Nigerian Economic Outlook - October 2023 ~ DR. VITUS BLOG

Nigerian Economic Outlook

October 2023

Dear Vitus

We are pleased to announce the release of our new PwC publication, Nigerian Economic Outlook - October 2023.

This report provides key insights and perspectives on the outlook of the Nigerian economy through analysis of key macroeconomic developments and their impact on government, businesses, and consumers in the short to medium term.

Some key takeaways from the report include:

Real income is still under pressure as inflation (25.8% as of August 2023) continues to rise, and national minimum wage remains unchanged in the short-term.
Input costs (including the Y-o-Y increase of 216% in PMS from January to September) will continue to pass through to consumer prices further worsening the affordability of goods and services in the economy in the short to medium term.
The securitisation of ways and means, and the impact of the devaluation of the naira accounted for 59.1% and 34.9% respectively of the rise in public debt in Q2 2023. A sustained rise in public debt may negatively affect the country's credit ratings, subsequently increasing the cost of borrowing.

The report also provides recommendations for government, businesses, and consumers on how to mitigate the challenges and capitalise on the opportunities in the Nigerian economy.

To download the full report, please visit: Nigerian Economic Outlook - October 2023

Please feel free to contact us if you have any questions.

Download publication

Olusegun Zaccheaus

Partner and West Africa Lead, Strategy&

+234 (1) 271 1700

Email

Omomia Omosomi

Lead Economist & Researcher

+234 (1) 271 1700

Email