Lagos, Nigeria, February 2023 - Quest projects that Nigeria's economy will grow by 3.2% this year, compared with 3.1% in 2022.
2023 Economic and Industry Outlook
The report captured the firm's view on the Nigerian economy, the 2023 general elections, the socio-political environment, and traditional asset classes (fixed income and equities).
Non-Oil Sector Growth
Non-oil GDP growth had averaged 4.7% y/y over the past 8 quarters up to Q4 2022. The services sectors, which accounted for around 56 percent of the economy in Q4 '22, expanded by 5.7 percent.
Equities Outlook
Quest forecasts another positive year for equities in 2023, projecting gains of 15 percent amid a slow first half and relatively strong performance in the second half.