…cuts GDP outlook
S&P Global has raised its forecast for Nigeria’s average inflation rate in 2026 to 16.9 percent from its earlier projection of 15.0 percent, citing stronger-than-expected pass-through from higher oil prices to domestic energy costs.
The global ratings agency also lowered Nigeria’s gross domestic product (GDP) growth forecasts for 2026 and 2027 by 30 basis points each to 3.7 percent and 3.5 percent, respectively, saying higher inflation is expected to weigh on household consumption, the country’s largest driver of economic activity.
The revised projections were contained in its latest report titled Economic Outlook Emerging Markets Q3 2026: Inflationary Pressures Will Persist.
S&P Global said inflationary pressures have intensified across emerging markets in Europe, the Middle East and Africa (EMEA), with Nigeria and Turkiye recording stronger energy inflation than previously expected.
