Nigeria's Economy Projected to Grow to 3.3% in 2024

Nigeria ’s economy is projected to grow to 3.3 per cent this year, while it may recede to 3.0 per cent in 2025. In its latest World Economic Outlook report, ‘Steady but slow: Resilience amid divergence,’ the International Monetary Fund said that Nigeria ’s economy is expected to better 2023 growth which was pegged at 2.9 per…

The outlook puts Nigeria’s consumer prices at 26.3 per cent for 2024 up from 24.7 per cent in 2023 and is expected to decelerate to 23.0 per cent next year 2025. It stated that to rebuild budgetary room for manoeuvre and curb the rising path of debt, the fiscal policy stance is expected to tighten in 2024 and beyond, with higher taxes and lower government spending in several advanced and emerging markets and developing economies.

The IMF suggested that intensified geo-economic fragmentation could reduce portfolio and foreign direct investment flows, slow the pace of innovation and technology adoption, and constrain the flow of commodities across fragmented blocs, resulting in large output losses and commodity price volatility.

On the expected prices of crude oil, the report noted that the future markets suggest that oil prices will slide by 2.5 per cent year over year to average $78.60 per barrel in 2024 and will continue to fall to $67.50 in 2029 adding that risks to this price outlook are balanced. With expectations that the drop in the dollar-to-naira exchange rate would lead to a reduction in the cost of goods and commodities quickly, traders and consumers have lamented that they are yet to feel the impact on their wares, as the cost of household items keeps skyrocketing.

Nigeria Economy Growth Projection International Monetary Fund Consumer Prices

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria projected to become world’s fifth largest economy by 2075The Nation Newspaper Nigeria projected to become world’s fifth largest economy by 2075
Source: TheNationNews - 🏆 6. / 69 Read more »

Blue Economy: We’ll adopt new strategy to bolster Nigeria’s economy —OyetolaThe Minister of Marine and Blue Economy, Adegboyega Oyetola, says current administration is considering a new strategy to drive the national economy through the utilization of the Blue Economy.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Nigeria’s population sustaining world’s economyThe Prelate of Methodist Church Nigeria, Oliver Ali Aba, has said that African and world economy rely on Nigeria's large population to prosper. The Prelate said this on Friday at Okai Item, Bende LGA of Abia State, during the 60th birthday celebration of Methodist Bishop, Sunday Ndukwo Onuoha.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Tinubu assures business community of resolve to salvage Nigeria’s economyPresident Bola Bola Tinubu has assured the Nigeria Business Community, specifically those from the North, of his administration's determination to salvage the country's economy. The President, who met with the Kano Business Community, sought their continued cooperation towards the actualization of policies introduced by his administration.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Data show Nigeria’s economy resilient, attractive to investorsThe Independent Media and Policy Initiative, IMPI, has said there is verifiable data to show that the Nigerian economy is resilient and attractive to investors.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Removal of subsidies, FX reform will grow Nigeria's economy, says Iceland consulJacky Hathiramani, Iceland's honorary consul to Nigeria, says the removal of subsidies and FX rate reforms being carried out by the adminis
Source: thecableng - 🏆 2. / 80 Read more »