TIGHTROPE, Balancing Growth: Mid-year Economic Report

For the second half of 2024, Nigeria’s economic landscape presents a mix of challenges and strategic opportunities that demand careful navigation. GDP growth in the first half of the year slowed to 2.98% y/y, down from 3.46% y/y in Q4 2023, reflecting the persistent structural issues plaguing the economy. High inflation, currently above 30%, continues to erode consumer purchasing power, suppress demand, and dampen overall economic productivity. This, combined with the volatility of the naira has compounded the challenges facing the private sector, particularly in managing costs and maintaining profitability.