Nigeria’s inflation rate is faring better than most countries on the African continent, acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi has asserted.
Shonubi made the assertion in Lagos on Tuesday, during the 2023 Zenith Bank International Trade Seminar.
He added that there were other factors contributing to the global inflation rise.
Speaking on the theme, “Nigerian Non-Oil Export Industry. The Present, The Future”, Shonubi expressed concern over low growth rate in non oil exports to Gross Domestic Product ratio.
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Shonubi, who was represented by the Deputy Governor, Economic Policy, Kingsley Obiorah, stated that Nigeria’s inflation rate stood at 22.8 per cent, adding that the International Monetary Fund expected the country to have a growth moderation of 3.2 per cent in 2023.
“So, 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 downwards 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 36% in Egypt.”
