FBNQuest Research Economic Outlook Report 2024 Projects Volatility in Exchange Rate

The FBNQuest Research Economic Outlook Report 2024 has projected significant volatility in the exchange rate with a year-end rate of N1,317/$ following uncertainty surrounding liquidity inflow. The report also expects continued pressure on domestic prices due to higher transportation costs and persistent insecurity stemming from renewed bandits’ attacks on farmers in food-producing areas.

The report also anticipates the transmission effect of the deregulation of the downstream and FX crisis to exert upward pressure across core components on the inflation basket. The Head of Equity Research at FBNQuest, Tunde Abidoye, stated that despite the myriad headwinds confronting the economy, such as low gross domestic product (GDP) growth, high inflation rate and downward pressure on the naira exchange rates, the government’s steadfast commitment to policy reforms holds good prospect for the economy

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Rising Kidnapping Cases in Abuja Cause Economic Impact on ResidentsA new report reveals that the increasing cases of kidnapping in Abuja, Nigeria's capital city, have negatively affected the local economy. The report highlights the downturn in economic activities by 33% due to the prevailing atmosphere of insecurity. Residents are living in fear as the city experiences a surge in various crimes, indicating a rapid deterioration in the country's security situation. Thorough interviews were conducted with residents to understand their concerns about the escalating kidnapping cases and their economic consequences.
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