The Central Bank of Nigeria, CBN, the Nigeria Economic Summit Group (NESG), along with the World Bank, the International Monetary Fund (IMF) and economy experts yesterday indicated that the Nigerian economy will achieve some stability leading to a reduction in the inflation rate, unemployment and poverty.
CBN Governor, Mr Olayemi Cardoso, speaking at the launch of the NESG 2024 Macroeconomic Outlook, hinted that Nigerian will heave a sigh of relief from the sustained rise in prices of goods and services when the implementation of its inflation targeting policy, measures to improve liquidity in the forex market as well as expected reduction pump price of petroleum products begin to yield impacts.
Consequently, the CBN projected these measures will trigger improved productivity in the agricultural sector and a reduction in the inflation rate to 21.4 per cent in 2024.
Meanwhile, the NESG projected a decline in unemployment to 5.0%, while the poverty level reduces to 41.5 per cent, if implementation succeeds in a combination of ongoing reforms and other measures outlined it its Economic Transformation Roadmap.
These measures, according to the NSEG, will help the economy achieve Gross Domestic Product, GDP, growth of 3.5 per cent, an increase in external reserves to $40 billion, decline in inflation to 21.5 per cent while the exchange rate will stabilize at N900 per dollar in the official forex market.
Titled, “Economic Transformation Roadmap: Medium Term Policy Priorities”, the NESG 2024 Macroeconomic Outlook, outlined three phases that will lead to enhanced socioeconomic well-being of Nigerians.
Speaking in this regard, Chairman, NESG, Mr. Niyi Yusuf, stated: “Building on the NESG #NES29 theme, “Pathways for Sustainable Economic Transformation and Inclusion”, this year’s macroeconomic outlook underscores “Medium-term Policy Priorities” to expedite the transformation process and enhance the socio-economic well-being of Nigerians.
“The Economic Transformation Roadmap outlines three phases of policy sequencing, focusing on monetary stability, effective fiscal management, local content improvement, domestic productivity enhancement, incentives to motivate private sector investments, and human, social, and natural capital development.
“As we delve into these policy priorities, we must emphasise the pivotal role of a robust policy environment in laying the foundation for sustainable Macroeconomic stability and “economic transformation.
“We recognize the current administration’s efforts in stabilizing the economy, but given the depth of the problems, more still needs to be done and quickly too. We must not relent to build the Nigeria of our dreams. I implore every stakeholder to rise to this occasion and contribute to our quota in rebuilding our economy.
