Nigeria’s economy projected to grow by 3.76% in 2024 – Jibrin

Nigeria’s economy has been projected to grow by 3.76% in 2024, according to the First Deputy Speaker of the ECOWAS Parliament, Senator Barau Jibrin.

Senator Jibrin, while presenting Nigeria’s country report at the 6th Legislature, 2024 first ordinary session of the ECOWAS Parliament in Abuja, highlighted reforms being implemented in the country as well as challenges.

The report provided an overview of Nigeria’s political situation, stabilising under President Bola Ahmed Tinubu’s inclusive government.

“The economy is expected to grow by 3.76% in 2024, despite global challenges. Key reforms include the removal of fuel subsidies, economic council inauguration, and unification of the naira exchange rate,” Senator Jubrin who is the Nigeria Deputy Senate President said.

He said the administration has engaged stakeholders in decision-making processes, addressing economic policies, security, poverty eradication, youth unemployment, and public salaries and wages review.

On security, Nigeria is strengthening its capacity to address challenges, collaborating with regional and international partners to prevent youth recruitment into harmful groups, he said.

The report highlighted Nigeria’s economic progress, with a focus on diversification, infrastructure development, and foreign investment attraction.

However, the report acknowledged human rights challenges, including gender equality, discrimination, and access to justice.

The government is addressing these issues through legal reforms, awareness campaigns, and orientations.

The country is also implementing reforms to improve the foreign exchange market, stabilise the naira, and promote gender equality.

Senator Jibrin emphasised Nigeria’s commitment to regional cooperation and development.