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Home Economy Finance

Nigeria’s GDP to Grow by 3.1% in 2024 – FBNQuest Forecasts

by Peter Oluka
February 16, 2024
in Finance
0
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies
Naira (PHOTO: LinkedIn)

Naira (PHOTO: LinkedIn)

UBA
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FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc recently published the FBNQuest Research Economic Outlook Report.

The report indicates that Nigeria’s Gross Domestic Product (GDP) is projected to grow by 3.1% in 2024.

The report outlines the firm’s perspective on the macro economy, socio-political environment, and capital market featuring views on traditional asset classes (fixed income and equities).

It also includes expectations for the current year.

Market yields are expected to remain high this year, despite the current economic challenges. This is due to factors such as the tight monetary policy that the Central Bank of Nigeria (CBN) is expected to sustain, as well as a sizable supply of Federal Government of Nigeria (FGN) paper which will be driven by domestic borrowings of around NGN6.1trillion naira.

Tunde Abidoye, head of Equity Research at FBNQuest, stated that “despite the myriad headwinds confronting the economy, such as low-single-digit GDP growth, high inflation rates, and downward pressure on the naira exchange rates, the Government’s steadfast commitment to policy reforms holds the potential to yield favorable economic outcomes.”

He underscored that the proposed tax reforms’ implementation is poised to incrementally elevate non-oil revenue from its current sub-5% of GDP to the high single digits.

Ultimately, this trajectory aligns with the Federal Government’s medium-term objective of reaching 8% non-oil revenue as a proportion of GDP.

We need strong policy interventions and concerted efforts to strengthen tax compliance and encourage investments, especially at the base level, for increased business productivity and sustainability. he added.

In light of the rich valuation levels in the equity market, FBNQuest anticipates a correction in the equity markets in the next few months, with an expected market return of approximately 10% in 2024.

What you should know about FBNQuest

  • FBNQuest is the unified brand identity for the Merchant Banking and Asset Management businesses of FBN Holdings Plc and part of the strong heritage of one of the leading financial service groups in sub-Saharan Africa.
  • Over the past ten years, it has grown from an investment banking boutique to a full-service investment bank and asset management
  • FBNQuest delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities).

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  • Peter Oluka
    Peter Oluka

    Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

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Tags: BNQuest Research Economic Outlook
Peter Oluka

Peter Oluka

Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

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