- The Governor of the Central Bank of Nigeria anticipates a decline in headline inflation to 21.4% in 2024
- The expected decrease in inflation is attributed to the Central Bank’s inflation-targeting policy, aiming to rein it in
The governor of the Central Bank of Nigeria expects headline inflation to fall to 21.4% in 2024.
The governor of the central bank made the announcement during his keynote speech at the launch of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024.
He went on to say, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”
According to him, inflation targeting will help the government combat inflation, which reached 28.9 percent in December. He hinted that lower interest rates would eventually have an impact on businesses.
“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.
Petrol prices to fall over refineries’ take off, says CBN
The pump prices of Premium Motor Spirit (PMS) petrol will moderate this year as government and private-owned refineries begin operation, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has said.
He spoke on Wednesday, January 24, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.
Cardoso said the expected stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience.
While Dangote Refinery has already commenced production, the Port Harcourt Refinery is expected to begin production anytime from now.
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