CBN will bring inflation down to 21.4% — Governor

Date:

January 25, 2024.

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Azonuchechi Chukwu.

The Central Bank of Nigeria, CBN, governor, Mr. Olayemi Cardoso, has said that the apex bank was working to reduce the headline inflation rate to 21.4 per cent this year.

Cardoso gave this assurance in a keynote address at the launching of the Nigeria Economic Summit Group 2024 Economic Outlook report.

Note that inflation rate rose to 28.92 per cent at the end of 2023. This represents 7.58 percentage point increase from 21.34 per cent at the end of 2022.

However, Cardoso averred that the inflation targeting policy of the CBN will help reduce inflationary pressures in 2024. He said it would be aided by improved agricultural productivity as well as expected reduction in pump price of petroleum products

He said: “The anticipated moderation in pump prices of Premium Motor Spirit (PMS) due to the expected operational status of the country’s key Government and privately-owned refineries in 2024 is a pivotal factor in the economic equation.

“The expected stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors. This will be contributing significantly to overall economic efficiency and resilience.

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 percent.

“This will be aided by improved agricultural productivity and the easing of global supply chain pressures. It will benefit businesses by boosting consumer confidence and purchasing power.

“The CBN’s adoption of the inflation-targeting framework involves clear communication, use of monetary policy instruments, and collaboration with fiscal authorities to achieve price stability. This will foster market confidence and positively influencing consumer behaviour.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment. And it will potentially lead to lowered policy rates, stimulating investment, fueling growth, and creating job opportunities.

“Additionally, the Bank has reverted to the conventional monetary policy approach with a focus on attaining price stability. This will foster sustainable economic growth for Nigeria.”(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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