Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, anticipates a slowdown in Nigeria’s inflation rate for 2024. He highlighted the removal of fuel subsidies as the primary cause for the recent acceleration in inflation.
Idahosa expressed confidence that ongoing measures to address rising transportation costs would gradually ease price levels in the coming year.
He emphasized the impact of initiatives like CNG buses and the forthcoming production from Dangote and Port Harcourt refineries in reducing energy expenses nationwide.
Aligning with the World Bank’s perspective, Idahosa expects inflation to moderate as early as 2024, coinciding with an analysis indicating a frequent increase in Nigeria’s inflation over the past 26 months, with occasional dips amidst the overall upward trend.
