The Governor of the Central Bank of Nigeria has delivered a positive forecast regarding inflation, stating that the headline inflation rate is expected to decline to 21.4% by 2024. This announcement was made during the presentation of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024.

During his keynote speech, the governor emphasized the impact of the Central Bank’s inflation-targeting policy, which aims to bring inflation down to 21.4%. This proactive measure is intended to address the current high inflation rate, which stood at 28.9% in December.

The governor highlighted the potential benefits of lower inflation rates on businesses, noting that it would create a more stable cost environment and could lead to reduced policy rates. He suggested that these developments could spur investment, drive economic growth, and generate employment opportunities.

These projected changes in inflation for 2024 are anticipated to have far-reaching implications for the Nigerian economy, and as such, the business community is eagerly awaiting further details.

Stay tuned as we bring you more updates on this developing story.