How inflation is impacting Nigeria’s economic growth
The International Monetary Fund says despite the ongoing economic recovery in Nigeria, higher inflation poses a major challenge to the economic outlook. Meanwhile, nearly 600 billion naira was generated as value-added tax in the first three months of this year. Oluseyi Akinbi, the MD of Zedcap Partners, joins CNBC Africa for more.
Mon, 20 Jun 2022 11:43:40 GMT
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AI Generated Summary
- Persistent challenges of inflation in Nigeria and its impact on economic recovery
- Importance of proactive measures and policy interventions to address inflationary pressures
- Role of the Central Bank of Nigeria in stabilizing the economy and managing fiscal challenges
The International Monetary Fund has reiterated concerns about the impact of inflation on Nigeria's economic recovery. Oluseyi Akinbi, Managing Director of Zedcap Partners, provides valuable insights on the current economic landscape in Nigeria and the implications of the IMF's recent consultation with the country. Inflation has been a persistent challenge for Nigeria, exacerbated by various factors such as disruptions in food production and global economic uncertainties. Despite ongoing efforts to address inflationary pressures, the Nigerian economy continues to face significant hurdles in achieving sustainable growth. Akinbi highlights the need for proactive measures to mitigate the impact of inflation and improve the country's fiscal position. As Nigeria navigates these challenges, the role of the Central Bank of Nigeria (CBN) becomes crucial in stabilizing the economy and fostering growth. With the upcoming elections adding further complexity to the economic outlook, effective policy decisions and strategic interventions will be essential to steer Nigeria towards a path of stability and resilience.
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