Q2 Economic Growth at Risk from CBN Rate Hikes.
Economists predict that the Central Bank of Nigeria’s (CBN) significant interest rate hikes since February will negatively impact economic growth in Q2 2024. Although the National Bureau of Statistics reported a GDP growth of 2.98% in Q1, the highest since Q1 2023, the outlook for Q2 is less optimistic. The CBN’s recent 150 basis point rate increase brings the total hike to 750 basis points since February, aimed at curbing inflation and supporting the naira. Analysts warn that these measures will likely suppress consumer spending and business investment, potentially slowing GDP growth to around 2.4-2.5%
Share News with us via WhatsApp: 08163658925 or Email: naijaeyes1@gmail.com
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
