SUMMARY & CONCLUSION
• 2024 looks promising
• But the impact will be felt more in the second half of the year
• Nigeria’s government expenditure only contributes about 4% to the GDP
- Not an adequate prescription of the role of the government
- Government power & policies influence economic activities
- Policies must be credible to drive investment flows
• Which is key to driving Nigeria’s growth in the mid to long-term 81
• Higher effective interest rates in Q1 and Q2 - Minimum and full wage review – done in 2019
• Reconstituting the inflation basket – last revised in 2009
• Overhauling the forex market arrangement (CBN must participate in an open auction) and allow for a
floating rate
• The naira will fall towards N1,350/$ before bouncing back in Q2
• Some super stocks will see their sizzle fizzle - Dangote refined petroleum products will be a boost to productivity but not a silver bullet
- Real estate in some markets will remain red-hot
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• Banking consolidation process is now inevitable
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