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Nigeria’s inflation rate to drop by 14% in 2029 – IMF

DATA from the International Monetary Fund (IMF) have shown that Nigeria’s GDP would grow to 14 per cent by 2029.

This is at least $1.852 trillion in terms of purchasing power parity (PPP).

This estimate eases concerns about the rising rate of inflation, which as of April 2024 was at 33.69 per cent, a deviation from the IMF’s estimate of 24.6 per cent for the same year.

According to estimates from the IMF, Nigeria’s inflation rate is expected to decrease over time, from 23 per cent in 2025 to 16 per cent in 2026, 15.4 per cent in 2027, and 12 per cent in 2028 and 2029.




     

     

    The Nigerian economy, which has been battling rising interest rates and inflation, is projected to appreciate with this anticipated stabilisation.

    With the projection, there is some optimism that Nigeria’s economic trajectory is headed for growth.

    Currently the fourth largest economy in Africa, Nigeria has seen several challenges recently, such as a COVID-19-borne recession in 2020 and a drop in oil production and prices. 

    The IMF’s data indicates that Nigeria’s economy is growing, albeit slowly, and that this trend should continue over the next five years, when Nigeria could regain its position as Africa’s largest economy, overtaking South Africa and others.

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    Fatimah Quadri is a Journalist and a Fact-checker at The ICIR. She has written news articles, fact-checks, explainers, and media literacy in an effort to combat information disinformation.
    She can be reached at sunmibola_q on X or [email protected]

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