economy will transition to a new state of stability in the short - to - medium term as we recalibrate our policy toolkits and implement far - reaching measures. as we move from the stabilisation, to consolidation and acceleration phases outlined in the report, i hope to count on the nesg as partners in the journey ahead. once again, i would like to express my gratitude to the nigerian economic summit group for providing this very important macroeconomic outlook report. thank you all for your attention. 5 / 5 bis - central bankers'speeches

that you need for your businesses or to pay your children's school fees. these concerns will be addressed shortly. 1 / 5 bis - central bankers'speeches let me first express our views at the cbn regarding the outlook for 2024. global outlook the global economy is currently grappling with persistent challenges, including inflation and subdued growth prospects. despite gdp growth outperforming expectations in 2023, it is projected to further moderate in 2024 due to tightened financial conditions, sluggish trade expansion, and reduced business and consumer confidence. the international monetary fund ( imf ) anticipates a mild slowdown in global economic growth to 2. 9 percent in 2024, down from the 3. 0 percent growth observed in 2023, with asia driving the majority of the projected global growth in 2024, similar to the previous year. esteemed participants, the near - term outlook is clouded by downside risks, including heightened geopolitical tensions such as the israel - hamas conflict and the ongoing russia - ukraine war. broader escalation of conflicts could disrupt energy markets, trade routes, and financial markets, leading to a slowdown in growth and increased inflationary pressures. additionally, rising trade barriers, protectionist policies, and global value chain restructuring could exacerbate uncertainties in global trade. in this challenging landscape, key policy priorities involve ensuring durable inflation reduction, addressing fiscal pressures, and fostering sustainable and inclusive growth. the global monetary policy environment is expected to remain restrictive until sustained inflation reduction becomes evident. governments must grapple with rising fiscal pressures, necessitating credible medium - term fiscal frameworks to effectively manage debt burdens. domestic outlook the projections for the nation's economy paint an optimistic trajectory as the federal government of nigeria anticipates real gdp growth of 3. 76 percent in 2024, slightly surpassing the estimated 3. 75 percent for 2023. this optimism is underpinned by the implementation of key government reforms set to shape the economic landscape. foremost among the factors contributing to this positive outlook is the expectation of improved crude oil prices and production, highlighting the crucial role the oil industry is expected to play in driving economic growth. furthermore, the optimistic scenario receives support from businesses'perception of the overall macroeconomy for the first half of 2024, as indicated by the december 2023 business expectations report. specifically, the positive outlook for industry, services, agriculture, and mining, electricity, gas & water supply sub - sectors reflects