The World Bank has urged the Central Bank of Nigeria (CBN), to stay the course with its current tight monetary policy if it hopes to rein in inflation and stabilise the economy.
In its latest Nigeria Development Update (NDU), titled “Building Momentum for Inclusive Growth,” released in Abuja yesterday, the biannual report evaluated recent economic trends, policy responses, and set out priorities for sustaining reforms and promoting inclusive growth.
The report showed a significant improvement in macroeconomic indicators, particularly GDP growth, revenue mobilisation, and fiscal consolidation.
The bank projected that inflation could ease to an annual average of just over 22 per cent in 2025 provided current policy efforts were sustained.
However, the bank stressed that for Nigeria to become a $1 trillion economy within five years, it must grow five times faster than its present pace, highlighting the urgency of deeper reforms and private-sector-driven development.
The bank’s Country Director for Nigeria, Taimur Samad, noted that although macroeconomic indicators were showing signs of improvement, Nigeria’s inflation remained “high and sticky.”
