The Centre for the Promotion of Private Enterprise (CPPE) has projected a positive trajectory for Nigeria’s economy in 2024. According to Muda Yusuf, the Chief Executive Officer of CPPE, the outlook for 2024 indicates improvement compared to 2023.
Yusuf acknowledged persistent challenges in the manufacturing sector, particularly related to energy costs and foreign exchange. He emphasized that these obstacles are likely to endure, posing ongoing difficulties for businesses, especially those with significant foreign exchange exposure.
In a related development, the Manufacturers Association of Nigeria (MAN) anticipates a real sectoral growth of approximately 3.2% in 2024. However, MAN also foresees a challenging beginning for Nigeria’s manufacturing sector in the initial quarter of the year.
The CPPE’s optimistic outlook for 2024 provides a ray of hope for Nigeria’s economic landscape, despite the prevailing hurdles in the manufacturing arena. As the country navigates these challenges, stakeholders and policymakers will be closely monitoring the unfolding dynamics in the economy.
