The Nigerian Economic Summit Growth (NESG) forecasts a rise in the country’s Real gross- domestic product (GDP) from 2.54 percent to 3.50 percent in 2024, as outlined in its Macro Economic Outlook released recently in Lagos.
The report highlights an expected boost in oil production, driving GDP growth and supporting the implementation of the 2024 budget.
At the presentation in Lagos, Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, expressed optimism, anticipating a moderation in inflation and describing the Naira as ‘undervalued.’ The CBN is actively pursuing an ‘Inflation-targeting policy’ to reduce inflation from 28.9 percent to 21.4 percent in 2024.
The NESG report underscores the impact of government reform programs, projecting rapid GDP growth driven by the Services sector and a rebound in the oil sector.
With a comprehensive economic overhaul and a stable outlook, the report anticipates increased investment inflows, improved sectorial productivity, and a slowdown in unemployment growth.
The macroeconomic projections for 2024 are based on the assumption of a global crude oil price averaging US$90/barrel, surpassing the proposed US$77.96/barrel in the 2024 budget. Efforts to curb oil theft and boost production are expected to yield an average of 1.75 million barrels per day (mbpd), a notable improvement from 1.30 mbpd in 2023.
