Nigeria Targets Single-Digit Inflation by End of 2027

Finance Minister Taiwo Oyedele announced at the 32nd Nigeria Economic Summit in Abuja that Nigeria aims to reduce inflation to low single digits by the end of 2027. Oyedele argued that achieving this target is essential to lowering borrowing costs for businesses and households, which would unlock investment and increase incomes.

The target comes as the economy faces a disconnect between policy and market reality. While the Central Bank of Nigeria cut its benchmark interest rate to 23% in September, average maximum lending rates rose to 32.62% during the same month. The National Bureau of Statistics reported September headline inflation at 14.63% and Q2 2026 GDP growth at 4.43%.

These goals are part of a broader economic program led by President Bola Tinubu since 2023, which included the removal of petrol subsidies and the devaluation of the naira. While these reforms improved foreign reserves and public finances, they triggered a severe cost-of-living crisis. Oyedele stated the government is open to adjusting ineffective reforms but urged critics to focus on policy details rather than emotion.