Would you like to receive notifications on latest updates of the following headlines?

Inflation to Slow Down in key African Countries by 2025 , Remain High in Nigeria

POSTED ON April 28, 2024 •   Business      BY Abiodun Saheed Omodara
Inflation in Nigeria l Credit: Nairametric l Source:nairametrics.com

A Reuters poll indicated that inflation in key African countries is expected to slow down into next year but remain high in Nigeria due to acute flooding and difficult terrain for the Naira currency.

According to Reuters, the Acute shortage of Dollars in much of the continent including Angola, Nigeria, and Zambia has often boosted home inflation due to a reliance on single commodity currency inflows such as crude oil and copper.

The polls conducted by 15 analysts in the past week showed that inflation would be less in countries with better diversified means of dollar revenue such as Kenya.

Inflation in Nigeria is expected to quicken to 29.1% this year from an average of 24.5% last year before it slows to 17.2% next year. It hit a 28-year high of 33.2% in annual terms last month.

Nigeria central bank governor Olayemi Cardoso raised the monetary policy rate by 200 basis points to 24.75% last month after a 400-basis point hike in February

Citi wrote in a note to its clients that even with a more coherent monetary policy now in place and potential naira stability, Nigeria’s inflation will only fall slowly this year.

The High inflation rate in Nigeria reflects ongoing elevated food price which accounts for around 50% of the Consumer Price Index basket and are only marginally impacted by monetary policy, Citi added.

High food inflation in the country is caused by sporadic flooding, high insecurity in food-producing regions, and a hike in the price of fertilizers.

In all the African countries reflected in the poll, Nigeria’s inflation is expected to remain the highest by the turn of next year despite efforts by the country’s financial management team.

READ ALSO
FG, WIPO join forces over Nigerian SMEs growth
BY Abiodun Saheed Omodara February 22, 2025 0

The Federal Government has teamed up with the World Intellectual Property Organisation (WIPO) to boo...

READ ALSO
Illicit foreign mining activities endanger African nations- USIP Director
BY Abiodun Saheed Omodara February 21, 2025 0

The United States Institute for Peace (USIP) has stated that foreign mineral extraction in Africa po...

READ ALSO
NMGS advocates for AI, 3D technologies in transforming Nigeria's oil reservoir management
BY Abiodun Saheed Omodara February 21, 2025 0

ABUJA, Nigeria (NAN) - The Nigerian Mining and Geosciences Society (NMGS) has urged the incorporatio...

READ ALSO
CBN introduces FX Code to enhance Forex market transparency, stability
BY Abiodun Saheed Omodara February 21, 2025 0

The Central Bank of Nigeria (CBN) has kept its monetary policy rates unchanged and reaffirmed its de...

READ ALSO
Senate to hold public hearing on Tinubu's tax reform bills
BY Abiodun Saheed Omodara February 20, 2025 0

The Senate is set to commence a two-day public hearing concerning the four tax reform bills proposed...

READ ALSO
FG announces strategic partnerships to address housing deficit, drive economic Growth
BY Abiodun Saheed Omodara February 19, 2025 0

The federal government has announced new land administration initiatives and is partnering with the...

READ ALSO
Shettima unveils initiative to boost MSME Growth with affordable loan facilities
BY Abiodun Saheed Omodara February 19, 2025 0

ABUJA,Nigeria (NAN) - The Federal Government, in collaboration with the Central Bank of Nigeria, has...

READ ALSO
Nigeria's Mining Future: Stakeholders stress importance of joint efforts, data centralization
BY Abiodun Saheed Omodara February 18, 2025 0

ABUJA,Nigeria (NAN)- Stakeholders in Nigeria's mining sector have urged for enhanced cooperation amo...

OUR CHANNELS:

Aiyedatiwa pardon 43 inmates i to mark inauguration ceremony
BY Abiodun Saheed Omodara February 25, 2025 0

ONDO, Nigeria - To commemorate his inauguration, Governor Lucky Aiyedatiwa of Ondo State has granted...


Tragic accident on Lagos-Ibadan Expressway claims Nine lives, injures three
BY Abiodun Saheed Omodara February 25, 2025 0

At least nine individuals have been confirmed deceased, while three others suffered various injuries...


SERAP takes legal action against CBN over unjust ATM fee hike
BY Abiodun Saheed Omodara February 25, 2025 0

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the...


Major Drug Bust: NDLEA intercepts 46.60 kg of canadian loud at Lagos Airport
BY Abiodun Saheed Omodara February 24, 2025 0

Agents of the National Drug Law Enforcement Agency (NDLEA) have disrupted an attempt by a Thai natio...


FG unveils 'Skill-Up S-East' initiative to enhance fashion and Health
BY Abiodun Saheed Omodara February 25, 2025 0

ABAKALIKIA, Nigeria (NAN) - The Senior Special Assistant to the President on Community Engagement fo...


Ogun secures $2.5bn livestock investment from Brazilian giant JBS
BY Abiodun Saheed Omodara February 24, 2025 0

Ogun State is poised to benefit from a $2.5 billion investment in livestock production from JBS, a c...


Telecom firms warn of shutdown due to fuel tanker drivers’ strike
BY Abiodun Saheed Omodara February 24, 2025 0

The telecommunications companies in Nigeria have issued a warning of potential shutdowns if prompt a...


Civil servants demand immediate reduction in PAYE Tax amid economic strain
BY Abiodun Saheed Omodara February 24, 2025 0

Numerous federal government employees have voiced their apprehensions regarding the substantial inco...


Deputy Speaker highlights progress in constitutional review process
BY Abiodun Saheed Omodara February 24, 2025 0

Akwa Ibom, Nigeria (NAN) - The Deputy Speaker of the House of Representatives, Benjamin Kalu, has re...


FG to abolish Visa-on-Arrival Policy, citing ineffectiveness
BY Abiodun Saheed Omodara February 24, 2025 0

The federal government has revealed its intentions to abolish the Visa-on-Arrival policy, emphasizin...


More Articles

Load more...

Menu