Predictions and prophecies have continued to pour in around the subject of Nigeria’s economic growth rate, growing debt profile, export revenue loss among so many others.
The latest of these forecasts is coming from KPMG, a global audit and tax advisory firm.
The company is projecting that Nigeria’s unemployment rate is expected to rise to 40.6% as compared to 2022’s 37.7%.
Also Read: 10th NASS: EFCC, ICPC Eye Dollar-carrying Aspirants
In its International Global Economic Outlook report, H1 2023 on Tuesday, the KPMG stated that “unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialisation and slower than required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year”.
According to the KPMG, there are expectations for GDP to continue to grow at a relatively slow pace of 3% in 2023 owing to the slowdown in economic activity that typically characterises periods of political transition in Nigeria.
Furthermore, the spillover from an expected slowdown in the global economy in 2023 and its trade and financial flow implications are expected to drag
on GDP.
You Should Also Read: Surrogacy: Actress Abiola Adebayo Welcomes First Child
“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,” the report read.
On the resurgence of major aspects of the economy, it forecast that the telecommunications, trade services, as well as the oil sector, are expected to see recoveries, on account of measures being taken to tackle security issues.
