The World Bank announced yesterday that Nigeria’s inflation rate will stay high at 24.8 percent year on year (YoY) in 2024.
The World Bank’s prediction, however, is lower than the February 2024 inflation rate of 31.7 percent.
The World Bank also upheld the country’s economic growth prediction of 3.3 percent in 2024, but cut its projection for 2025 to 2026 by 0.1 percentage point to 3.6 percent, down from 3.7 percent in January.
The Bretton Woods Institution noted in its Africa’s Pulse Report, April 2024 edition, which was issued yesterday, read:
“Growth in Nigeria is projected at 3.3 percent in 2024 and 3.6 percent in 2025–26 as macroeconomic and fiscal reforms gradually start to yield results.
“A more stable macroeconomic environment, as the reforms’ initial shock dissipates, will lead to sustained but still slow growth of the non-oil economy.
“The oil sector is expected to stabilize with recovery in production and slightly lower prices. “Structural reforms will be needed to foster higher growth.
“Average inflation will remain elevated at 24.8 percent in 2024, although it is expected to ease gradually to 15.1 percent by 2026 on the back of monetary policy tightening and exchange rate stabilization”.
cc: Vanguard Ng
