Nigeria’s inflation rate is expected to stabilize at 14 per cent by 2029, marking a positive shift from the current upward trend, as per the latest data from the International Monetary Fund. The IMF predicts a gradual decline in inflation from 23 per cent in 2025 to 14 per cent in 2029, offering a glimmer of hope for the Nigerian economy.
Despite the current challenges faced by Nigeria’s economy, such as rising inflation and interest rates, efforts by the Central Bank of Nigeria to address these issues, economist Paul Alaje expressed concerns over the implications of increased interest rates. He emphasized the need for a holistic approach beyond monetary policies to stimulate economic growth.
Economist Jonathan Thomas welcomed the IMF’s projection of stabilized inflation in 2029 but emphasized the importance of addressing the root causes of inflation to ensure sustained economic stability.
Addressing inflation drivers like food and transportation costs is crucial for sustainable economic growth. By implementing effective policies and maintaining a stable economic environment, Nigeria can potentially meet the IMF’s prediction and foster economic development.
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