Stakeholders, experts brainstorm on Nigeria’s 2023 Economic Outlook

By Kennedy Nnamani

THE stakeholders and experts on the economy held a panel session to brainstorm and discuss Nigeria’s Economic Outlook for 2023.

These think tanks at the 2023 edition of Nigeria Economic Outlook organised by Firstbank of Nigeria on Friday with the theme: “Nigeria Economic Outlook 2023: A look ahead”, highlighted some of the challenges facing the country’s economy, possible solutions, as well as possible outcomes of the nation’s 2023 fiscal year.

Abiodun Adedipe, founder and Chief Consultant of B. Adedipe Associates Limited, who was the keynote speaker, projected that there would be a positive growth in Nigeria’s GDP in 2023, judging from some projected factors such as the Dangote Refinery and other modular refineries, the rice mill in Lagos which are expected to be fully operational in 2023, automobile and other industries.

He also projected that the outcome of 2023 general elections would favour the economy because the three major presidential candidates have manifestos that could enable the economy to thrive if they get into power and implement the policies

Ugo “Ugodre” Obi-chukwu, Founder, NairaMetrics, however, recalled the EU price cap of $60 per barrel leveled on Russia oil, noting that there might be no benefit to Nigeria, judging from the previous experience in 2022 occasioned by oil theft and other factors.

According to him, Russia is now targeting other countries like India, China which are Nigeria’s major oil buyers.

Speaking on the possible impact of subsidy removal which the government is set to remove in the second quarter of 2023, Ugodre stated that the move will have both positive and negative outlook on the economy, noting it will increase the price of goods and services.

However, he believes that there will be a boost in other sectors such as alternative energy, transportation sector and manufacturing industries.

“There is already a boost in the alternative source of energy,” he said, adding that there will be reduced desire for diesel run engines and high petroleum energy consuming vehicles with a high shift to electric vehicles.

These, he said, project a surge in the industries concerned

Ugodre added that a change in social behaviour is expected as there would be right sharing and high demand in the transportation sector.

On her part, Mosope Arubayi, economist and global financial analyst, advocated for policies that propel manufacturing, while urging for alternative sources of power.

According to her, Nigerian transition from consumption to manufacturing cannot be possible with the current power situation in the country.