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World Bank Warns: CBN’s Monetary Policy May Not Solve Nigeria’s Inflation Issues 1

The World Bank has issued a stark warning regarding the Central Bank of Nigeria’s (CBN) recent monetary policy adjustments, suggesting they may not effectively curb inflation in the country. This caution came as part of the World Bank’s global economic prospects report released recently.

 

According to the report titled Global Economic Prospects, the World Bank highlighted concerns about the adequacy of Nigeria’s current inflation control measures as a significant risk to the country’s economic growth. Despite the CBN’s decision to raise interest rates from 22.75% to 26.25% starting from February, the World Bank projects Nigeria’s economic growth to be modest, with expected growth rates of 3.3% in 2024 and 3.5% in 2025.

 

The report also noted ongoing economic challenges in Nigeria, acknowledging initial impacts of macroeconomic reforms while anticipating gradual improvements in the non-oil sectors and stabilization in the oil sector due to expected production recoveries.

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