Expert predicts Nigerian economy will fare better in 2024

The Centre for the Promotion of Private Enterprise (CPPE) has projected that the Nigerian economy will fare better this year.

The Chief Executive Officer of CPPE, Dr. Muda Yusuf, stated this on Arise Television’s Morning Show programme on Thursday.

He said this year offers greater stability compared to the difficulties encountered in 2023.

Yusuf said: “I don’t share the view that 2024 will be worse than 2023. Of course, those challenges will persist, especially for manufacturing.

“There are challenges around foreign exchange, particularly for manufacturing businesses and even other businesses that have high foreign exchange exposure.”

He noted that the shocks being experienced in the economy today are due to the exposure of businesses to foreign exchange.

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“In business, the higher your exposure, the higher the challenges. In the same vein, the higher the shocks. Also, you have the issue of high energy costs.

“The higher your exposure to energy consumption, the higher the challenges. Therefore, the shocks and challenges vary from sector to sector.

“Sectors that have very high local content, or sectors that are backwards integrating substantially, are not likely to feel the shocks as much as sectors that are highly import dependent.

“These are the variables that will shape the economic environment. But I believe that 2024 should be better than 2023,” he added.

By: Babajide Okeowo

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