The year 2024 marked a transformative chapter in Nigeria’s political economy as President Bola Ahmed Tinubu’s administration embarked on bold reforms to tackle deep-seated structural challenges. The removal of fuel subsidies and unification of exchange rates signalled a new era of economic restructuring, aimed at stabilising the country’s fiscal position and fostering long-term growth.
While these reforms were lauded as necessary steps towards economic sustainability, their immediate impact reverberated across households and businesses, sparking debates about the balance between short-term pains and long-term gains.
These shifts set the tone for a year defined by resilience, adaptation, and the pursuit of opportunities amid daunting challenges. The government’s intentions were reformative, the immediate impact was severe on households and firms.
Rising fuel prices and inflationary pressures drove up the cost of living, leaving many Nigerians grappling with reduced disposable incomes. Businesses faced increased operational costs, further compounded by the high cost of borrowing and depreciating Naira. Despite these challenges, the Nigerian Exchange Group (NGX) delivered a record performance, buoyed by investor optimism and corporate resilience in specific sectors.