In a recent report titled 'Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024,' PricewaterhouseCoopers (PwC) alleges that President Bola Tinubu's economic policies, including the scrapping of fuel subsidies and consolidating multiple foreign exchange windows into a single Importer and Exporter (I&E) window, have resulted in a staggering 98% depreciation of the Nigerian naira between May and December 2023.
While these measures aimed to attract foreign investors and stimulate economic growth in 2024, they have faced criticism for causing immediate hardships, including a 100% surge in prices of goods and services.
Despite the short-term challenges, PwC anticipates that the planned fiscal and monetary policy reforms in 2024 will address economic concerns and encourage
investment.
