• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

Nigeria’s economic growth projected at 3.1% in 2024 amidst global slowdowns

Chioma Chukwunedu by Chioma Chukwunedu
January 5, 2024
in Economy
Top 10 states
Share on FacebookShare on TwitterShare on Linkedin

The United Nations World Economic Situation and Prospects (WESP) report for 2024 indicates a slight increase in Nigeria’s growth rate, projected to rise from 2.9% in 2023 to 3.1% in 2024.  

The report shows that Africa’s growth rate is to rise from 3.3% in 2023 to 3.5% in 2024. In contrast, global growth is expected to decelerate from 2.7% in 2023 to 2.4% in 2024. 

The report reveals that Least Developed Countries (LDCs) are anticipated to achieve a growth rate of 5% in 2024. However, this falls short of the 7% growth target outlined in the Sustainable Development Goals (SDG). 

RelatedStories

UN Official calls for $2.4 trillion climate funding in developing nations

UN launches $29 billion appeal as funding crisis stalls humanitarian efforts globally 

June 16, 2025
Sterling Bank, Peerless, AfriGO, and NIBSS launch independence reward program for Nigerian service providers

FG seeks UN intervention amid Israel-Iran conflict escalation 

June 14, 2025

The Nigerian Economy projection 

According to the report, policy reforms enacted by the Government of Nigeria in 2023, especially in the hydrocarbon sector, have contributed to a moderate improvement in the country’s growth prospects for 2024, with GDP growth forecast at 3.1%.  

  • However, ballooning public debt, persistent inflation and a rising cost of living, together with a weak business environment, will pose a downward risk to growth prospects. 
  • Efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond. 

The UN Report on the African Economy Growth 

  • GDP growth in African economies is forecast to register moderate improvement in 2024, increasing to 3.5 per cent on average. 
  • External conditions are projected to remain unfavourable for the African economies due to a weak global economic outlook and limited external financing opportunities. 
  • However, a recovery in domestic demand is projected for those countries that experienced economic shocks stemming from currency depreciations, electricity shortages or armed conflict. 

Developed countries vs developing countries  

  • The global labour market presents a varied post-pandemic scenario, with developed countries experiencing robust recovery and low unemployment rates.  
  • However, real income losses and labour shortages pose challenges, while developing countries show mixed progress, with persisting gender gaps and high youth unemployment. 
  • Investment growth faces challenges globally, with a notable slowdown in both developed and developing economies.  
  • While developed countries channel investments into sustainable sectors, developing countries struggle with capital flight and reduced foreign direct investment. 

International trade as a growth driver is losing steam, with global trade growth weakening to 0.6% in 2023, and projected to recover to 2.4% in 2024.  

Factors impeding trade growth include shifts in consumer spending, geopolitical tensions, supply chain disruptions, and the lingering effects of the pandemic. 

Developing countries face challenges such as high external debt levels and rising interest rates, making access to international capital markets difficult. Declines in official development assistance and foreign direct investment for low-income countries contribute to debt sustainability challenges. 

The report also underscores the worsening impact of climate change, with extreme weather conditions in 2023 leading to devastating wildfires, floods, and droughts globally.

These events have direct economic consequences, affecting infrastructure, agriculture, and livelihoods. Studies suggest substantial global economic losses due to climate change, emphasizing the urgent need for mitigation efforts. 


Follow us for Breaking News and Market Intelligence.
Tags: United NationsWESP
Chioma Chukwunedu

Chioma Chukwunedu

Chioma Chukwunedu is a pharmacist and health analyst. She uses data and articles to educate the public about healthcare services and systems so they can make informed decisions about their health.

Related Posts

UN Official calls for $2.4 trillion climate funding in developing nations
Business News

UN launches $29 billion appeal as funding crisis stalls humanitarian efforts globally 

June 16, 2025
Sterling Bank, Peerless, AfriGO, and NIBSS launch independence reward program for Nigerian service providers
Business News

FG seeks UN intervention amid Israel-Iran conflict escalation 

June 14, 2025
UN seeks $910 million for humanitarian efforts in Borno, Adamawa, and Yobe states in 2025
Economy

UN budget crisis leads to 20% staff cuts in Nigeria, eight other countries

April 13, 2025
UN Official calls for $2.4 trillion climate funding in developing nations
Health

Global aid cuts could reverse progress in reducing maternal deaths – UN warns  

April 7, 2025
Space technology impacts national security and agriculture- Dr Umah Abdullahi
Sectors

UN agencies raise alarm over rising satellite navigation interference globally  

March 26, 2025
Flour Mills of Nigeria acquires 20,450 hectares in Nassarawa, expands investments in Backward Integration Plan
Business News

Human rights ‘suffocated’ worldwide – UN Secretary-General Guterres raises alarm 

February 24, 2025
Next Post
Babajide Sanwo-Olu

Lagos govt. promises ease of traffic with Red Line, Opebi link bridge, and 15 jetties 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Australia to raise skilled visa salary threshold and minimum wage from July 2025 
  • EFCC arraigns Medical Doctor over alleged N39.1 million Visa Fraud in Port Harcourt 
  • Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate

Follow us on social media:

Recent News

PLAB opens application for international medical graduates to work in Australia 

Australia to raise skilled visa salary threshold and minimum wage from July 2025 

June 20, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns Medical Doctor over alleged N39.1 million Visa Fraud in Port Harcourt 

June 20, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics