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 37)
Recent
data by the CBN shows a decline in manufacturing capacity utilization by 2.0
percentage points to 50.7 percent in 2016Q2. Foreign exchange
challenges in addition to cash squeeze in the review quarter, led to the
decline in capacity utilization. This has hindered activities in the sector
while impacting negatively on business confidence. Nonetheless, the CBN
recently directed authorized FX dealers to dedicate 60 percent of FX purchases
to manufacturers. This policy measure is therefore expected to meet
the sectors critical FX need for the purchase of imported raw material and
other machineries, while boosting the potential for economic growth in the long
term.
Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.
Nigeria Economic Update (Issue 14)
The
considerable increase in inflation continued to be driven by
exchange-rate-pass-through from imported items as well as the lingering
scarcity in the availability of Premium Motor Spirit (PMS). One of the key ways
to reduce inflationary pressures in the near term is to improve the supply of
PMS to filling stations. In the medium to long term, the Nigerian National
Petroleum Corporation (NNPC) may need to revitalize local refining and bridge
the gap between the supply and demand for PMS by households and businesses.
Nigeria Economic Review
This report provides an evidence-based analysis
of the state of the Nigerian economy in a bid to inform economic policies
in Nigeria. The report presents some analyses of significant economic events in
Nigeria within the period, and provides an outlook on what policymakers,
businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights
into potential drivers of the economic trends and outlines expectations for
subsequent quarters of the year. The area of focus are Global Economic
Performance, Domestic Economic Performance, External Sector Performance, and
Sectoral Performance.