Research Document: 2024 Macroeconomic Outlook

Posted Tue, Jan 23, 2024 10:48 PM

This report delves into the state of the Nigerian economy in 2023 and outlines a strategic plan for its transformation over the medium term. The document is structured into three main parts, offering a nuanced understanding of the current
economic landscape, the proposed roadmap, and projections for 2024.

Part A: The Nigerian Economy in 2023.
The report begins with a detailed overview of the Nigerian economy in 2023, providing insights into its current status, challenges, and opportunities. This section lays the groundwork for understanding the context in which the proposed economic transformation roadmap will be implemented.

Part B: Economic Transformation Roadmap: Medium-Term Policy Priorities.
The centrepiece of this report is the Economic Transformation Roadmap, which is presented in three distinct phases. The "Inflection Points" section identifies potential turning points for the Nigerian economy, crucial for strategic decision-making. The phases - Stabilisation, Consolidation, and Acceleration - articulate the sequential steps and policy priorities for achieving a robust and sustainable economic transformation.

Part C: Nigeria in 2024: Outlook and Risk Assessment.
The final part of the report projects the outlook for the Nigerian economy in 2024 and the medium term. This forward-looking section relies on comprehensive analyses and forecasting methodologies to provide stakeholders valuable insights into the anticipated economic trajectory, facilitating informed decision-making.

By combining a thorough analysis of the current economic state, a strategic roadmap, and future projections, this report aims to guide policymakers, business leaders, and other stakeholders in steering the Nigerian economy towards a trajectory of stability, consolidation, and, ultimately, acceleration. The proposed medium-term policy priorities align with the government’s goal of fostering sustainable economic growth and transformation.

Dr. Olusegun Omisakin
Chief Economist, NESG