{"id":122191,"date":"2024-06-25T11:43:55","date_gmt":"2024-06-25T10:43:55","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end"},"modified":"2024-06-25T12:59:05","modified_gmt":"2024-06-25T11:59:05","slug":"pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","title":{"rendered":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end"},"content":{"rendered":"

By Ripples Nigeria<\/b><\/p>\n

Africa-Press – Nigeria. <\/strong><\/span>PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook for Nigeria\u2019s inflation rate.<\/p>\n

Their latest economic report predicts a decline to 29.5% by the end of 2024. This represents a potential decrease from the current high inflation levels, which recently hit 33.95% in May 2024, according to the National Bureau of Statistics (NBS).<\/p>\n

In the outlook, titled \u2018Navigating economic reforms,\u2019 PwC \u201cprojects a marginal decline in inflation to 29.5 per cent by year-end, balancing the effects of reforms, policy actions, external pressures and food prices; particularly in the second half of the year.\u201d<\/p>\n

Also, it anticipates that the Gross Domestic Product may grow marginally by 2.9 per cent on the back of sustained policy reforms although growth prospects may be limited by elevated economic pressures.<\/p>\n

The report read, \u201cNigeria\u2019s total public debt stood at N121.67tn ($91.46bn) as of March 31, 2024. The comparative figure for December 31, 2023, was N97.34 trillion ($108.23bn). Total Domestic Debt was N65.65tn ($46.29bn) while total external debt was N56.02tn ($42.12bn).\u201d<\/p>\n

The report went on to call on the government to \u201cPrioritise macro stability by addressing security, social and pressure points of inflation and exchange rate pressures. Adopt scenario planning before any major economic reform is implemented to avoid unwarranted policy reversals e.g. cyber security levy.<\/p>\n

And for businesses, PwC urged the creation of \u201ca clear-eyed strategy by revisiting your strategy and be clear on your must-haves to win in the future \u2013 regardless of any economic scenario.<\/p>\n

\u201cRe-visit your entire cost structure to establish short, mid, and long-term actions to fundamentally adjust for the future.<\/p>\n

\u201cGovernment must drive fiscal prudence by optimising spending on capital projects with the highest ROI, rationalise public service spending and improve revenue diversification and collection efficiency. It must decide when and how to introduce, defer, sequence, or stagger different policies based on current economic and social conditions,\u201d the firm added.<\/p>\n

The report attributes the projected decline to a combination of factors, including:<\/b><\/p>\n

\u2022 The effects of ongoing government reforms and policy actions: The specific nature of these reforms and actions is not elaborated on in the PwC report, but they likely encompass fiscal and monetary policies aimed at curbing inflation.<\/p>\n

\u2022 External pressures: While the report doesn\u2019t detail the exact external pressures, global factors like volatile energy and commodity prices can significantly impact inflation in an import-reliant economy like Nigeria.<\/p>\n

However, the forecast acknowledges that significant challenges remain. The projected 29.5% year-end inflation rate still represents a very high number. Additionally, the report mentions that elevated economic pressures may limit the potential for substantial economic growth, despite the anticipated decline in inflation.<\/p>\n

This PwC report adds to the ongoing conversation about Nigeria\u2019s economic outlook.<\/p>\n

Here are some key takeaways to consider:<\/b><\/p>\n

\u2022 Uncertainty surrounding the forecast: While PwC\u2019s prediction offers a glimmer of hope, it\u2019s crucial to acknowledge the inherent uncertainty in such forecasts. External factors and the effectiveness of government policies can significantly influence the actual inflation rate.<\/p>\n

\u2022 Need for further details: The PwC report provides a headline figure, but a more comprehensive analysis would benefit from delving deeper. Specific details regarding the reforms, external pressures impacting the forecast, and potential risks to this prediction would be valuable for businesses and policymakers.<\/p>\n

\u2022 Focus on long-term solutions: While a potential decrease in inflation is welcome news, addressing the root causes of high inflation is crucial for sustained economic growth and stability. Policies aimed at bolstering domestic production, reducing dependence on imports, and fostering diversification can lead to more resilient long-term economic performance.<\/p>\n

In conclusion, PwC\u2019s report offers a cautiously optimistic view of Nigeria\u2019s inflation rate. However, a more comprehensive analysis and continued focus on long-term economic solutions will be essential for ensuring a stable and prosperous future for the Nigerian economy.Balanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By Ripples Nigeria Africa-Press – Nigeria. PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook for Nigeria\u2019s inflation rate. Their latest economic report predicts a decline to 29.5% by the end of 2024. This represents a potential decrease from the current high inflation levels, which recently hit 33.95% in May 2024, […]<\/p>\n","protected":false},"author":84,"featured_media":122190,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,1437],"tags":[365,254,2883],"class_list":["post-122191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-inflation","tag-nigeria","tag-pwc"],"yoast_head":"\nPwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end - Nigeria<\/title>\n<meta name=\"description\" content=\"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end\" \/>\n<meta property=\"og:description\" content=\"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T10:43:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-25T11:59:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end\",\"datePublished\":\"2024-06-25T10:43:55+00:00\",\"dateModified\":\"2024-06-25T11:59:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\"},\"wordCount\":726,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg\",\"keywords\":[\"inflation\",\"Nigeria\",\"PwC\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\",\"name\":\"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg\",\"datePublished\":\"2024-06-25T10:43:55+00:00\",\"dateModified\":\"2024-06-25T11:59:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg\",\"width\":720,\"height\":387,\"caption\":\"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end - Nigeria","description":"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","og_locale":"en_US","og_type":"article","og_title":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end","og_description":"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","og_site_name":"Nigeria","article_published_time":"2024-06-25T10:43:55+00:00","article_modified_time":"2024-06-25T11:59:05+00:00","og_image":[{"width":720,"height":387,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end","datePublished":"2024-06-25T10:43:55+00:00","dateModified":"2024-06-25T11:59:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end"},"wordCount":726,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg","keywords":["inflation","Nigeria","PwC"],"articleSection":["all news","files"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","url":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end","name":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg","datePublished":"2024-06-25T10:43:55+00:00","dateModified":"2024-06-25T11:59:05+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"PricewaterhouseCoopers (PwC), a multinational professional services firm, has offered a cautiously optimistic outlook fo ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719303860.91047.jpg","width":720,"height":387,"caption":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/all-news\/pwc-forecasts-29-decline-in-nigerias-inflation-rate-by-year-end#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"PwC forecasts 29% decline in Nigeria\u2019s inflation rate by year-end"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/122191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=122191"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/122191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/122190"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=122191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=122191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=122191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}