The World Bank forecasts Nigeria’s inflation rate to persist at 24.8 percent year-on-year in 2024. Additionally, it maintains its projection of 3.3 percent economic growth for Nigeria in 2024, with a slight reduction to 3.6 percent for 2025-2026.
In its April 2024 Africa’s Pulse Report, the World Bank indicates that macroeconomic and fiscal reforms are expected to gradually yield results, leading to a stable but slow growth of the non-oil economy.
Structural reforms will be essential to foster higher growth, while average inflation is anticipated to ease gradually to 15.1 percent by 2026.
The report also highlights challenges such as high extreme poverty, inequality, and low transmission of growth to poverty reduction in the region, with Nigeria and the Democratic Republic of Congo accounting for a significant portion of those living in extreme poverty.