According to Bismarck Rewane, CEO of Financial Derivatives, Nigeria’s inflation and food price increases would stop in July or August of 2024.
Rewane revealed this on Thursday in an interview with Channels Television.
His prediction was made in May, when Nigeria’s headline and food inflation rates rose to 33.95 percent and 40.66 percent, respectively, for the seventeenth time.
He did point out that Nigeria’s inflation, which has been rising since December 2022, will start to decline in the upcoming months.
He argues that Nigeria’s economy would eventually see improvement.
He stated that when the Central Bank of Nigeria aggressively controls the expansion of the money supply and effectively manages the earnings from crude oil, inflation will begin to moderate.
“The National Bureau of Statistics inflation data was released last week Saturday. The picture is that the rate of increase in price level has begun to slow.
“Hence we are projecting that information will begin to decline from July to August. There is a flicker of light at the end of the tunnel.
“Give or take depending on how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though. Don’t forget it has been the 17th consecutive month of inflation.
“Given out take depending on how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though.
“How will it happen, of course, the Central Bank of Nigeria has to continue to get a code of money supply growth. If that happens aggressively and we begin to see the management of oil revenue much more efficiently, we will improve inflation.
“Generally speaking, the dark days are coming to an end and few bright lights will start coming as we go into the end of the year”, he said.
