Nigeria economic outlook 2024

Seven trends that will shape the Nigerian economy in 2024

We are pleased to share our first

Economic outlook publication in 2024.

Following the significant economic reforms of 2023, will 2024 be the year that the Nigerian economy reaches a turning point, paving the way for faster growth in the medium term?

Our report articulates seven key trends that will shape the economic outcomes of 2024 and concludes by highlighting the implications for Nigerian businesses. These trends include:

  • Executing fiscal reforms: balancing ambition with budgetary implementation.

  • Evolving monetary policy stance: finding the right framework and instruments to achieve price stability.

  • Investors’ will be cautiously optimistic.

  • Undulating pathways to unlocking productivity in the economy.

  • Persisting vulnerability to external pressures with potential of ‘shocks’.

  • Consumers may likely adjust better to the evolving policy and macro realities.

  • Improved sectoral development riding on reforms.

woman working on a tablet or pad
man going through some analytics

The report projects that GDP may grow marginally by 3.1% in 2024 on the back of a sustained policy reforms. Inflation is expected to decline marginally balancing the effects of reforms, policy actions, external pressures, and food prices while fiscal sustainability concerns may remain slightly elevated given debt servicing costs.

The report further delves into the impact of the economic outlook on businesses revenues, cost of goods sold, selling and administrative expenses and finance cost.

Key content in this report includes:

  • Setting the context: 2023 in retrospect and PwC key insights and outlook.

  • Seven trends that will shape the Nigerian economy in 2024.

  • Implications and recommendations.

  • PwC Economics team proposition.

Register to download:

Nigeria Economic Outlook | January 2024

Contact us

Olusegun Zaccheaus

Olusegun Zaccheaus

Partner | West Africa Strategy& Leader, PwC Nigeria

Tel: +234 (1) 271 1700

Omomia Omosomi

Omomia Omosomi

Manager, PwC Nigeria

Tel: +234 2711700