CBN Projects 3.38% Economic Growth for Nigeria in 2024

The Central Bank of Nigeria (CBN) has said that growth projections in 2024 indicated that the economy will grow by 3.38 percent.

CBN governor, Olayemi Cardoso, made this known while briefing journalists after the Monetary Policy Committee (MPC) meeting held on Monday and Tuesday in Abuja.

The Federal Government however projects 3.88 percent while the International Monetary Fund (IMF) projects 3.00 percent growth rate in 2024.

“Forecasts indicate that the economy will grow in 2024 by 3.38 per cent (CBN), 3.88 per cent (FGN) and 3.00 per cent (IMF).”

Similarly, the statement revealed that: “Gross external reserves stood at US$34.51 billion on February 20, 2024, compared
with US$32.23 billion at the end of January 2024. The improvement was driven by
reforms in the foreign exchange market and an increase in oil production
amongst others.”

“In the global economy, inflation is projected to continue to moderate in 2024,
but could remain above the long-term objectives of several advanced
economy central banks,” he added.

The CBN held its first MPC meeting for the year and the first under the leadership of Cardoso.