Reforms instituted by President Bola Tinubu have yielded positive outcomes in the first half of the year.
This is according to PricewaterhouseCoopers (PwC) in its Economic Outlook for June 2024.
The firm said the positive outcomes were particularly in terms of government revenue, improvement in credit ratings, exports and capital importation.
The report stated that the major twin reforms of the President in the energy and foreign exchange sectors have pushed government revenue in terms of FAAC disbursement up “by 91% from N976 billion in May 2023 to N1.87 trillion in April 2024.”
PwC further cited the improved credit rating from major credit rating agencies around the world an also made reference to the 200 per cent increase in oil exports from N5.15 trillion Q1, 2023 to N15.5 trillion Q1, 2024 and the increase in both FDIs and FPIs between April to June of 2023 and the corresponding period of 2024.
“Fitch Ratings revised its outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Stable to Positive. Oil exports grew by 200.9% to N15.5 trillion in Q1 2024 from N5.15 trillion recorded in Q1 2023. Non-oil exports also grew by 38.5% to N1.8 trillion in Q1 2024 from N1.3 trillion recorded in Q1 2023.”
“FDI’s grew 114% from $86 million recorded in Q2 2023 to $184 million in Q4 2023. Similarly, FPI’s increased to 190% from $106.9 million in Q2 2023 to $309.8 million in Q4 2023,” it added.
The firm also projected that the country’s economy will grow at 2.9 per cent in 2024.
