The Latest News from Nigeria and Around the World
A woman selling fresh fish prepares some pieces for a client at a market in the Obalende area of Lagos on December 18, 2023. The World Bank, on Monday, said Nigeria’s inflation rate will drop to 24.8 per cent year-on-year, YoY, in 2024.The development comes after the Nigerian Bureau of Statistics pegged the current rate at 31.7 per cent in February from 29.9 recorded in January.
The report also reaffirmed its projection of 3.3 per cent economic growth for the country in 2024, and reduced its projection for 2025 to 2026 by 0.1 percentage points to 3.6 per cent from its January projection of 3.7 per cent.“Growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start to yield results,” it added.
“Average inflation will remain elevated at 24.8 per cent in 2024, although it is expected to ease gradually to 15.1 per cent by 2026 on the back of monetary policy tightening and exchange rate stabilization”.According to the World Bank, food inflation and the weakening of domestic currencies are still major drivers of inflation across countries in the Sub-Saharan Africa region.
“The region also faces the triple challenges of high extreme poverty, high inequality, and low transmission of growth to poverty reduction.“The speed of poverty reduction has decreased tremendously since 2014. The rate of reduction was 3.1 per cent between 2010 and 2014, subsequently decreasing to 1.2 per cent between 2014 and 2019,” World Bank said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Less Than 20% of Households in Nigeria Have a Computer, Says World BankThe World Bank has highlighted the digital divide in Nigeria, stating that less than 20% of households in the country have a computer. The bank's report also reveals the rising cost of broadband subscriptions in low-income countries compared to high-income countries. It emphasizes the barrier created by expensive smartphones in bridging the digital divide among different income groups.
Read more »
BREAKING: Access Bank to acquire National Bank of KenyaA Trusted Nigerian Newspaper
Read more »
Access Bank To Acquire National Bank of KenyaThe Latest News from Nigeria and Around the World
Read more »
Access Bank acquires Kenya’s major bankThe Nation Newspaper Access Bank acquires Kenya’s major bank
Read more »
Zenith Bank named Nigeria’s best bank for the 4th yearThe Bank emerged as the best bank in Nigeria in the Global Finance Best Banks Awards 2024
Read more »
Sterling Bank upgrades its digital bank, OneBank, for seamless banking experience.Nigeria's independent online newspaper
Read more »