The Central Bank of Nigeria has said the country’s inflation rate is better compared to most African nations.
Speaking at the 2023 Zenith Bank International Trade Seminar, the Acting Governor Folashodun Shonubi who was represented by Deputy Governor Kingsley Obiorah emphasized the contributing factors to global inflation growth.
While addressing the theme of ‘Nigerian Non-Oil Export Industry: The Present, The Future,’ Obiorah expressed concern over the low growth rate of non-oil exports to Gross Domestic Product ratio. He pointed out Nigeria’s inflation rate of 22.8%, contrasting it with inflation rates of 42.5% in Ghana, 31% in Ethiopia, and 36% in Egypt.
Despite challenges impacting economic growth, Obiorah urged for improved performance in non-oil exports and shared insights into external factors affecting inflation and supply chains.
Comparing Nigeria’s export ratios to smaller nations like the Netherlands and Ireland, Obiorah emphasized the potential for growth in non-oil exports.