Inflation

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria could have faced inflation of up to 1,000 percent without the economic reforms introduced by President Bola Tinubu’s administration.

Nigeria’s inflation rate has continued to decline, but the improvement has yet to translate into widespread financial relief as households contend with elevated food prices, expensive transportation, weak purchasing power and the cost of essential services.

Sub-Saharan Africa’s economy is projected to expand by 4.5 per cent in both 2026 and 2027, but rising inflation, tighter financing conditions and declining foreign aid could undermine the region’s growth prospects, according to the International Monetary Fund (IMF).

President Bola Ahmed Tinubu, in his address on the 1st of October, declared that Nigeria has moved from an economic reform era to an era of prosperity. With this declaration, a simple question has surfaced: What has actually changed since 2023?  

The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance have formalised a framework for fiscal and monetary policy coordination, seeking to strengthen macroeconomic management and improve policy coherence.

Nigeria’s inflation picture changed more significantly in August than the headline figure of 15.39 percent suggests, with monthly price growth slowing sharply, core inflation turning negative and food inflation reversing the steep acceleration recorded in July.

The August figure represents a marginal decline of 0.04 percentage points from the 15.43 percent recorded in July. It also marks a significant improvement over the 23.14 percent recorded in August 2025, representing a 7.75 percentage-point decline over the 12-month period.

Nigeria’s headline inflation rate eased further in July, falling to 15.43 percent from 15.91 percent in June, reinforcing the recent moderation in the pace of price increases. But beneath the headline improvement, the latest Consumer Price Index (CPI) report presents a more complicated picture for households and businesses.

Nigeria’s headline inflation fell to 15.43% in July, but food inflation climbed to 20.31%. Food inflation reached its highest level since September 2025, rising from 17.52% in June. Food inflation has risen every month since January, reversing the...

Nigeria’s headline inflation fell to 15.43 Percent in July from 15.91 percent in June, while monthly inflation also eased to 1.57 Percent. Food inflation, however, accelerated sharply to 5.56 percent month-on-month from 3.75 percent in June, driven by...