The United Nations (UN) has predicted a decline in Nigeria’s price of petrol in 2024.
According to the United Nations World Economic Situation and Prospects (WESP) report for 2024, Nigeria will achieve that with an increased domestic oil refining capacity.
“Efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond,” the report stated.
The report produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions, also projected a slight increase in Nigeria’s growth rate, from 2.9 percent in 202 to 3.1 percent in 2024.
A moderate improvement in Nigeria’s growth prospects for 2024, with a Gross Domestic Product (GDP) growth prediction of 3.1 percent, was attributed to policy reforms implemented by the government in 2023, particularly in the hydrocarbon industry.
“Policy reforms enacted by the government of Nigeria in 2023, especially in the hydrocarbon sector, have contributed to a moderate improvement in the country’s growth prospects for 2024, with GDP growth forecast at 3.1 percent.
With Nigeria’s inflation rate currently at 28.2 percent and a public debt of N87.38 trillion in Q2, 2023, from N49.85 trillion in Q1, according to the Nigerian Bureau of Statistics (NBS), the report however, mentioned that the nation’s increasing public debt, persistent inflation as well as its rising cost of living pose serious risks to the country’s economic growth this year.
