Nigeria targets inflation below 10% before end of 2027
By the AFREEQUE newsroom, based on Leadership
Illustrative image · David Iloba · Pexels · Licence PexelsNigeria’s government is targeting single-digit inflation before the end of 2027, but analysts say high energy costs, supply shortages and insecurity could jeopardise the goal. Finance Minister Taiwo Oyedele presented the target as a way to lower interest rates and support growth, according to Leadership.
Nigeria’s federal government is targeting single-digit inflation before the end of 2027, Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said on Monday at the Nigerian Economic Summit in Abuja. He presented the goal as a way to encourage lower interest rates and accelerate growth, the newspaper Leadership reported.
Oyedele defended the government’s economic reforms, saying savings from changes to the foreign exchange market and the removal of fuel subsidies had funded support measures. He cited wage increases, the payment of pension arrears and subsidised loans for small businesses.
Muda Yusuf, director-general of the Centre for the Promotion of Private Enterprise (CPPE), said the target was achievable if the government maintained policy consistency and exchange-rate stability. He also said lower energy costs and stronger external reserves would be crucial. The reported inflation rate of 14.63% could fall further, he said.
Analysts have nevertheless warned about high energy costs, insecurity, domestic supply difficulties and transport costs. These factors could slow price declines and make the target harder to achieve, despite the reforms underway.
