"Nigeria\u2019s Inflation Rate to Drop to 15% by End Of 2025"

" Nigeria\u2019s Inflation Rate to Drop to 15% by End Of 2025 \r\n\r\nCEO and Founder of Awabah, Tunji Andrews, has projected that Nigeria\u2019s inflation rate will decline to 15% by the end of 2025.\r\n\r\nAndrews made this prediction during his appearance on the\u00a0 Drinks and Mics podcast , hosted by Ugo Obi-Chukwu, CEO of Nairametrics, on Friday.\r\n\r\nAndrews expressed optimism about the current economic trajectory, stating,\r\n \r\n \r\n \r\n \r\n\r\n \u201cWe are hitching closer to the 15[% mark], and we are going to get there. If you look around, just generally feel Nigeria\u2026 they [prices] don\u2019t have to come down for inflation to drop. They just have to remain stable.\u201d\u00a0 \r\n\r\nHe further explained that while certain commodities like dairy and eggs experience price fluctuations, the prices of everyday items have remained relatively stable.\r\n\r\n \u201cYou\u2019ve not gone to the supermarket recently and seen a spike in prices of normal commodities. Regular stuff that you normally buy on a day-to-day basis has still stayed the same prices. So, I do believe that we will continue to see a drop in inflation till the end of the year,\u201d Andrews noted.\u00a0 \r\n\r\n The rebasing effect\u00a0 \r\n\r\nThe Awabah CEO also highlighted the impact of changes in the inflation basket, which now includes a broader range of goods and services.\r\n\r\nAccording to him, the previous inflation basket was heavily influenced by petrol prices, but the current basket incorporates items less affected by fuel costs.\r\n\r\n \u201cMind you, the general context of inflation is now enlarged. We\u2019ve put a lot more things inside it. And those things are not as affected by petrol as we used to have. The previous basket was heavily affected by petrol,\u201d he explained.\u00a0 \r\n\r\nAndrews\u2019 comments come amid ongoing efforts by the Central Bank of Nigeria (CBN) and the federal government to curb inflation, which has remained a significant challenge for the economy.\r\n\r\nThe latest Consumer Price Index and Inflation report from the National Bureau of Statistics (NBS) reveals that Nigeria\u2019s inflation rate fell to 23.18% in February 2025, down from 24.1% in January 2025.\r\n\r\n Inflation may decelerate further\u00a0 \r\n\r\nAn economic expert, Dr. Muda Yusuf, CEO of the Centre for Protection of Private Enterprises (CPPE), speaking earlier with Nairametrics projected a potential further decline in Nigeria\u2019s inflation rate in 2025, citing a combination of government policies and improving macroeconomic conditions.\r\n\r\nDr. Yusuf explained, \u201c The further deceleration in inflation rate in February can be ascribed to two factors. The first is the base effect. When we compare the 2025 figures to 2024, you\u2019re likely to see a significant deceleration [in the inflation rate gap]. Inflation is essentially measured on a year-on-year basis, and because prices in 2024 were highly elevated.\u00a0 \r\n\r\nPresident Bola Tinubu has repeatedly stated his administration\u2019s unwavering commitment to reducing the inflation rate from 34.6% to 15% by the end of 2025.\r\n\r\nPresident Tinubu\u2019s 2025 budget presentation, made on December 18, 2024, projected a reduction in inflation from the current rate of 34.6% to 15% in 2025.\r\n \r\n \t The proposed budget, which is about N22 trillion higher than that of 2024, includes significant allocations for defense and security (N4.91 trillion), infrastructure (N4.06 trillion), health (N2.4 trillion), and education (N3.5 trillion), among other sectors. \r\n \t Despite these ambitious plans, analysts remain skeptical about the feasibility of these projections, especially the inflation target. \r\n \t When Tinubu assumed office in May 2023, Nigeria\u2019s inflation rate stood at 22.41%, according to the National Bureau of Statistics (NBS). \r\n \t However, inflation surged to an alarming 34.6% by November 2024, a rise many economists attribute to the president\u2019s controversial policies, including the removal of the petrol subsidy and the unification of the country\u2019s foreign exchange rates. \r\n \r\nDespite these challenges, President Tinubu\u2019s budget speech projected optimism, not only for inflation but also for the exchange rate, which he believes will improve from N1,700 per dollar to N1,500 per dollar by 2025.\r\n\r\n \r\n \r\n \r\n "

"Nigeria\u2019s Inflation Rate to Drop to 15% by End Of 2025"

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