Nigeria Economic Outlook - June 2024

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Nigeria Economic Outlook June 2024

Dear Vitus We are pleased to share our latest Nigeria economic outlook: Navigating economic reforms. Our report shares insights on the key economic dynamics of 2024, providing perspectives on their impact and implications for the government, households and businesses. Download publication Macroeconomic highlights of the last one year GDP growth rate: GDP grew by 2.98% in Q1 2024 compared to 2.31% recorded in Q1 2023. The growth in Q1 2024 was due to performance in the financial and insurance and mining and quarrying sectors. Increase in headline inflation: Inflation increased from 22.41% in May 2023 to 33.95% in May 2024. The drivers include food, utilities and transportation inflation. Increase in Monetary Policy Rate (MPR): CBN increased MPR by 775 basis points from 18.5% to 26.25% between May 2023 and March 2024, in an attempt to curb the inflationary pressures. In case you have any questions, please do not hesitate to contact us. Contact us

Olusegun Zaccheaus Partner and West Africa Lead, Strategy& Tel: +234 (1) 271 1700 Email Omomia Omosomi Lead Economist & Researcher Tel: +234 (1) 271 1700 Email

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