1、June 2024Nigeria economic outlookNavigating economic reformsStrategy&|Navigating economic reformsEconomic outlook1234Economic contextA year of reformsKey considerations for government,and businessesContents1Economic contextStrategy&|Navigating economic reformsMacroeconomic dashboard Last one year of

2、 the new administrationGDP Growth Rate2.98%Previous2.31%Period Y-o-Y%Q1 2024-1.7%Exchange rate-Parallel1,451.9/$Previous*762/$PeriodMay 31Y-o-Y%47.5%$Market Capitalisation56.5tnPrevious*30.3tnPeriod Y-o-Y%May 31 85.2%Inflation Rate33.95%Previous22.41%Period Y-o-Y%May 51.5%NB:The cut off date is as o

3、f May 31,2024 Source:NBS,NUPRC,OPEC,CBN,FMDQ,NGX,Rate Cap,PwC AnalysisOil Production1.25mbpdApril5%Previous1.19mbpdPeriodY-o-Y%FX Reserves$32.6bn-7.9%Previous*$35.2bnPeriodMay 31 Y-o-Y%Monetary Policy Rate26.25%May 2141.9%Previous18.5%PeriodY-o-Y%1,433.8/$Previous*461.1/$PeriodMay 31Y-o-Y%$Exchange

4、Rate-Official 67.8%4June 2024Strategy&|Navigating economic reforms GDP grew by 2.98%in Q1 2024 compared to 2.31%recorded in Q1 2023.The growth in Q1 2024 was due to performance in the financial and insurance sector(from 21.37%in Q1 2023 to 31.24%in Q1 2024)and mining and quarrying sector(from-3.96%i

5、n Q1 2023 to 6.30%in Q1 2024).The financial and insurance sector was driven by the banking subsector(33.30%).Growth in the banking subsector is likely attributable to increased interest income,digital transactions,and forex revaluation gains.Mining and quarrying sector was driven by the petroleum an

6、d natural gas(5.70%)subsector.The growth in petroleum and natural gas subsector is likely attributable to increase in crude oil and natural gas output as well as growth in crude oil prices.Output dynamics Inflation increased from 22.41%in May 2023 to 33.95%in May 2024.The drivers include food,utilit