The World Bank has warned that the Central Bank of Nigeria's (CBN) tightening of monetary policy will not effectively address
The World Bank has warned that the Central Bank of Nigeria's tightening of monetary policy will not effectively address inflation in the country. The Bretton Woods institution disclosed this in its global economic prospects report released on Wednesday. According to the World Bank , one of the risks to Nigerian economic growth is a failure…The World Bank has warned that the Central Bank of Nigeria’s tightening of monetary policy will not effectively address inflation in the country.
“Risks to Nigeria’s growth outlook are substantial, including the possibility that the tightening of monetary policy stops short of reining in inflation,” said the World Bank in its report titled Global Economic Prospects. It stated, “Growth in Sub-Saharan Africa weakened to 3 per cent in 2023. Growth in the region’s three largest economies remained weak, holding back growth in the region. In early 2024, private sector activity picked up alongside a strengthening global economy.
“Growth in Nigeria is projected to pick up to 3.3 per cent this year and 3.5 per cent in 2025. After the macroeconomic reforms’ initial shock, economic conditions are expected to gradually improve, resulting in sustained, but still-modest growth in the non-oil economy. In addition, the oil sector is expected to stabilise as production somewhat recovers.
Organised labour has said it will not accept any unfavourable figure the Federal Government offers as the new minimum wage. The president of the Trade Union Congress , Festus Osifo, said this on Channels Television’s breakfast programme, The Morning Brief on Friday. President Bola Tinubu is expected to send an executive bill to the National…
The National Association of Nigerian Students has rejected a proposed bill seeking a six-year single term for the president and state governors, describing it as "anti-democratic" and an attempt to stifle people's choice. The bill, proposed by 35 members of the House of Representatives under the auspices of reform-minded legislators, seeks to reduce the…
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