According to the International Monetary Fund (IMF), Nigeria’s inflation rate is expected to stabilize at 14% in 2029, marking a potential end to the current upward trend.
This projection comes as a relief amid concerns over the rising inflation rate, which currently stands at 33.69% as of April 2024.
The IMF data suggests a gradual decline in inflation rates from 23% in 2025 to 16% in 2026, 15.4% in 2027, and 14% in both 2028 and 2029.
Economists have expressed mixed views on the development, with some urging the government to address the underlying drivers of inflation, such as food and transportation costs, while others believe the prediction is a positive indicator for the economy.
The Central Bank of Nigeria has implemented measures to address inflation and interest rates, but economists argue that more needs to be done to promote sustainable economic growth and development.