The Centre for the Promotion of Private Enterprise has projected a rebound of Nigeria’s economy in the medium to long term.
The Director of CPPE, Dr Muda Yusuf, disclosed this on Sunday in a statement while reacting to Nigeria’s Gross Domestic Product second-quarter report, which showed that the country’s economy slowed by 2.51per cent compared to 3.54 per cent in Q2 2022.
Yusuf, the former Director General of Lagos Chambers of Commerce and Industry, LCCI, stated that the adverse impact was expected because of the shocks occasioned by the Naira floating and the fuel subsidy removal policies.
He, however, lauded the 94.7 per cent contribution of the non-oil sector to Nigeria’s GDP against the oil sector with 5.3 per cent.
According to him, the government must tackle insecurity, corruption and ensure macroeconomic stability for the country’s economy to grow in the medium term and long.
“…A rebound of the economy is expected in the medium to long term as current distortions are corrected. Meanwhile, there is an immediate positive outcome, which is the marked improvement in governments’ fiscal space at all levels.
“Dealing with the issues of insecurity, spending priorities, corruption, productivity and competitiveness, regulatory environment, and macroeconomic stability are paramount to rebuilding the momentum of economic growth and development”, he stated.
The National Bureau of Statistics 2nd Quarter 2023 GDP report released on Friday stated that the country’s economy slowed when compared to the same quarter in 2022.