Mr Bismarck Rewane, a renowned economist identified this year’s economic drivers as agriculture, manufacturing and telecommunications.
His view is shared by Manufacturers Association of Nigeria and the Association of Small Business Owners of Nigeria.
Rewane gave the indication during his presentation at the Public Relations Consultants Association of Nigeria’s breakfast meeting, which focused on the Nigerian Economic Outlook in 2020 and its implications for the marketing communications sector.
Listing some of the game-changing events that would shape growth of the Nigerian business economy in general in 2020, he noted that projects and initiatives of the government including construction projects such as the Lekki deep seaport, Lagos-Ibadan railway as well as the newly introduced Finance Act, border closure policies, the cost-reflective electricity tariff policies, and the cashless policy among others were bound to expand the economy and attract more foreign direct investment.
He, however, added that notwithstanding the likelihood of a slow Gross Domestic Product growth rate at 2.2 per cent, with the impact of government intervention policies, businesses were likely to increase spending on public relations, advertising and branding this year.