World Bank warns oil prices surge may raise Nigeria’s inflation by 3.1

The World Bank warned that the recent surge in oil prices could raise Nigeria's inflation by 3.1 percentage points. In its latest report, it noted that the price of imported fuel is currently about 12% cheaper than that supplied by the Dangote Refinery. While macroeconomic fundamentals have improved, rising energy costs and shipping expenses are already impacting domestic prices. Experts also emphasized the importance of early childhood development for Nigeria's future prosperity.