BY PETER EGWUATU

LAGOS  — The Lagos Chamber of Commerce and Industry, LCCI, weekend, declared that the Nigerian economy will remain strong in 2014, while forecasting  that the  Gross Domestic Growth, GDP, would grow at over six per cent relative to the global average of 3.1 per cent.

The Chamber also stated that the country’s economy may emerge as the largest on the African continent and one of the top 30th in the world after the GDP re-basing which is expected this year.

The President, LCCI, Alhaji  Remi Bello, who disclosed this said the global economic outlook, according to the International  Monetary Fund, IMF, “looks good with a projected improvement in growth from 2.9 per cent in 2013 to 3.6 per cent.”

According to him, “The economies of the sub-Sahara African countries are projected to post an impressive average of six per cent growth as against five per cent in 2013.

“Emerging economies will maintain positive growth trend of 5.1 per cent, although some of the economies may experience slower growth rate.  Overall, the outlook for the global economy looks good and this would impact on commodity prices, especially crude oil.

“Oil prices are likely to be steady at around $100, which will be good for the Nigerian economy.”

Commenting on the Nigeria’s economy, he stated that the positive outlook of the global economy would impact positively on crude oil prices which could serve to sustain the current growth momentum of the economy.

According to a statement by LCCI: “Performance of the major drivers of growth are also expected to be sustained – telecommunications sector, building and construction; hotel and restaurants; and solid minerals.

“The market size, driven by high and growing population and emerging middle class will remain robust with corresponding opportunities for investors.

The pre-election activities may take its toll on the economy through distractions of partisan politics and heightened election spending.  However, the resilience of the economy will endure.”

On exchange rate, the LCCI President said the naira will experience moderate depreciation given the current pressure on the foreign exchange market and the increasing divergence between the parallel market rate and the official rate.