Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»Business Matters»Nigeria’s inflation will drop to single digit in 2022 – CBN

    Nigeria’s inflation will drop to single digit in 2022 – CBN

    Business Matters By Temitope N.Aug 14, 2021No Comments3 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    The Central Bank of Nigeria has said it sees the country’s inflation rate dropping to single digit next year, with the full implementation of its recent policies designed to boost different sectors of the economy.

    Inflation Chart
    Inflation Chart

    The Director of Monetary Policy Department, CBN, Dr Hassan Mahmud, said this on Friday at the virtual mid-year economic review and outlook 2021, which was organised by the Chartered Institute of Bankers of Nigeria’s Centre for Financial Studies and B. Adedipe Associates.

    The country’s inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics.

    Mahmud said since the economy recovered from recession in the last quarter of 2020, it had maintained a path of recovery despite certain challenges triggered by the COVID-19 pandemic and insecurity.

    He said despite challenges such as insecurity, exchange rate market pressure, declining capital inflows, high debt service payments and rising fiscal deficits, the apex bank projected speedy domestic recovery.

    According to him, if certain things were in place, the country would experience some positive projections in 2021 and the beginning of 2022.

    Mahmud said, “Also, if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021.

    See also  Spectral Edge launches Eyeteq for video

    “We will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single digit by 2022 or the middle of 2022.

    “We will start seeing a downward trend in inflation numbers, particularly, headline inflation.”

    According to Mahmud, there will be a drop in food inflation, if an effective supply system is maintained and security issues mitigated.

    The Chief Consultant of BAA Consult, Dr Biodun Adedipe, who also spoke at the event, said if the oil sector became positive in the areas of prices and production volume and export volume, this would add to economic growth.

    He said, “At BAA, our projections for Nigeria economic growth for 2021 had remained 2.54 per cent since February and we have maintained it so.

    “If the prognosis, the oil sector in Nigeria is positive in terms of price, production volume and export volume, that goes a long way in driving growth and changing some of what we see as headwinds and risks.”

    See also  SIIA Announces CODiE™ Award Winners for Software and Services Industry

    In his opening remarks, CIBN President, Dr Bayo Olugbemi, highlighted some of the key challenges hampering economic recovery.

    He said, “Currently, the Nigerian economy contends with myriads of issues which seem to be threatening normal business operations and general livelihood. For example, we continue to grapple with the effects of the COVID-19 pandemic and more specifically, the third wave of the virus, which threatens to undermine the modest economic growth achieved within the year.

    “The nation also contends with persistent macroeconomic issues such as double-digit inflation currently put at 17.75 per cent, which erodes purchasing power and the value of savings; high unemployment rate as well as security issues such as rampant kidnappings and hostilities inflicted by terrorist groups, bandits, and criminal elements in the society.”

    Olugbemi emphasised the need for proper guidance to help individuals and businesses make the right decisions to overcome existing challenges.

    “As these issues continue to plague the normal conduct of economic activities, it goes without saying that there is a strong need for further guidance to help individuals and businesses make informed and strategic decisions that will help them weather the storm,” he added

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    economy inflation
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Five Ways To Analyze The Forex Market

    Dec 22, 2022

    Why FG is investigating Mikano, Jubali Brothers, JMG over generator importation

    Dec 15, 2022

    Food Inflation: Average price of tomato rises 30% in one year – NBS

    Oct 28, 2022

    Governors warn that CBN’s proposed loan recovery from FAAC revenue is “suicidal”

    Oct 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Get Social with Us
    • Facebook
    • Twitter 6.5K
    • Pinterest 93
    • Instagram
    • YouTube
    Latest Posts

    I’m Grateful To My Friends And Family For Their Support Ahead Of My Retirement – Tom Brady

    Feb 1, 2023

    Benfica Is Bigger Than Enzo Fernandez – Roger Schmidt

    Feb 1, 2023

    I’ve Been Having S*x Without Dating Anyone – Mr Macaroni

    Feb 1, 2023

    Sabitzer Will Be A Good Signing For MUFC – Rio Ferdinand

    Feb 1, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    No Explosive Found On Man In OAU Hostel, Says Osun Police

    Jul 15, 2014

    Court Send Femi Fani-Kayode To Prison

    Jun 29, 2016

    It’s false we don’t give “shishi” – Peter Obi

    Dec 4, 2022

    Lupita Nyong’o Flaunts Her Lover, Selema Masekela

    Dec 24, 2022

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?