Some economic experts have weighed in on the speech by the Central Bank of Nigeria’s Governor, Olayemi Cardoso at the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., where he pledged that the apex bank would prioritise reducing inflation to single digits over the medium term.
His remarks came against the backdrop of alarming inflation data. Nigeria’s headline inflation rate surged to 24.23 per cent in March 2025, up from 23.18 per cent in February, according to the National Bureau of Statistics (NBS).
Dr. Ayo Teriba, CEO of Economic Associates, noted: “Without coordinated fiscal and structural reforms alongside monetary policy, inflation will remain stubborn. The Central Bank’s intention is commendable, but success depends on holistic action across government sectors.”
Similarly, Professor Sarah Obasi of the University of Lagos warned that supply-side constraints must be addressed urgently. “Nigeria’s inflation is largely cost-push, driven by supply bottlenecks and insecurity in food-producing regions. If these factors persist, single-digit inflation may remain a distant dream,” she said.
Joining Cardoso at the Spring Meetings, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the government’s commitment to fostering economic growth and job creation.
Edun outlined an ambitious target: achieving 7 per cent economic growth through strategic investments in infrastructure, particularly in digital connectivity, data access, and fibre optic networks.
“By stabilizing the economy and driving private sector participation, we are creating sustainable jobs for young Nigerians and fostering inclusive growth,” Edun said.
In January 2025, the NBS updated the CPI base year from 2009 to 2024, aligning inflation figures with current household spending patterns.
This rebasing initially showed moderation: January’s inflation eased to 24.48 per cent from 34.80 per cent in December 2024, and dropped further to 23.18 per cent in February before edging back up to 24.23 per cent in March.