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2023 economic outlook: Adedipe forecasts positive GDP growth
.Urges companies to embrace digitalization
COMFORT EKELEME, Business Editor
Chief Consultant, B. Adedipe Associates Ltd., Dr Biodun Adedipe has said the nation will witness a positive Gross Domestic Product (GDP) growth, a slight improvement over the expected 3.19 per cent for 2022.
He said the GDP growth will improve to 3.27-3.32 per cent in 2023.
Adedipe, who stated this in Lagos at the First Bank of Nigeria Limited 2023 Economic Outlook webinar, wth the theme, “Nigeria Economy Outlook 2023: A look ahead’, urged companies to pay more attention to digitalization.
He said that inflation rate is expected to moderate, adding that monetary policy normalization could start as early as second quarter of 2023.
According to him, bank lending rate will remain double digit, stressing that accelerated manufacturing and focused export promotion will bring some stability to the naira exchange rate.
Dr. Adedipe maintained that there are opportunities in various sectors of the Nigerian economy.
On food security, he said there is the need to address food inflation, saying that government should pay adequate attention to affordability and availability of food in the country.
He said “Our latest forecasts indicate a sharp long lasting slowdown with global growth declining to 1.7 per cent this year; that is what they see globally.
“They mentioned three major challenges there, and those are inflation, currency depreciation and under investment in people and the private sector.
“The World Bank said that there are five factors that underpinned their own outlook for Nigeria this year- rising production costs, under-performing oil and gas sector, insecurity and policy uncertainty caused by what happened in 2022,’’ Adedipe said.
He said, “Oil and gas growth, which will be restrained, growth in agriculture which will soften on the back of the flows of last year, happenings caused by insecurity, persistent fear, foreign exchange shortages, and weak fiscal position.”
Adedipe urged stakeholders to give more attention to end-to-end digitisation.
Executive Director, Treasury and International Banking, FirstBank, Mr Ini Ebong, said the bank was known for supporting businesses to grow as the engine for economic growth and development in Nigeria, across sub-Saharan Africa and beyond.
He said FirstBank would continue to take the lead in driving the development of different sectors and industries within the economies where it operates.
“And in line with our renewed vision “to be Africa’s bank of first choice”, we will take the lead in driving the development of different sectors and industries within the economies where we operate, to support the nation’s overall economic growth and sustainability,’’ he said.
Ebong said that the meeting was aimed at demonstrating the bank’s commitment to, and collaboration with its esteemed customers and stakeholders as their partner of first choice.
He said that the bank’s would continue to play a dominant role in unlocking the opportunities that enabled their businesses to grow and thrive in 2023 and beyond.
“We trust this opportunity will provide the necessary support to build our stakeholders to also become industry giants in their various spheres.
“As a foremost financial institution, FirstBank is committed to leading the discourse on pertinent issues of national and global interests. Hosting this webinar, therefore, affords our Bank the opportunity to provide the platform for interested players to analyze the nation’s economy in retrospect, draw lessons from the gains and pains of past years, and chart a course for adjustments, consolidation, and strategic decisions for the common good,” he added.
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