The International Monetary Fund (IMF) has predicted that Nigeria’s inflation rate will drop by 14 per cent in 2029.
The IMF data suggests that the inflation rate will gradually decline from 23 per cent in 2025 to 16 per cent in 2026, 15.4 per cent in 2027, and 14 per cent in both 2028 and 2029.
The IMF data disclosed that Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to $1.852tn in 2029.
This projection comes as a relief amidst concerns over the increasing inflation rate, which currently stands at 33.69 per cent as of April 2024, according to the National Bureau of Statistics a variation from the IMF’s prediction of 24.6 per cent in the year.