Nigeria’s headline inflation jumped to a 21-month high of 12.13% in January. Food inflation remained the major culprit, recording the highest rate of change amongst the sub-indices.
The rising inflation trend, elevated external imbalances and slow growth recovery informed IMF’s decision to revise Nigeria’s 2020 growth forecast downwards to 2% from 2.5%. The latest negative outlook on Nigeria’s economy is proof that the country is in dire need of policy reforms to build its resilience against external shocks.
In the slides, these issues and their impact were discussed by analysts at the FDC Think Tank on Channels TV Business Morning programme yesterday.
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