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Coronation Merchant Bank Projects 2.8% GDP Growth for 2023
Experts at Coronation Merchant Bank have projected 2.8 per cent growth in Gross Domestic Product for 2023, attributing it to slow policy implementations and capital expenses due to laser focus on the general elections and transition between administration in the first half of the year.
Chinwe Egwim, the Chief Economist and Head, Economic Research/Intelligence, Coronation Merchant Bank, in a presentation stated that the GDP growth is projected to be driven mainly by the non-oil sector.
According to her, “The services, agriculture and manufacturing sectors are likely to remain key growth drivers, supported by financial interventions by the CBN. Furthermore, the effective implementation of the 2022 Finance Act and the Strategic Revenue Growth Initiatives should contribute to the growth drive through increased non-oil revenues.
“We also considered stable oil prices above USD80/barrel. However, we expect domestic crude oil production to remain below pre-COVID19 levels, due to existing challenges within the sector.
“We have also taken into consideration, relatively weak consumption patterns on the back of high inflation and its impact on service-oriented sectors, the impact of foreign exchange depreciation and increased borrowing costs on business activities.”
She noted that there would Be increased foreign exchange demand due to the need for safe- haven currency (USD) on the back of security concerns.
We expect weak portfolio investment inflow on the back of negative real returns (yields vs inflation) and the political risks surrounding the 2023 general elections. We considered the absence of Nigeria from the ICM in the near term, which does not bode well for external reserves.
“Accordingly, we expect that the existing demand patterns in the parallel market will continue. In our base case scenario, we see the foreign exchange rate at the NAFEX/I&E window at N505/ USD by end-2023.
“We considered: stable growth in non-oil exports boosted by the RT 200 foreign exchange program, continuous injections by the CBN (avg. seven per cent of total inflows on a m/m basis), halt to fuel subsidy payments by end-H1 2023.
She stated that analysts at Coronation Merchant Bank expected inflation to moderate in 2023, partly attributed to positive base effects and the Monetary Policy Committee’s (MPC) current stance on the policy rate.
She noted that the persistent supply shocks on the back of the on-going Russia-Ukraine crisis as well as structural issues impacting the cost of doing business such as insecurity and other logistical challenges would likely keep inflation elevated.
“Other factors include, base effects, depreciation of the naira in the parallel market and an uptick in the price of PMS, due to the potential subsidy removal which would impact the cost of transport and possible demand-pull inflation triggered by increased fiscal stimulus.
“In our base case scenario, we see inflation at 18.3per cent y/y for end-2023,” she added. Speaking at the leading financial institution’s Economic Review and Outlook themed: “baton handoff economic headwinds and risk resilience in Lagos recently,” she noted
Also speaking at the event, Mr. Banjo Adegbohungbe, the MD/CEO, Coronation Merchant Bank, in his opening speech said imminent transition is the overall theme of 2023 as Nigeria is currently having transitions in so many spheres happening at once.
According to him, “And not just that this transition is happening at the domestic environment, we also have the domestic impact of a lot of events that are occurring across the globe at the same time.
“For example, the recent downgrades of Nigeria’s risk ratings highlight various concerns around critical challenges that are filled the spotlight on our direction post transition in 2023.
“While there are significant headwinds in 2023, we believe that the potential also exists to tap into new opportunities.
“At the end of the day, the focus is simple and that is to enable you navigate the headwinds and achieve your respective strategic objectives by identifying those new opportunities.”
Nigerian National Petroleum Company Limited (NNPC) has warned local investors and foreign businesses about the activities of fraudsters falsely claiming to represent the company.
The state-owned company said the impostors are reportedly soliciting illegal fees under the guise of arranging meetings with the new NNPC board members, executives, and management.
The disclaimer comes following the change of the NNPCL board.
On April 2, 2025, President Bola Tinubu appointed a new 11-member board with Engineer Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) and Ahmadu Musa Kidano as executive chairman.
In a statement signed on Monday by Olufemi Soneye, chief corporate communications officer, NNPC, t said the practice of soliciting fees is completely unauthorised and unlawful.
NNPCL said, “The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited.
” Their tactics include soliciting fees for meetings with the NNPC board of directors, executives, and management staff. These actions are unauthorised and illegal.
“Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately.”
The company clarified that engagements with its boards or executives must follow official channels in line with company policy.
The oil giant said, “All legitimate engagements with NNPC Limited occur strictly through official channels or business units only.
“For further enquiries, please contact us at contactus@nnpcgroup.com.
“NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions.”
The company called for public cooperation to prevent scammers from defrauding investors.
Nigeria’s Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) has announced that plans to support the country’s farmers with its AgriConnect initiative have kicked off with a pilot scheme launched in Ogun State in southwestern Nigeria.
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy,
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy, last week launched the initiative at the Ogum State Cultural Centre Complex. AgriConnect is described as a transformative programme designed to digitally empower Nigerian farmers through real-time access to agronomic services, weather insights, financial tools and market intelligence.
The pilot scheme is being implemented in partnership with technology vendor Huawei Technologies and operator MTN Nigeria.
AgriConnect will initially benefit over 1,000 farmers, selected from the Ogun State Farmers Information Management System (OGFIMS), with over 160,000 registered farmers.
Each beneficiary will receive mobile-data-enabled smart devices, embedded with Huawei’s AI-powered tools and MTN-supported connectivity to enable smarter planting, better risk mitigation and streamlined communication with government data centres.
Speaking at the launch, Dr Tijani noted that AgriConnect highlighted the importance of food security. Referring to a target of cultivating 500,000 hectares of land, he pointed out that innovation would be an important part of the effort.
As the government builds out the framework from this pilot in Ogun State (a leader in cassava production), he said, it aims to scale the AgriConnect model across other states – “ensuring that every farmer, regardless of geography, has the opportunity to benefit from the digital economy”, as he put it.
The AgriConnect initiative reflects an FMCIDE commitment under the government’s Renewed Hope Agenda to promote rural inclusion and leverage Nigeria’s comparative advantage in agriculture.
By fusing AI, connectivity, and human-centred design, the ministry says that AgriConnect stands as a scalable model for advancing food security, driving innovation, and improving livelihoods for smallholder farmers across the country.
Association of Advertising Agencies of Nigeria (AAAN) has extended its heartfelt congratulations to Steve Babaeko and the entire X3M Ideas team following their remarkable achievement of being ranked 31st on the Financial Times’ prestigious 2025 list of Africa’s Fastest-Growing Companies.
This recognition by the Financial Times, in collaboration with global research firm Statista, highlights X3M Ideas’ outstanding performance and resilience in a highly competitive and challenging business landscape.
The agency’s ranking was determined based on its compound annual growth rate (CAGR) between 2020 and 2023, verified through independently certified financial data, underscoring the credibility and transparency of the accolade.
Founded by renowned advertising executive Steve Babaeko, X3M Ideas has consistently demonstrated innovation, operational excellence, and creative leadership. The agency’s bold campaigns and commitment to impactful storytelling have not only elevated its profile in Nigeria but have also established its presence across several African markets.
This milestone marks a significant moment for Nigeria’s creative sector, traditionally overshadowed by industries such as fintech and energy in continental rankings.
AAAN President, Lanre Adisa, in a statement, congratulated Babaeko and X3M Ideas on the remarkable recognition. He said: “Steve’s tenure as AAAN President was quite revolutionary. He raised the bar for our association and industry at large. His leadership brought bold ideas to life, executed with brilliance and a deep sense of purpose for the creative community.
“This global acknowledgment is a testament to his enduring impact, not just as a creative force but as a trailblazer on the African continent.”
The Financial Times’ 2025 list features 130 top-performing companies from across Africa, with Nigeria and South Africa accounting for a significant share, reflecting the economic strength and entrepreneurial spirit of the continent’s largest economies.
X3M Ideas’ recognition not only celebrates its own growth but also signals the rising influence of the creative economy in shaping Africa’s future.
This latest accolade adds to a string of recent achievements for X3M Ideas, including being named Independent Network of the Year at the 2025 Pitcher Awards, further cementing the agency’s status as a leader in African creativity and innovation.
AAAN commends Steve Babaeko and the entire X3M Ideas team for their outstanding contribution to the industry and for flying the flag of Nigerian creativity high on the global stage.
Beware!, Fraudsters Using our Name to Defraud Investors- NNPCL
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