayment obligations, are contingent on successfully raising this amount. If the funding goal is not achieved, the repayment terms should reflect that the business cannot commence. This protects you and your stakeholders from the risks associated with undercapitalization.
By ensuring that all agreements explicitly stated that the project’s commencement and the repayment terms hinged on successfully raising that target amount, we would have mitigated the risks of undercapitalization. It became clear to me that having a well-structured funding strategy is not just a financial necessity; it’s essential for operational stability and long-term success.
Now, I always emphasize to entrepreneurs the importance of securing the full amount required before diving into a project. A well-capitalized venture is not just better positioned to navigate challenges; it can seize opportunities and grow sustainably.
About the author:
Morenike is an award winning business strategist and the founder of Reni Legal Consulting and County Support Consulting. She operates as a business consultant across various sectors, leveraging her extensive expertise to provide strategic insights and tailored solutions. With a keen understanding of the complexities of different industries, she helps organizations navigate challenges and seize opportunities for growth.
As a qualified lawyer, Morenike combines her legal knowledge with a strong foundation in data management, agile methodologies, and risk management. She is a certified Data Management Professional, a Disciplined Agile Scrum Master, and a Risk Management Professional. This diverse skill set allows her to approach each consulting engagement with a comprehensive perspective, driving operational efficiency and fostering organizational success.
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