Internationally acclaimed audit and consulting firm, KPMG has projected that Nigeria’s GDP to continue to grow at a relatively slow pace of 3 per cent in 2023 due to the slowdown in economic activity that typically characterizes periods of political transition in Nigeria.
It also said the spillover from an expected slowdown in the global economy in 2023 and its trade and financial flows implications are expected to drag on GDP.
“Additionally, growth will be negatively affected by the Naira redesign policy introduced in Q4 2022 and Q1 2023 and its implications on key non-oil sectors like manufacturing, trade,accommodation, and food services, transportation and other services, further slowing down overall GDP growth in 2023,” it said.
Telecommunications, trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, are expected to drive its forecast of 3 percent growth in 2023
