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

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The International Monetary Fund predicts that Nigeria's economy will grow to 3.3% this year and recede to 3.0% in 2025. The country's consumer prices are also expected to increase in the coming years.

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.

Source: Financial Digest (financialdigest.net)

Nigeria Economy Growth Projection International Monetary Fund Consumer Prices

 

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