The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the apex bank’s commitment to aggressively tackle inflation, aiming to bring it down to single digits in the medium term.
Cardoso made this declaration over the weekend after the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings held in Washington, D.C.
Speaking during a press briefing, Cardoso identified inflation as the biggest threat to the economic welfare of Nigerians, stressing the urgent need to stabilise household incomes and ease the rising cost of living across the country.
“Inflation remains the most disruptive force against the economic welfare of Nigerians. Our focus is to bring it down to single digits over the medium term,” Cardoso stated.
Nigeria’s delegation to the global meetings was led by the Minister of Finance, Wale Edun, alongside Cardoso and other key officials. The sessions ran from Monday, April 21, to Sunday, April 26, 2025.
Recent Trends and Government Targets
Recent data shows Nigeria’s inflation rate eased slightly to 24.28% in March 2025, down from 25.18% in February 2025, indicating gradual progress.
During the 2025 budget presentation at the National Assembly in December 2024, President Bola Ahmed Tinubu had projected that inflation would be reduced to 15% by the end of 2025.
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However, prominent economic analyst Bismarck Rewane has described Tinubu’s 15% inflation target as “unrealistic,” given the current macroeconomic conditions.
Looking Ahead
The CBN’s aggressive monetary tightening, combined with fiscal strategies from the Federal Government, is expected to play a critical role in steering Nigeria toward a more stable and sustainable economic path.
NAIJABLOGDAILY will continue to monitor developments and report on Nigeria’s journey toward economic recovery.
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