World Bank Projects High Inflation Rate for Nigeria in 2024


The World Bank released a report yesterday, forecasting that Nigeria’s inflation rate would remain elevated at 24.8 percent year-on-year in 2024. This projection, however, represents a decrease from the February 2024 inflation rate of 31.7 percent.

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Furthermore, the World Bank affirmed its expectation of 3.3 percent economic growth for Nigeria in 2024, while slightly revising down its projections for 2025 to 2026 by 0.1 percentage points to 3.6 percent from the previous estimate of 3.7 percent in January.

In its April 2024 edition of the Africa’s Pulse Report, the World Bank emphasized the need for structural reforms to stimulate higher growth. It anticipates a more stable macroeconomic environment, leading to sustained albeit gradual growth in the non-oil sector. The report also suggests stabilization in the oil sector with improved production and slightly lower prices.

The World Bank highlighted that food inflation and currency depreciation remain significant factors driving inflation across Sub-Saharan African countries. It noted that by February 2024, about one third of Sub-Saharan African countries experienced double-digit year-on-year rates of food inflation, with notable increases observed in countries like Ethiopia, Malawi, Nigeria, Sierra Leone, and Zimbabwe.

Moreover, the report underlined the slow pace of poverty reduction in the region, with Nigeria and the Democratic Republic of Congo collectively accounting for one in three individuals living in extreme poverty. The World Bank emphasized the importance of addressing structural inequality to accelerate growth and poverty reduction across the region.

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