Mid-year review: Experts predict positive economic growth for Nigeria in second half of 2023




Economic experts have predicted robust economic growth for Nigeria as business activities increase in the second half of 2023.

They disclosed this on Tuesday at the Third edition of the Mid-Year Review of 2023 Economic Outlook by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies.

Laoye Jaiyeola, the Chief Executive Officer of Nigeria Economic Summit Group, said the private sector performance is notably responding favourably to the current policy posture of the new government amid the challenges.

He said the government’s foreign market liberalization policy and fuel subsidy removal shocks are expected to push up the country’s inflationary pressures.

“…Hence, there is a likelihood for stronger than expected economic growth in the remaining part of 2023 as firms’ new orders, output growth rate, and inventory activities increase”, he said.

Also, Dr Ken Opara, the CIBN President, said economic activities would increase in the second half of 2023.

“Ultimately, it offers yet another prospect to forge valuable solutions amid the intricate challenges of this demanding year- transition in leadership”, he stated.

Newssphere reports that July’s inflation figure increased to 24.08 per cent, according to the National Bureau of Statistics.