Nigeria projected to have faster oil-led economic growth by 2024 – Report

Analysts at Focus-Economics have projected faster economic growth for Nigeria in 2024, based on increased oil production in the highlighted year.

This is according to their November 2023 Consensus Forecast report on sub-Saharan Africa.

The analysts project that the Nigerian economy is expected to grow faster in 2024 compared to the projected expansion for this year. This growth will be primarily driven by increased oil production.

However, there are factors that will limit this growth, including high inflation and interest rates. Additionally, the reversal of economic reforms and potential security issues in the oil-producing Niger Delta region may pose challenges.