Nigeria Economy: A Review of 2023 and Predictions For 2024

In 2023, Nigeria's economic performance has been characterized by a mix of positive and challenging factors across various sectors. The country's Gross Domestic Product (GDP) exhibited growth, recording a 2.5% increase in the first quarter of the year. This growth was primarily attributed to the oil and gas sector, a significant contributor to Nigeria's economy.

However, the economic landscape is marred by persistent concerns, including soaring inflation rates, which reached a five-year high of 20.5% in January. The high inflation is attributed to factors such as the depreciation of the naira, making imported goods more expensive, and the country's reliance on volatile oil revenues.

Unemployment remains a significant challenge, with over 23% of the population unemployed. The report highlights the intricate relationship between currency stability, inflation control, and the impact on employment opportunities.

This coverage offers a comprehensive overview of Nigeria's economic conditions, capturing both the positive aspects, such as GDP growth, and the pressing issues, including inflation and unemployment. The report underscores the need for strategic measures to address economic challenges and create a more stable and inclusive economic environment in Nigeria.

Host: Adebola Adedugba
Guest: Opeoluwa Taiwo, Economic Analyst and Executive Director Africa Bridge Initiative.

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Mixed Economic Landscape in Nigeria for 2023: GDP Growth Amid Inflation and Unemployment Concerns | NC Now | 30-12-23


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