COVID-19: Short, medium term outlook for Nigeria’s economy bleak – LCCI
The Lagos Chamber of Commerce and Industry sees the short to medium term outlook for the Nigerian economy in 2020 as bleak, following the fallout of the COVID-19 pandemic.
The LCCI president, however, said the current COVID-19 experience presented an ample opportunity for the government and policymakers to pursue structural reforms. Mrs Mabogunje, however, acknowledged the sustained recovery of the Nigerian economy as GDP growth advanced to 2.55 per cent in the final quarter of 2019, compared to 2.28 per cent in the preceding quarter.
On the nation’s external reserves, Mrs Mabogunje said the Chamber had noted the continued depletion in external reserves since the beginning of the year. “More so, the sustained depletion of foreign reserves amid supply-demand imbalance in the global oil market will only exacerbate the country’s vulnerability against external shocks,” she said.
On the equity market, Mrs Mabogunje said the impressive performance of the Nigerian stock market in early-to-mid January 2020 was noted. On inflation, Mrs Mabogunje projected that consumer prices, especially food, would come under pressure in coming months due to disruption to the agriculture value chain and commencement of the planting season.She urged the government to stem rising consumer prices through measures aimed at bridging supply gaps and reducing transportation costs.
“Although government has rolled out a raft of relief measures to support businesses, we observe that these packages are tilted more towards formal establishments while micro and small-scale enterprises as well as informal businesses have been largely left out.
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