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Commerce chief predicts Nigeria’s inflation to ease in 2024

Published

12 months ago

December 31, 2023

Nigeria’s inflation has been predicted to slow down in 2024, according to Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry.

In an interview, Idahosa attributed the acceleration of inflation this year to the removal of fuel subsidies. He observed that prices would start to decline in 2024 as a result of the steps governments at all levels were taking to address rising transport and logistics expenses in 2024.

Idahosa said, “Certain things were predictable when the President declared that the fuel subsidy was gone. We knew that there would be a spike in the price of fuel and everything else connected to fuel. But all the measures to reduce the cost of transportation have started.

“They will also take time to come into effect. It will take some time to get our CNG buses. CNG buses are already running from Abeokuta to Mowe and some parts of Edo State and transport fares are coming down in those locations.”

Idahosa argues that the country’s rising inflation will be reduced through a reduction in energy costs when the private Dangote refinery and the public Port Harcourt refinery begin production next year, which will have an impact on overall price levels.

He added, “So, we are going to get an aggregation of that across the country. Places like Borno and Bayelsa now have CNG buses and transportation is coming down in these places. So, between six and nine months, all the efforts to replace petrol as the primary source of transportation will begin to show results.”

The largest economy in Africa saw a worsening cost-of-living crisis in November as its annual inflation increased to 28.20%, the highest level in eighteen years.

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Moroccan annual inflation rises to 0.8% in November

Published

18 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”