Reforms: WorldStage predicts inflation drop to 12.94%
The WorldStage Nigeria media firm has presented a forecast that inflation in Nigeria will ease to 12.94 per cent, citing ongoing reforms and cautious optimism for economic growth. This forecast is below the current inflation rate of 15.06 per cent. The projection was made at the Macroeconomic Outlook 2026 event held in Lagos on Thursday.
The Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, praised the report titled 'Turning the Corner', describing it as a timely contribution to economic discourse. He noted that the report captures a country transitioning from economic strain towards recovery, stability, and sustainable growth. According to Omotoso, the report projects GDP growth of 4.49 per cent in 2026 alongside easing inflation, reflecting "cautious optimism."
The report provided a broad assessment covering various sectors, including banking, capital markets, telecommunications, agriculture, manufacturing, maritime, aviation, health, education, and the creative sector. The analysis highlights the need for a holistic and inclusive growth strategy, with Omotoso stressing that no single sector can drive growth in isolation.
He noted that reforms in the banking sector, including recapitalisation, digital innovation, and stronger regulation, have positioned the sector as critical to a one-trillion-dollar economy. However, he stressed the importance of workforce stability, saying that sustainable growth must be people-centred.
The Lagos State Commissioner's comments on the WorldStage report highlight the government's commitment to reforms that will drive economic growth. However, the success of these reforms will depend on consistent policy implementation and the ability to address short-term challenges such as inflation, exchange rate volatility, and rising debt costs. The report's emphasis on inclusive growth and the need for a holistic strategy is a welcome development, but it remains to be seen whether the government will deliver on its promises. The report's projection of GDP growth of 4.49 per cent in 2026 is a positive sign, but it is essential that this growth translates into better living standards, jobs, and wider opportunities for Nigerians.
