Nigeria aims to reduce inflation to low single digits before the end of 2027, Finance Minister Taiwo Oyedele said at the Nigeria economic summit on October 26. Reuters reported that the minister linked the objective to lower interest rates, cheaper borrowing and stronger investment.
Headline inflation remained around 15%, while the benchmark interest rate stood at 23%. Oyedele contrasted economic growth of 4.43% with borrowing costs close to 30%, arguing that more affordable credit could expand economic activity. He said government reforms were producing gains but that officials wanted household incomes to grow faster than prices.
The minister also said policymakers were willing to change measures shown by evidence to be ineffective, while urging critics to engage with policy details. Reuters described President Bola Tinubu’s removal of fuel subsidies, naira devaluation and other reforms as having improved public finances, reserves and investor confidence while contributing to severe living-cost pressures. The announced inflation level was a future government objective, not a recorded achievement or a commitment that interest rates had already been cut.