January 18, 2024

Nigeria Economic Update (Issue 2)

According to the 2024 United Nations World Economic Situation and Prospects report, global GDP growth is projected to slow from an estimated 2.7 percent in 2023 to 2.4 percent in 2024 and improve moderately to 2.7 percent in 2025. However, the growth projections for 2024 and 2025 are below the pre-pandemic growth rate trend of 3.0 percent. Economic growth in Africa is projected to remain weak, increasing from an average of 3.3 percent in 2023 to 3.5 percent in 2024. Debt sustainability concerns, stricter fiscal and monetary policies, and the weak world economy will continue to hinder Africa’s development prospects.

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