The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, says that the nation’s inflation rate is better compared to most African nations.
Speaking at an event in Lagos on Tuesday, August 8, Shonubi said that there were several factors contributing to the global inflation rise.
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.
“Now, when you come down to Africa and neighbouring Ghana, At the last count inflation there is at 42.5 per cent. We have it at 31 per cent in Ethiopia and 36 per cent in Egypt.
So, in our dear country, we are at 22.8 per cent. When you hear these figures, it tells you that we’re not doing as badly but all of this has also affected economic growth itself. Today, the IMF has revised growth downwards from 3.5% per cent to three per cent this year and 3 per cent next year.
For Sub-Saharan Africa, they expect growth to moderate from 4.1 per cent last year to 3.5 per cent this year, but to take back again to just slightly over 4 v next year. In Nigeria they expect us to do 3.2 per cent this year,” he said.
