The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, anticipates a deceleration in the country’s inflation rate in 2024.

In an exclusive interview on Friday, Idahosa attributed the recent acceleration of inflation to the removal of fuel subsidies this year.

According to Idahosa, various measures are being implemented by governments at all levels to address rising transport and logistics costs, and he expects these measures to lead to a moderation of price levels in 2024.

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He acknowledged the predictable spike in fuel and related costs following the removal of the subsidy but emphasized that efforts to reduce transportation costs, such as the introduction of Compressed Natural Gas (CNG) buses, would take time to yield results.

Idahosa highlighted ongoing developments, including the operation of CNG buses in certain regions, and expressed optimism that the production of Dangote and Port Harcourt refineries in the coming year would contribute to reducing energy costs, thereby impacting overall price levels.

His perspective aligns with that of the World Bank, which recently stated that it expects Nigeria’s inflation rate to start moderating by 2024.

In a report titled ‘Macro Poverty Outlook: Country-by-country Analysis and Projections for the Developing World,’ the World Bank projected a gradual decline in the share of Nigerians living below the international poverty line by 2024.

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Analyzing the Commodity Price Index reports from the National Bureau of Statistics, it was revealed that Nigeria’s inflation had increased 25 times in the last 26 months, with only one exception in December 2022 when it slightly slowed to 21.34 percent from the 21.47 percent recorded in November 2022.