LCCI Tips Manufacturing, ICT, Agriculture, Others to Drive Growth in 2023 •Predicts CBN may hike MPR to 17% this month Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has tipped sectors like manufactur
The Lagos Chamber of Commerce and Industry has tipped sectors like manufacturing, agriculture, transport, telecommunications and trade as major drivers of economic growth, anticipating that they would deliver a Gross Domestic Product growth rate above three per cent in 2023, higher than the less than average two per cent recorded in 2022.
The LCCI stated: “In 2023, we expect to see growth in sectors like manufacturing, agriculture, transport, telecommunications, and trade. With Nigeria having the third largest subscriber base in Africa , the telecoms sub-sector is expected to record growth above the 10.1 per cent achieved in Q3 2022 driven by the growing deployment of Payment Service Banks by the telcos, increase in subscribers using more telcos’ services, and the expected innovation coming with the launch of the 5G technology.
The LCCI also projected that the manufacturing sector, which suffered headwinds such as scarcity of forex for import of inputs, weakened consumer demand due to weak purchasing power, high energy cost, logistical challenges, policy uncertainties, and harsh regulatory environment in 2022, “may likely record a growth in the sector away from the negative growth of -1.9 per cent it recorded as at Q3 of 2022.
The chamber also projected that in the case of subsidy removal by the new administration, “we should expect some shocks to the economy in the short term with possibility of adjusted pricing and demand in response to market forces in the long run.” “The rates rose from 11.5 per cent in January and peaked at 16.5 per cent as at November 2022. This is expected to rise further during the MPC meeting in January to 17 per cent to curb the persistent inflation and prevent capital flight.
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