The Lagos Chamber of Commerce and Industry has projected that the Information Communication Technology and the manufacturing sectors would be the major drivers of the economy in 2023.
The chamber in a statement titled “LCCI New Year statement on the economy 2023” predicted growth in sectors like manufacturing, agriculture, transport, telecommunications, and trade in 2023.
With Nigeria having the third largest subscriber base in Africa (after South Africa and Egypt), the telecoms sub-sector is expected to record growth above the 10.1 per cent achieved in Q3 2022 driven by the growing deployment of Payment Service Banks by the telcos, increase in subscribers using more telcos’ services, and the expected innovation coming with the launch of the 5G technology, the statement read in part.
LCCI noted that the base factors that may continue to drive the major economic indicators are the rising inflation rate; tight monetary policies; an unstable currency; foreign exchange scarcity; debt burden; currency management; food supply disruptions; exchange rate volatility and election spending.