The International Monetary Fund, IMF, has revised Nigeria’s 2024 economic growth forecast downward to 2.9 per cent from the earlier projection of 3.1 per cent in July. The downgrade, contained in the IMF’s latest World Economic Outlook, WEO, report, attributes the adjustment to disruptions in oil production, severe flooding, and persistent inflation. The report notes that flooding, coupled with ongoing security and maintenance challenges in the oil sector, has significantly affected economic activities. “Over the...

Nigeria’s inflation rate surged to 32.7 per cent in September 2024, reversing the decline recorded in July and August, according to the latest Consumer Price Index, CPI, report from the National Bureau of Statistics, NBS. The new figure represents an increase from 32.15 per cent recorded in August, deepening economic challenges already impacting citizens amid ongoing fuel price hikes. “This means that in September 2024, the rate of increase in the average price level is...