Economists Predict April Inflation in Nigeria to Hit 16%

Economists are forecasting Nigeria's inflation rate for April 2024 to be between 15.5% and 16%, according to a survey conducted by the Nigerian Bureau of Statistics. Key factors contributing to this inflation include rising energy prices, increased transportation fares, and ongoing food supply constraints.

The founder and managing director of Cowri Asset Management, alongside the chief executive of the Center for Promoting Private Enterprise, noted that inflation figures are likely to rise due to persistent cost drivers. Yusuf, the chairman of the Independent Shareholders Association of Nigeria, highlighted the impact of increased fuel prices and shipping costs.

The chief executive of the Economic Association indicated that inflation figures could either hold steady or inch upward due to external pressures, including the ongoing conflict in the Middle East. The inflation rate in March 2024 was recorded at 15.38%.

Despite a potential increase in the minimum wage set for July 18, 2024, inflation continues to erode Nigerian wealth.