Cardoso: CBN Governor Forecasts GDP Growth as NESG Rolls Out Macroeconomic Outlook for 2024
- The governor of the Central Bank of Nigeria (CBN), Dr Yemi Cardoso, has rolled out an update for Nigeria's 2024 gross domestic product (GDP).
- Dr Cardoso said the country expects a 3.76 per cent GDP growth in 2024 and improved crude oil prices and production.
- He disclosed this at the launch of the Nigerian Economic Summit Group (NESG) 2024 macroeconomic outlook report in Lagos.
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has said that the federal government anticipates a GDP growth of 3.76 per cent in 2024, slightly surpassing the estimated 3.75 per cent for 2023.
Dr Cardoso revealed this at the virtual launch of the 2024 macroeconomic outlook by the Nigerian Economic Summit Group (NESG).
Source: Twitter
At the event attended by Legit.ng on Wednesday, January 24, Cardoso stated that implementing some key government reforms propelled the forecast of the increase in GDP.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
He stated that these reforms would help to shape the economic landscape of Nigeria in the coming weeks.
Nigeria to enjoy improved crude oil prices
Cardoso confirmed that there are expectations for improved crude oil prices and production.
He said:
"Foremost among the factors contributing to this positive outlook is the expectation of improved crude oil prices and production.
"Highlighting the crucial role the oil industry is expected to play in driving economic growth."
The CBN boss also stated that all the economic sectors will benefit from these reforms as the year goes by.
Also speaking at the event, the chairman of the NESG, Mr Niyi Yusuf, said:
"As we delve into these policy priorities, we must emphasize 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."
Issues of policy implementation
Responding to Legit.ng's question on the lack of foreign investors and stalling implementation of developmental policies for economic growth, Dr Tayo Aduloju, the CEO of NESG, said there are sometimes disparities in the policy framework.
He told Legit.ng that some policies might come with good intentions but could be badly designed, while other times, some policies could be well designed but not well executed.
Dr Aduloju said:
"We call it the execution trap in government. The mere fact that you have articulated a brilliant policy vision...communicated the vision of that policy execution is the devil in detail.
"And execution requires that the actors of the policy must have backed up the policy with the right capacity, with the right sets of actors, with incentives for performance with sanction systems, with monitoring and evaluation mechanism so that you can track out the policies duly."
He stated that if these tenets are not in place and supported by political will, implementing those policies would be difficult.
Nigeria repays China, World Bank, and others $3.07bn debts, says DMO
In another report, the CBN data showed that Nigeria spent a total of $3.07 billion on external debt servicing in ten months of 2023.
The amount shows an increase in debt payment compared to the $2.22 billion it spent during the same time in 2022.
The DMO data showed that as of September 30, the total public debt was $114.35 billion.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
