The International Monetary Fund (IMF) has projected that with further policy adjustments expected, median inflation will decline slightly in Nigeria, Angola and Ghana, but noted that headline inflation will remain substantially higher in oil exporting countries of Sub-Saharan Africa (SSA) than in the rest of the region, in 2025.
In the latest IMF Regional Economic Outlook (REO) for sub-Saharan Africa, entitled, “Reforms Amid Great Expectations,” the multilateral lender which projected a 3.2 per cent GDP growth for Nigeria in 2025, said ongoing reforms in the SSA region were bearing fruits, although macroeconomic vulnerabilities persist.
According to the report, GDP headline inflation is expected to continue on a downward trajectory.
“The regional GDP-weighted headline inflation is projected to decline substantially, from 18.1 per cent in 2024 to 12.3 per cent in 2025, with significant decreases.” In Angola, Ghana, and Nigeria, median inflation will decline slightly, from 4.7 per cent to 4.5 per cent.
However, inflation will remain substantially higher in oil exporters than in the rest of the region.
Angola, Cameroon, Chad, Congo, Equatorial Guinea Gabon, Nigeria, and South Sudan are oil exporting countries in Sub-Saharan Africa. Nigeria’s inflation rate for September 2024 stood at 33.4 per cent.
