The chief economist, KPMG Nigeria, Oyeyemi Kale, has projected that the Central Bank of Nigeria’s (CBN) Naira redesign policy will drag Nigeria’s Gross Domestic Product (GDP) down in the first quarter (Q1) of 2023.
Kale estimated that the Nigerian GDP which stood at N198 trillion in 2022 will lose about N10 trillion to N15 trillion as a result of the Naira scarcity induced by the CBN policy.
He made the projection in a series of tweets on Tuesday. He wrote, “I am estimating a reduction in Q1 2023 nominal GDP by between N10-15 trillion due to challenges sourcing cash in Q1 2023.”
