The International Monetary Fund (IMF), in its latest World Economic Update released in July 2023, projects that the Nigerian economy will experience slowdown in 2023 and 2024. Nigeria’s economy growth rate stood at 3.3 percent in 2022. However, due to security issues combined with other factors, the IMF stated that the economy is likely to slow down to 3.2 percent and 3.0 percent in 2023 and 2024 respectively. However, these projections place Nigeria’s economic growth below the anticipated expansion of 3.5 percent and 4.1 percent for the sub-Saharan Africa region in 2023 and 2024, respectively.
August 16, 2023
Nigeria Economic Update (Issue 30)
The NSE market indices recorded a bear market rally for the third consecutive week in September. Specifically, All-share index and Market Capitalization increased marginally by 0.31 percent to close at 28,335.40 points and N9.73 trillion respectively on September 30, 2016. Major drivers of the rally include; increased trade-volume of financial, agricultural and consumer-goods securities. The continued rise in market indices may be connected to a sustained investor confidence in the agricultural and financial sectors on the account of the ongoing activities of the government and the CBN to stabilize the sectors.