Nigeria’s economy in 2024 presents a mix of growth and challenges. The GDP grew by 3.46% in the third quarter, improving from last year’s 2.31%. Inflation, however, remains high at 34.60% in November, showing a noticeable increase from the previous year. The Monetary Policy Rate (MPR) also rose to 27.50% as efforts to manage inflation continue.

On the financial side, the naira has weakened, with the official exchange rate now at N1,537 per dollar and the parallel market rate at N1,670 per dollar. Despite this, foreign exchange reserves have grown to $40.2 billion, indicating a stronger buffer for the economy. Oil production has slightly increased, and the stock market is showing growth with a market capitalization of N62.5 trillion by year-end.