https://en.sputniknews.africa/20250128/inflation-in-nigeria-becomes-highest-in-africa-and-fourth-highest-globally-study-shows-1070388188.html
Inflation in Nigeria Becomes Highest in Africa and Fourth Highest Globally, Study Shows
Inflation in Nigeria Becomes Highest in Africa and Fourth Highest Globally, Study Shows
Sputnik Africa
In 2024, Nigeria's economy was notably affected by the ongoing mismatch between fiscal and monetary policies. While monetary policy concentrated on curbing... 28.01.2025, Sputnik Africa
2025-01-28T13:00+0100
2025-01-28T13:00+0100
2025-01-28T13:49+0100
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The inflation rate in Nigeria reached the highest values in Africa at 34.8% in December of the previous year and ranked fourth in the world in this indicator.Only Argentina, Palestine, and Turkey have higher monthly inflation rates.High inflation has resulted in a decrease in GDP growth from 3.5% in 2020 to 3.2% at the end of 2024, which is insufficient to improve living standards or significantly reduce poverty, according to the report.The government has set a target to achieve 4.4% GDP growth, which implies an 80% increase in the number of self-employed individuals and a 20% increase in those employed by others. This requires favorable economic conditions, including increased oil sales, the resumption of oil refining, and the expansion of agricultural production.
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nigeria, africa, inflation, west africa, economy, oil, agriculture
Inflation in Nigeria Becomes Highest in Africa and Fourth Highest Globally, Study Shows
13:00 28.01.2025 (Updated: 13:49 28.01.2025) Christina Glazkova
Writer / Editor
In 2024, Nigeria's economy was notably affected by the ongoing mismatch between fiscal and monetary policies. While monetary policy concentrated on curbing inflation, fiscal policy aimed to stimulate overall demand and drive economic growth. This divergence not only impeded growth but also exacerbated existing macroeconomic imbalances.
The inflation rate in Nigeria reached the highest values in Africa at 34.8% in December of the previous year and ranked fourth in the world in this indicator.
"The surge was driven by high food prices, elevated energy prices, and transportation costs amid rising security challenges, which contributed to the disruption of supply chains," read the 2025 Macroeconomic Outlook Report by the Nigerian Economic Summit Group, a non-profit, non-partisan, private-sector-led think tank.
Only Argentina,
Palestine, and Turkey have higher monthly inflation rates.
High inflation has resulted in a decrease in GDP growth from 3.5% in 2020 to 3.2% at the end of 2024, which is insufficient to improve living standards or significantly reduce poverty, according to the report.
The government has set a target to achieve 4.4% GDP growth, which implies an 80% increase in the number of self-employed individuals and a 20% increase in
those employed by others. This requires favorable economic conditions, including increased oil sales, the resumption of oil refining, and the expansion of agricultural production.
