Adedipe: Nigeria’s Economy Would Expand in 2023

Nume Ekeghe

Chief Consultant of B. Adedipe Associates Limited (BAA Consult), Mr. Biodun Adedipe has stated that contrary to the recent projection by the World Bank Group which downgraded Nigeria’s growth prospects, Nigerian economy would expand in 2023.

He explained that with the decrease in population growth and data gotten from the purchasing managers index (PMI) and other economic variables, the Nigerian economy would grow between 3.25 per cent and 3.32 per cent in 2023.

He said this at the hybrid 9th “National Economic Outlook: Implications for Businesses in 2023,” organised by The Chartered Institute of Bankers of Nigeria(CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Limited.

He said: “For 2023, manufacturing will expand because the data available shows that in using purchasing managers index (PMI) that shows confidence within key sectors of the economy, point to the expansion of this economy between now and the next  six month the least. When the index is above 50, It means the economy is going to expand because it means orders have been placed at least six months ahead.

“PMI data also shows that in the last 25 months up to December 2022 points that the economy is expanding.  So, when you look at the growth rate of the Nigerian economy vis-à-vis population growth rates which has dropped from 3.2 in the last 10 years to 2.55 it means that whatever anybody is saying about this economy, it is growing faster than the rate of growth of our population. Because the latest World Bank reduced the projection for this year to 2.7 per cent. We said no we don’t agree with that because this is the basis.”

In his opening address, President/Chairman of Council CIBN, Mr. Ken Opara, said: “Looking at the year 2023, in as much as we are optimistic that better days lie ahead for Nigeria’s economy especially because it is the year that will usher in a new government and leadership structure in the nation, we need to gain insight into the impact of several economic indices to help us undertake a comprehensive assessment of the opportunities, challenges and indeed the threats that businesses may encounter during the current year. Every organisation needs to be fortified with adequate information to give them insights into what the New year holds. This will undoubtedly serve as a guide in making informed decisions critical to the growth of businesses and in reviewing strategic plans as the need may arise.”

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