Nigeria Joins Saudi Arabia, Russia, Others In List Of Global Emerging Economies (Full List)
Amid efforts by President Bola Tinubu to revive the country’s plummeting economy, the International Monetary Fund (IMF) has listed Nigeria among global emerging markets and developing economies.
IMF, in its latest Global Economic Outlook, released on Tuesday, listed Nigeria as one of the only two sub-saharan African nations with developing economies.
This development comes just as the IMF predicted that Nigeria’s inflation rate will decline significantly in 2025.
According to the IMF, Russia, China, India, Brazil, Mexico, Saudi Arabia, Nigeria, and South Africa were the nations with emerging markets and developing economies.
The outlook also listed the United States, Germany, France, Italy, United Kingdom, Canada, Japan and Spain as nations with advanced economies.
The latest IMF ranking comes as the President Tinubu-led government continues its efforts to strengthen the country’s currency and drastically bring down the country’s lampooning inflation rate, which has continued to rise in the past months.
the country’s inflation rate rose to 33.2% for the month of March 2024 according to the latest data released on Monday by the National Bureau of Statistics (NBS).
The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.
The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).
