Analysis by Region - Emerging Markets - Nigeria

Analysis by Region - Emerging Markets - Nigeria



After quarter-on-quarter economic growth ground to a halt in Q1, the most recent purchasing managers' index (PMI) reading laid bare the economic hardships in Nigeria. With the PMI hitting a seven-month low in June, we maintain our view that private sector activity will remain subdued throughout the rest of the year. Although cautiously optimistic about the hydrocarbon sector's performance, we foresee a slowdown in the West African nation's economy in 2024. We now project real GDP growth to decelerate to 2.5% this year.


Nigeria: Private sector slowdown signals broader Economic pain
Forecast overview
Recent developments
Short-term outlook
Key drivers of our Short-term Forecast
Economic risk
Economic risk evaluation
Background
Economic development
Structure of the economy
Balance of payments
Policy and Politics

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