The world bank, on Monday, April 8th, said Nigeria’s inflation rate will drop to 24.8 percent year-on-year later this year, if current trends are maintained.
The development comes after the Nigerian bureau of statistics (NBS) pegged the current rate at 31.7 percent in February from the 29.9percent recorded in January.
The report also reaffirmed its projection of 3.3 per cent economic growth for the country in 2024, and reduced its projection for 2025 to 2026 by 0.1 percentage points to 3.6 percent from its January projection of 3.7 percent.
It stated, “Growth in Nigeria is projected at 3.3% in 2024 and 3.6% in 2025–26 as macroeconomic and fiscal reforms gradually start to yield results. Structural reforms will be needed to foster higher growth. Average inflation will remain elevated at 24.8% in 2024, although it is expected to ease gradually to 15.1% by 2026 on the back of monetary policy tightening and exchange rate stabilization.”
According to the world bank, food inflation and the weakening of domestic currencies are still major drivers of inflation across countries in the Sub-Saharan Africa region.
