KPMG Nigeria took a conservative view of Nigeria’s economic growth rate for this year in relation to its earlier estimate after the country’s statistics office reported a year-on-year deceleration in the GDP growth rate for the three months through June.
The pace of growth for 2023 is now seen at 2.7 per cent in contrast to an initial forecast of 2.9 per cent, the consultancy said in a commentary issued Friday, coinciding with the release of Nigeria’s growth data for the second quarter.
KPMG revised the original projection downwards after estimating Africa’s biggest oil economy needs to expand by 3.3 per cent at the very least for the second half of the year to keep alive the dream of 2.9 per cent growth for 2023.
“Q2 2023 is the quarter where the impact of subsidy removal, FX unification and other reforms of the new administration had its major impact on squeezing household consumption demand and firms’ costs of operations as well as reduced private…
