Inflation rate: Nigeria doing better than other African countries – CBN

The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has stated that the nation’s inflation rate is doing better than in most African countries.

Shonubi, who said this in Lagos on Tuesday during the 2023 Zenith Bank International Trade Seminar, added that there were several factors contributing to the global inflation rise.

Speaking on the theme, “Nigerian Non-Oil Export Industry. The Present, The Future”, the acting CBN governor expressed concern over the low growth rate in non-oil exports to Gross Domestic Product ratio.

Shonubi, who was represented by the Deputy Governor, Economic Policy, Kingsley Obiorah, explained that Nigeria’s inflation rate stood at 22.8 per cent, adding that the International Monetary Fund (IMF) expected the country to have a growth moderation of 3.2 per cent in 2023.

According to him: “In Nigeria, we are at 22.8 per cent. It tells you that we are not doing badly, but all of this has also affected economic growth itself. Today, the IMF has revised growth downward from 3.5% to 3% this year and next year. Now, when you come down to Africa and neighbouring Ghana, their inflation is at 42.5%, at 31 per cent in Ethiopia, and at 36% in Egypt.”