The Governor of the Central Bank of Nigeria anticipates that headline inflation will decrease to 21.4 percent in 2024.
This projection was revealed in his keynote address at the unveiling of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024.
During his speech, he explained, “Owing to the CBN’s inflation-targeting measures, we expect a downturn in inflationary trends in 2024, targeting a reduction to 21.4 percent.”
He emphasized that this focus on inflation targeting is crucial for the government’s efforts to combat the high inflation rate, which reached 28.9 percent in December. He hinted that lower inflation rates would significantly impact businesses.
Cardoso further elaborated, “The anticipated drop in inflation in 2024 is poised to greatly benefit businesses by establishing a more stable cost environment. This could lead to reduced policy rates, which in turn would boost investment, drive economic growth, and generate employment opportunities.”
