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The World Bank, on Monday, forecasted that Nigeria's inflation rate will remain high at 24.8 per cent year-on-year, YoY, in 2024.
The Bank’s projection, however, is lower than the February 2024 inflation, which stood at 31.7 percent.
The World Bank 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 per cent from its January projection of 3.7 per cent.
In its Africa’s Pulse Report, April 2024 edition, released on Monday, the Bretton Woods institution stated: “Growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent 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 per cent in 2024, although it is expected to ease gradually to 15.1 per cent by 2026 on the back of monetary policy tightening and exchange rate stabilization”.
