As we transition from the first quarter of 2024 to the second, the Nigerian government is actively addressing various national issues through policy initiatives. Notable highlights from Q1 include the recapitalization of banks, both national and international, alongside significant changes such as the removal of electricity subsidies, resulting in an increase in electricity tariffs. Additionally, there was an adjustment in the monetary policy rate (MPR), rising from 22.75 to 24.75, and an observed uptrend in the value of the naira, with the exchange rate reaching 1 dollar = 1,242.46 naira.
These policy shifts and reviews have spurred discussions and analysis across nine key focal areas, encompassing both monetary and fiscal realms. These areas include forex and capital markets, local commodity prices, government and Central Bank monetary policies, implications of recent electricity tariff adjustments and bank recapitalization efforts, developments in the oil and gas sector, key economic metrics such as GDP and inflation rates, evolving financial sector regulations, and case studies examining the implications for SMEs.
This report seeks to analyze the trends observed in Q1 and offer possible predictions for Q2, providing valuable insights for stakeholders navigating the Nigerian economic landscape.
