\n
Fitch Ratings has projected that Nigeria\u2019s inflation rate will moderate to 21.1 per cent in 2024 from an average of 24.8 per cent in 2023.<\/p>\n
The global rating firm disclosed this in its recent report, which affirmed Nigeria\u2019s long-term foreign-currency issuer default outlook at a \u2018B\u2019 stable outlook.<\/p>\n
According to the firm, Nigeria\u2019s inflation, a significant economic indicator, would decrease by 5.62 from 26.72 per cent in the September rate.<\/p>\n
\u201cFitch projects inflation moderates to 21.1 per cent in 2024 from an average 24.8 per cent in 2023, helped by lower deficit monetisation, but well above the \u2018B\u2019 medians of 6.0 per cent and 4.9 per respectively,\u201d the report said.<\/p>\n
Similarly, Fitch projected a 1.1 per cent Gross Domestic Product rise in government revenue between 2023 and 2025 to 8.5 per cent GDP.<\/p>\n
\u201cWe project a 1.1 per cent of GDP rise in government revenue in 2023-2025, to 8.5 per cent of GDP, helped by increased government efforts to mobilise non-oil tax revenue (including establishing a presidential fiscal and tax reform committee), but this remains one of the lowest ratios of any Fitch-rated sovereign,\u201d it said.<\/p>\n
It added that Nigeria\u2019s budget deficit\/GDP will narrow to 5.0 per cent and 4.6 in 2024 and 2025.<\/p>\n
\u201cThis underpins our forecast for the budget deficit\/GDP to narrow to 5.0 per cent and 4.6 per cent in 2024 and 2025,\u201d it added.<\/p>\n
Fitch projects Nigeria\u2019s inflation moderating to 21% in 2024<\/p>\n<\/div>\n
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