The World Bank has projected a lower inflation rate compared to February 2024, which stood at 31.7 percent. In its Africa’s Pulse Report, April 2024 edition, released recently, the World Bank reaffirmed its projection of 3.3 percent economic growth for Nigeria in 2024 and adjusted its projections for 2025 to 2026 slightly downward to 3.6 percent from the previous estimate of 3.7 percent.
The report highlights that Nigeria’s growth is expected to gradually improve as macroeconomic and fiscal reforms begin to yield results. Despite challenges, including elevated inflation projected at 24.8 percent in 2024, the report anticipates a gradual easing of inflation to 15.1 percent by 2026, supported by monetary policy tightening and exchange rate stabilization.
The oil sector is also expected to stabilize with production recovery and slightly lower prices, while sustained structural reforms will be crucial for fostering higher growth.
Source: Vanguard