June 18, 2024
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Firm Forecast an Increase in Nigeria’s GDP Due to Increased Crude Production

Nigeria’s GDP in 2024 will be higher than 2023 owing to a recovery in crude oil production. This projection was made by a leading Financial Services group, Cordros Capital Limited in its economic analysis.

The statement issued by the firm reads: “In 2024 Financial Year, we expect real GDP growth to settle higher than in 2023 Financial Year. We estimate that the oil sector’s growth will increase faster, in line with a recovery in crude oil production, amid the favorable base effects from the prior year. For 2024, we expect the price of Brent crude oil will average USD83.00/bbl. Oil consumption growth is expected to temper in 2024FY, growing by 1.4% y/y, as the substantial demand from China flattens,” according to Dailytrust.

“We expect oil production in 2023FY to settle at the same level as growth, but also grow at a slower pace of 1.0% y/y in 2024FY. This view is based on our expectations of no escalation of the Middle East conflict and slightly higher output from both OPEC+ and non-OPEC+ producers,” the firm’s statement reads.

The firm also projected that Nigeria’s Oil sector will experience growth by 12.55 per cent year-over- year.

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