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 3)
Provisional Monetary
statistics by the CBN show an increase in currency in circulation a portion
of overall money supply. Specifically, currency in circulation rose
(Month-on-Month) by 14.2 percent to N2.2 million in December 2016
the highest Month-on-Month increase recorded for the year 2016. The rise in currency-
outside-bank may be attributed to the growing demand for cash balances for
spending activities during the festive period. This development would largely compound
the liquidity problem associated with TSA implementation and ongoing CBN
monetary tightening as deposit money banks might be cash-strapped. Going
forward, efforts should be geared towards intensifying initiatives that promote
a cashless economy that encourages cashless transactions.