NESG Predicts Stronger Economy For Remainder Of 2023

The Nigerian Economic Summit Group (NESG) has predicted that Nigeria will experience stronger economic growth as business activities increase in the remaining part of the year.

The chief executive officer (CEO) of NESG, Laoye Jaiyeola spoke at the third Edition of the Mid-Year Review of 2023 Economic Outlook, organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS), on Tuesday in Lagos.

Jaiyeola added that the private sector performance is notably responding favourably to the current policy posture of the new government amid the challenges.

“The Purchasing Managers’ Index (PMI) is considered a perfect predictor of economic growth momentum in Nigeria and across the globe,” he said.

“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.”

Jaiyeola, however, predicted that initial policy shocks might increase inflationary pressure and worsen the cost of living crisis if not properly managed.

He said convergence of foreign exchange market rates would reduce currency risks adding that the new policy regime would stimulate investors’ confidence in the economy.