PricewaterhouseCoopers,PwC, in its report announced that the information and communications technology (ICT) sector is the only dominant industry with a fast growth of 8.6 percent.
According to PwC, the sector’s growth might be attributed to the increase in consumption of data services and subscriber numbers. Indeed, in its latest report, PwC revealed that continued inflationary growth and rise in the cost of living might lead to marginal real economic growth in the medium term with a projection of 2.8 percent growth rate for Nigeria in 2023 and three percent in 2024.
Similarly, It noted that Gross domestic product (GDP) is expected to grow marginally in Q3 2023 due to slowdown of economic activities occasioned by prevailing macroeconomic headwinds.
PwC in its Nigerian Economic Outlook – October 2023, stated that inflation is expected to rise in the short to medium-term on the basis of increased petroleum prices and a devalued naira on food, transport and non-food prices, while petroleum products is expected to rise on the back of the rise in the international oil price. This will impact the food, transport and core inflation.
According to it, the marginal growth in GDP by 2.5 per ºcent in Q2 2023 from 2.3 percent in Q1 2023 was caused by the lingering effect of the cash crunch and the emerging effect of domestic reforms (subsidy removal and foreign exchange (FX) liberalization).