Right from 2020, Nigeria’s economic situation and economy in general hasn’t really been good on Nigerians. It got worse in 2023, with high inflation, removal of petrol subsidy, insecurity, and scarcity of food. Will 2024 be better for Nigerians economically? In this post, we’ll be looking at how will 2024 be for Nigerians economically?
Will there be good news for Nigerians? Is life going to get better for the country? We’ll take a look at this in this post.
How will 2024 be for Nigerians Economically?
2024 won’t be much different economically from 2023 in Nigeria. However, there is set to be improvement in some places if the government puts in much effort. For instance, the issue of Forex crisis will be reduced.
Now, these are the key points you should note about Nigeria’s economy in 2024:
1. There will be the growth and expansion of Nigeria’s economy as far from the 3rd Quarter of 2024 with investments coming in as Tinubu’s administration pushes for reform and seeks investors to Nigeria. However, the positive effects won’t be felt by Nigerians until the following year. Thus, as the economy is expanding, life might not get much better because the economy is still healing.
2. As already said, Nigeria won’t experience high level of Forex crisis anymore especially when Dangote, BUA, and other refineries in Nigeria commence work. Nigeria, by refining its own oil and exporting some, will be saving and making up to $15 billion annually. However, it will take to the 3rd or 4th quarter of 2024 for this to become fully effective.
3. Inflation will still be high in 2024, even though it might decrease. However, if security is improved, massive agriculture encouraged, there will be a significant drop in the amount of foodstuffs in Nigeria. Nonetheless, we aren’t expecting inflation, especially as regarding food, to go less than 18%. From close to 30%, the inflation will come down and hover around 24%.
4. States will become richer with the new legislation and economic power given to them. This will, of course, lead to more spending and money at grassroots. In some rich states, the purchasing power of the elites there will improve. In addition, if the minimum wage is effected, the buying power of the people will improve a bit.
5. The unemployment rate will still remain high. It is only in 2025 that the rate will go down due to economic expansion in 2024.
6. Depending on how the government works, if there is high investment in infrastructure, it will improve the lives of the people greatly. It will help assist and blossom the expansion of the state’s economy.
Conclusion
In a nutshell, you should note that the economy of Nigeria in 2024 won’t be much a difference from that of 2023. There’ll still be scarcity and inflation; however, situations will take a turn from the 3rd quarter with signs of an improved economy.
The improved economy, though, doesn’t mean that things will change of good. It will take a lot of time to take effects. Thus, this is is it about how will 2024 be for Nigerians economically?