Standard Chartered Bank has projected that the current Nigeria’s economic reform initiatives are anticipated to play a pivotal role in revitalizing Nigeria’s credit landscape by the year 2024.
The Global Chief Investment Officer at Standard Chartered Bank’s Wealth Management unit, Mr. Steve Brice stated this at the presentation of the Bank’s Global Market Outlook 2024 tagged ‘Sailing with the Wind’ in Lagos.
Brice noted that the reform agenda in Nigeria will bolster macroeconomic stability and tap into the nation’s substantial investment opportunities.
Brice noted that the African Continental Free Trade Area (AfCFTA) agreement was set to create the largest free trade area in the world when measured by the number of countries participating.
The pact according to him connects 1.3 billion people across 55 countries with a combined GDP of US$3.4 trillion.
Brice said that headline Consumer Price Index inflation is expected to decelerate in 2024 in most key economies.
He said base effects, recently receding energy price inflation, and the lagged effects of policy tightening will help to slow price pressures.
Brice stated that global oil demand is expected to remain strong, helped by firm growth in Asia adding that any escalation of geopolitical risks could put further upward pressure on prices.
On what lies ahead in terms of overall global strategic movements, Brice said the organization expects FOMC and UST rates to drive the overall financial market performance in 2024, incorporating a greater probability of rate cuts.
Brice said GDP growth is expected to slow marginally in 2024 as global financial conditions stay tight, and price levels may remain sticky on structurally high fiscal deficits, lagged monetary transmission effects, and labor-market tightness.
Against this evolutionary backdrop, Brice said the organization expects global GDP growth to slow marginally to 2.9% in 2024 from 3.1% in 2023.
