The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Economic Summit Group (NESG), the World Bank, the International Monetary Fund (IMF), and economic experts, has forecasted that the Nigerian economy will experience stability, leading to a reduction in inflation, unemployment, and poverty. CBN Governor, Mr. Olayemi Cardoso, outlined measures such as the inflation-targeting policy, improved liquidity in the forex market, and expected reduction in fuel costs that are anticipated to trigger enhanced productivity in agriculture and decrease the inflation rate to 21.4% in 2024. The NESG’s 2024 Macroeconomic Outlook envisions a GDP growth of 3.5%, increased external reserves, and stabilization of the exchange rate at N900 per dollar. Titled “Economic Transformation Roadmap: Medium-Term Policy Priorities,” the report emphasizes three phases focusing on monetary stability, fiscal management, local content improvement, and human, social, and natural capital development. The NESG stands ready to collaborate with governments to achieve transformative goals. IMF, World Bank, and other experts recognize the challenging journey so far but express optimism about Nigeria’s economic transformation. The need for structural reforms, governance improvements, and policy sequencing are emphasized for sustained growth. The quest for economic transformation also requires striking a balance between protecting domestic industries and opening up the economy to private capital and technology. The importance of inclusive development is stressed to ensure that economic transformation benefits the common man.
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