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A report by PricewaterhouseCoopers International Limited (PwC) warns that rising inflation, high interest rates,
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The naira depreciation may push an additional 13 million Nigerians below the national poverty line by 2025.
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Nigeria’s headline inflation rate stood at 34.80% as of December 2024, with the manufacturing sector facing severe challenges due to macroeconomic issues.
A recent report by PricewaterhouseCoopers International Limited (PwC) has revealed that Nigeria’s worsening inflation and high cost of living may drive an additional 13 million people below the national poverty line by 2025.
The report, titled ‘2025 Nigerian Budget and Economic Outlook,’ highlights the country’s economic headwinds, including rising inflation, high interest rates, and naira depreciation.
According to the National Bureau of Statistics, Nigeria’s headline inflation rate stood at 34.80% as of December 2024.
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The President of the Manufacturers Association of Nigeria (MAN), Chief Francis Meshioye, noted that the manufacturing sector faced severe challenges in 2024 due to macroeconomic issues such as high inflation, soaring interest rates, and the depreciating naira.
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Despite these challenges, the Central Bank of Nigeria (CBN) is projecting economic growth of 4.17% in 2025, driven by ongoing reforms and stabilizing inflation.
Governor Olayemi Cardoso stated that inflation, currently at 34.8%, is expected to decline as reforms begin to yield positive results.
The CBN also expects foreign exchange reserves to rise gradually, supported by increased oil production.
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