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What Central Bank Of Nigeria Must Do Now To Curb Inflation – Insights From IMF, World Bank
The World Bank and International Monetary Fund (IMF) have outlined strategies for the Central Bank of Nigeria (CBN) to successfully address the country’s inflation crisis.....KINDLY READ THE FULL STORY HERE▶
With inflation reaching 34.80% in December 2024, both global institutions emphasized the importance of adhering to traditional methods of tackling inflation. Dr. Sameer Matta, Senior Economist for Nigeria at the World Bank, and Dr. Christian Ebeke, IMF Nigeria Country Representative, shared these insights during the launch of the 2025 Macroeconomic Outlook for the Nigerian Economic Summit Group, themed ‘Stabilisation in Transition: Rethinking Reform Strategies For 2025 and Beyond.’
Matta, speaking at the event, highlighted the need for the CBN to maintain its focus on inflation control, stressing that addressing supply-side issues would be key. He suggested improving agricultural yields, strengthening the connection between rural and urban areas, and making strategic adjustments to trade policy, including reconsidering tariffs to boost local production.
Ebeke, on the other hand, reiterated the importance of coordination between fiscal and monetary authorities. He praised the improved coordination between the CBN and fiscal authorities, particularly in eliminating the accumulation of “Ways and Means” in the previous year, which he believed was crucial in reducing inflation. He further stressed that fiscal authorities must address any distributional consequences resulting from recent reforms.
Since the appointment of CBN Governor Olayemi Cardoso, the Monetary Policy Committee has consistently raised interest rates to curb inflation, with the rate climbing from 18.75% at the end of 2023 to 27.50% in November 2024. While the CBN is optimistic about the results, some financial experts, like the Centre for Promotion of Private Enterprise, have called for a pause in the rate hikes.
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