Nigerian Economic Outlook 2024 ~ DR. VITUS BLOG

Nigerian Economic Outlook

January 2024

Dear Vitus

We are pleased to announce the release of our new publication, Nigerian Economic Outlook 2024.

Following the significant economic reforms of 2023, will 2024 be the year that the Nigerian economy reaches a turning point, paving the way for faster growth in the medium term? Our economic outlook report provides perspective on key developments and their implications for Nigeria's economy in 2024.

Download the full report

The report highlights the seven key trends that will shape the economic outcomes this year. They include:

Executing fiscal reforms: balancing ambition with budgetary implementation.
Evolving monetary policy stance: finding the right framework and instruments to achieve price stability.
Investors will be cautiously optimistic.
Undulating pathways to unlocking productivity in the economy.
Persisting vulnerability to external pressures with potential of 'shocks'.
Consumers may likely adjust better to the evolving policy and macro realities.
Improved sectoral development riding on reforms.

We project a marginal decline in inflation and a 3.1% rise in GDP and note that achieving sustainable growth in 2024 requires balancing ambitious fiscal reforms with effective budget implementation. In addition, we highlight the importance of aligning fiscal and monetary policy to stabilise prices to reach target goals.

The report further delves into the impact of the economic outlook on business revenues, cost of goods sold, selling, general and administrative expenses, and finance costs.

To download the full report, please visit: Nigerian Economic Outlook 2024.

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