The Business NG - May 29, 2024

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In today's edition of BusinessNG, we delve into Nigeria's ambitious goal of becoming a $1 trillion economy by 2026.

However, the country's journey to achieving this target is fraught with significant hurdles, including the naira's rapid depreciation and slow economic growth.

Key Highlights:

- Nigeria's GDP growth rate declined to 2.98% in the first quarter of 2024, down from 3.46% in the previous quarter.
- The naira's weakness has resulted in a staggering loss of $330.98 billion in GDP value when converted to dollars.
- To reach the $1 trillion target, Nigeria's economy would need to grow at an unrealistic rate, assuming the current exchange rate remains unchanged.

Expert Insights:

- Rebasement of the economy, as done in 2014, could help bridge the gap, but addressing fundamental issues like insecurity, inflation, and high interest rates is crucial for sustainable economic growth.
- Nigeria must confront its challenges head-on and implement policies that promote economic diversification, investment, and job creation to achieve its economic goals.

In this edition, we explore the challenges and opportunities facing Nigeria's economy and examine the strategies needed to overcome the obstacles and achieve the $1 trillion target.