The International Monetary Fund (IMF) in its World Economic Outlook Update released in January 2024, estimated that Nigeria grew at 2.8 percent in 2023 and reviewed its 2024 economic growth forecast downward by 0.1 percent from 3.1 percent projected in October 2023 to 3.0 percent in 2024. Persistent macroeconomic weaknesses, high levels of public debt, poor infrastructure, political unpredictability, and external shocks like rising global geopolitical tension are some possible causes of this decreased economic growth
February 27, 2024
Nigeria Economic Update (Issue 5)
Related
Nigeria Economic Update (Issue 4)
Recently released power sector report by the
National Bureau of Statistics records a total average energy generation of 2,548GWH
by 25 power stations, from October 2016 to December 2016. Daily
Energy generation, attained the 2016Q4 highest level of 3,859.6MW in October
2016, and a lowest level of 2522MW in the same month. On the average, current
daily energy generated which is below 3,000MW, prompts system malfunctions.
Thus, the irregular power generation and supply experienced in recent times is
attributable to shortage of gas owing to non-functional major pipelines, in
addition to the inability of GENCOs to make payments for the available gas
supply. Given the recent challenges to power supply, efforts should
be geared towards the diversification of electricity generation. Government
should consider investment in renewable as well as coal energy to complement
gas power supply.