The United Nations made this projection in its World Economic Situation and Prospects report for 2024 released yesterday.
Additionally, the UN projected that Nigeria’s growth rate would accelerate from 2.9 per cent in 2023 to 3.1 per cent in 2024.
The United Nations Conference on Trade and Development, the five United Nations Regional Commissions, and the Department of Economic and Social Affairs of the United Nations collaborated to develop the WESP report.
The analysis states that with a 3.1 per cent GDP growth prediction for 2024, Nigeria’s economic prospects have moderately improved due to policy measures implemented in 2023, particularly in the oil industry.
The report said, “Policy reforms enacted by the government of Nigeria in 2023, especially in the hydrocarbon sector, have contributed to a moderate improvement in the country’s growth prospects for 2024, with GDP growth forecast at 3.1 per cent.
However, ballooning public debt, persistent inflation and a rising cost of living, together with a weak business environment, will pose a downward risk to growth prospects.”
The report also mentioned the likelihood of lower national petrol prices in 2024 if local efforts were made to increase oil refining capacity.
Global trade remained low in 2023, according to the UN report, with Africa accounting for a portion of the trend and experiencing almost no year-over-year growth in the volume of merchandise trade in the continent.(Source: naijanews)
