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Nigeria’s Inflation Rate’ll Drop To 23% By 2025 -IMF
In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
Division Chief of the IMF Research Department, Daniel Leigh, highlighted the impact of Nigeria’s economic reforms, including exchange rate adjustments, which have led to a surge in inflation rate to 33.2 percent in March.
Nigeria’s inflation rate rose to 33.2 percent according to recent data released by the National Bureau of Statistics.
Also, the food inflation rate increased to over 40 per cent in the first quarter of 2024.
Leigh stated, “We see inflation declining to 23 per cent next year and then 18 percent in 2026.”
This is however different from the fund’s prediction of a new single-digit (15.5 per cent ) inflation rate for 2025 which it predicted last year.
He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 percent last year to 3.3 percent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.
The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.
“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.
He added that the IMF revised its inflation projection for the current year to 26 percent but emphasised that tight monetary policies and significant interest rate increases during February and March are expected to curb inflation.
An official of the IMF Research Department, Pierre Olivier Gourinchas commented on the global economic landscape, mentioning that oil prices have risen partly due to geopolitical tensions, and services inflation remains high in many countries.
Despite Nigeria’s inflation target of six to nine percent being missed for over a decade, Gourinchas stressed that bringing inflation back to target should be the priority.
He warned of the risks posed by geo-economic fragmentation to global growth prospects and the need for careful calibration of monetary policy.
“Trade linkages are changing, and while some economies could benefit from the reconfiguration of global supply chains, the overall impact may be a loss of efficiency, reducing global economic resilience,” Gourinchas said.
He also emphasised the importance of preserving the improvements in monetary, fiscal, and financial policy frameworks, particularly for emerging market economies, to maintain a resilient global financial system and prevent a permanent resurgence in inflation.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.