FG targets single-digit inflation rate by end of 2027
Abuja, Oct. 2026 – The federal government is targeting single digit inflation rate by the end of 2027.
Taiwo Oyedele, the Minister of Finance and Coordinating Minster or the Economy, saidhis in Abuja on Monday at the 32nd Nigerian Economic Summit.
He said the intention of the federal government in targeting lower inflation is to bring down interest rates and boost economic growth.
“Before the end of next year, we want low, single digit. So that it can create the condition for single-digit interest rate.
“If we are growing at 4.43 per cent, borrowing at close to 30 per cent, imagine what is possible when you borrow at single digit?” he said.
The minister said the issue of low interest rates is one of the biggest challenges for government as it would benefit everybody.
“What we’ve announced is before the end of next year, we want to bring inflation to low single digits so that it can create a condition for single digit interest rates.
“If you are growing at 4.43 percent, and borrowing at close to 30 percent, imagine what is possible when you borrow at single digits.
“Apart from making capital affordable, it create affordable credit so people don’t have to save for 30 years just to buy a car. When you have those combined, you unlock the possibilities and everyone will feel it in a positive way,” he said.
Oyedele said the economic reforms were already yielding the desired results for Nigerians, but the rising prices were still undermining the impacts of the reforms.
