The Lagos Chamber of Commerce and Industry (LCCI) is projecting a return to positive growth path for Nigeria’s economy in the second quarter of 2021.
LCCI President, Toki Mabogunje, said this during the chamber’s first quarterly news conference. She said the projection was subject to the absence of major economic shocks.
Mabogunje, however, said the projected recovery was expected to be subdued within one per cent.
“Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for the year at 1.1 per cent and 1.5 per cent.
“Expectation of slow growth momentum reflects the lingering effects of the pandemic on the economy and prospects of stricter containment measures considering the new strain of COVID-19 pandemic.
“In the absence of major shocks, the Lagos Chamber expects the economy to return to positive growth path in the second quarter of 2021 albeit the pace of recovery is expected to be subdued within the region of one per cent,” she said.
Mabogunje based Nigeria’s recovery prospects in the year on the local and global effective management of the pandemic, widespread vaccine rollout, direction of global oil market and the quality of fiscal, monetary, trade and regulatory policies.
She said strong commitment to key reforms would not only boost output recovery but also put the nation on a path of macroeconomic stability.