NIGERIA HAS JOINED RUSSIA, SAUDI ARABIA, AND OTHER WORLD EMERGING ECONOMIES (FULL LIST)

Nigeria has been classified by the International Monetary Fund (IMF) as one of the world’s emerging markets and developing economies, despite President Bola Tinubu’s efforts to turn around the nation’s collapsing economy.

One of the two sub-Saharan African countries with developing economies is Nigeria, according to the IMF’s most recent Global Economic Outlook, which was published on Tuesday.

This occurs concurrently with the IMF’s forecast that Nigeria’s inflation rate will sharply decrease by 2025.

The countries with emerging markets and developing economies, according to the IMF, were Saudi Arabia, Nigeria, South Africa, China, India, Brazil, Mexico, and Russia.

The countries with advanced economies identified in the prognosis were the United States, Germany, France, Italy, United Kingdom, Canada, Japan, and Spain.

The administration of President Tinubu is working hard to fortify the nation’s currency and significantly lower the outrageous inflation rate, which has been rising over the past several months. This is evident in the country’s most recent IMF ranking.

The most recent figures issued on Monday by the National Bureau of Statistics (NBS) show that the nation’s inflation rate increased to 33.2% for the month of March 2024.

The updated percentage is 1.5% higher than the 32.7% recorded in February 2024.

According to NBS data, the headline inflation rate increased by 11.16% points year over year in March 2023 compared to 22.04% in the same month the previous year. This indicates that, in comparison to the same month in the previous year (March 2023), the headline inflation rate increased in March 2024 (year over year).