LCCI Forecasts Subdued Economic Growth In 2020

The Lagos Chambers of Commerce and Industry expects the Nigerian economy to have a suppressed economic performance the coming year. 

Director-General of the industry trade group, Muda Yusuf, said the country’s economy will grow by two per cent in 2020.

News Agency of Nigeria reports that the LCCI give this verdict in its 2019 Economic Review and Outlook for 2020.

“We expect economic growth to remain subdued at around two per cent by 2020 as consumer demand, as well as private sector investment, will most likely remain weak.

“We are of the view that failure by government to fix structural constraints with regards to fixing power challenges and rehabilitating deplorable road networks, will perpetuate the poor productivity and performance of the sector.

“In our opinion, continued protectionist measures of government will most likely limit growth in 2020.

“Elsewhere, the level of the country’s engagement in Africa Continental Free Trade Area scheduled to kick-off July 1, 2020, will also impact the performance of trade sector.

“As a sustainable solution, it is imperative to fix the fundamental issues of high cost of domestic production, the prohibitive cost of cargo clearing at the Lagos ports, prohibitive import tariffs, high cost of logistics within the economy, and border policy capacity,” he said.

The group also anticipates headline inflation to continue on its upward surge.