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The World Bank has urged the Central Bank of Nigeria (CBN) to stay committed to its inflation control measures.
Dr Sameer Matta, Senior Economist for Nigeria, emphasised the importance of continued focus, despite challenges.
The CBN raised its benchmark rates by 875 basis points in 2024 to combat inflation, which is exacerbated by supply-side issues, food costs, and trade policies.
Matta also highlighted the cost of not implementing reforms, which he estimated at 5% of GDP.
He stressed the need for social protection initiatives to help vulnerable populations.
IMF’s Dr Christian Ebeke echoed the importance of coordination between fiscal and monetary authorities to tackle inflation and its redistributive effects on the poor.
