The International Monetary Fund (IMF) on Wednesday revealed that Nigeria’s inflation rate might stand at 23 per cent by 2025.

IMF In its Global Economic Outlook at World Bank Spring Meetings in Washington D.C, highlighted the impact of the economic reforms and the currency policies as the country’s inflation rate is currently pegged at 33.2 per cent as recently released by the National Bureau of Statistics (NBS) in March.

Division Chief of the IMF Research Department, Daniel Leigh said, “We see inflation declining to 23 per cent next year and then 18 per cent in 2026.”

He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 per cent last year to 3.3 per cent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.

The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.

“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.