Top stockbrokers have x-rayed the state of the Nigerian economy in 2022 and forecast recovery in 2023 despite the headwinds and uncertainties associated with the economy.
The brokers noted that the Nigerian economy was going through a tough period with headwinds including imported inflation, huge debt service-to-revenue ratio, high exchanges rates, forex scarcity, devaluation of currency, budget deficit of N12tn in 2023, removal of fuel subsidy on petroleum price, insecurity and uncertainty about the outcome of the upcoming presidential election amongst others.
According to a statement, they assured the investing public that the economy had strong potential to bounce back in 2023. Uwaleke stated, “Contrary to projections in several quarters, government’s fiscal position is likely to improve in 2023 on account of the following: Improvement in crude oil revenue from increase in crude oil production, assuming crude oil price does not disappoint and incidence of oil theft continues to go down.
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