World Bank Warns Nigeria's Single-Digit Inflation Goal Unrealistic

The World Bank cautioned that Nigeria's goal of achieving single-digit inflation in the near term is unrealistic due to persistent price pressures. In its latest Africa Pulse report, the World Bank projected Nigeria's inflation to remain in double digits until 2026, citing exchange rate volatility and supply constraints.

The report highlighted the challenges faced by micro, small, and medium enterprises (MSMEs) and households due to high inflation rates. The World Bank recommended ongoing economic reforms, such as fuel subsidy removal and foreign exchange market unification, to address inflation in the long term.

However, immediate relief from inflation is unlikely, posing risks to Nigeria's economic growth and job creation.