Nigeria Aims for Single-Digit Inflation by 2027 End

Nigeria's Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced a goal to achieve single-digit inflation before the end of 2027 during the 32nd Nigerian Economic Summit in Abuja. He stated that this target is essential for lowering interest rates, making credit cheaper, and fostering stronger economic growth.

As of September 2026, Nigeria's headline inflation was recorded at 14.63%, a decrease from 15.39% in August and significantly lower than the 20.98% noted in September 2025. Oyedele emphasized that the current economic environment, characterized by modest growth at 4.43% and high borrowing costs near 30%, limits the economy's potential.

He mentioned that savings from foreign-exchange and petrol-subsidy reforms are being redirected to support measures for households and businesses, including salary adjustments and subsidized credit for small enterprises. However, specific strategies to achieve the inflation target have not been detailed, making the commitment reliant on continued disinflation and stability in exchange rates and food prices.