Nigeria’s Economy Gaining Strength… But Inflation Will Remain High – IMF

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Despite Nigeria’s steady economic recovery, inflation, according to the International Monetary Fund (IMF), would stay high.

The Washington-based institution said this in a statement statement. After concluding a series of meetings with Nigerian authorities led by Jesmin Rahman, the IMF’s mission chief for Nigeria.

The conference was conducted on June 6 and 10, 2022. The focus was on recent economic and financial developments as well as the country’s economic prospects.

Nigeria’s economic outlook, according to the IMF, is “difficult,” with high food prices prompting concerns about food security.

“In terms of the economic outlook, GDP growth is expected to be 3.4 per cent (y/y) in 2022, with inflation being elevated,” the statement continues.

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