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The Governor of the Central Bank of Nigeria, Olayemi Cardoso has projected a decline in headline inflation to 21.4% in 2024. This revelation came during his keynote address at the launch of the Nigerian Economic Summit Group's macroeconomic outlook report for the year.
Addressing the audience, he emphasized that the anticipated drop in inflationary pressures in 2024 is a result of the Central Bank's inflation-targeting policy. The objective is to curb inflation and bring it down to the targeted rate of 21.4%.
The Governor highlighted the significance of this approach in the government's battle against the high inflation rate, which stood at 28.9% in December. He pointed out that lower inflation rates would positively impact businesses, providing a more predictable cost environment. This, in turn, could lead to lower policy rates, fostering increased investment, promoting economic growth, and generating job opportunities.
Cardoso, a key figure in the economic landscape, expressed optimism about the outlook for reduced inflation in 2024 and its potential far-reaching effects on the business environment. The governor's remarks underscore the importance of the Central Bank's proactive measures in steering the country towards a more stable economic trajectory.
Is the assertion made by the finance governor a beacon of hope for Nigeria's future and growth?
