Nigeria aims for single-digit inflation before end of 2027
Nigerian Finance Minister Taiwo Oyedele said the government aims to bring inflation into single digits before the end of 2027. Speaking at an economic summit in Abuja, he linked lower inflation to more affordable borrowing and faster growth. He also defended reforms, saying their savings had supported wages, pensions and small-business lending.
Economics & Markets··Evening
Oyedele sets a deadline before the end of 2027
Nigeria’s Finance Minister Taiwo Oyedele said the government wants inflation in single digits before the end of 2027. He linked the objective to creating conditions for lower borrowing costs and faster economic growth.[1], [2]
Oyedele spoke on 26 October at the 32nd Nigerian Economic Summit in Abuja, Nigeria’s capital. He contrasted economic growth of 4.43 per cent with borrowing costs close to 30 per cent, arguing that single-digit borrowing rates could create more room for business activity.[1]
The minister defends how reform savings were used
The minister maintained that savings from foreign-exchange changes and petrol-subsidy reforms were reaching households and businesses. He named salary increases, wage adjustments, payment of pension arrears and subsidised small-business credit as uses of those funds. He argued that the reforms’ effects should be assessed beyond the economic growth rate alone.[1]
Affordable finance remains part of the growth goal
Recalling May 2023, Oyedele said some young people had struggled to pay even 20 dollars for online applications used to earn income. He presented affordable business finance as part of the government’s effort to accelerate growth. His inflation announcement set a government objective for the period before the end of 2027, without specifying individual measures or intermediate milestones.[1]
