Nigeria’s Inflation Falls to 23.18% Amid Economic Reforms, Oil Production Surge
Samuel Mobolaji
Nigeria’s headline inflation rate decreased to 23.18 per cent in February 2025 from 24.48 per cent in January, according to the National Bureau of Statistics (NBS).
This decline reflects the effectiveness of recent economic reforms aimed at stabilising the nation’s economy.
The NBS’s rebasing of the Consumer Price Index (CPI) to 2024 from 2009 has contributed to a more accurate reflection of current consumption patterns, aiding in the assessment of inflation trends.
Food inflation, a significant component of the CPI, also eased to 23.51 per cent in February from 26.08 per cent in January, indicating a reduction in food price pressures.
Read Also: Julius Berger wows FCT women
In addition to the positive inflation data, Nigeria’s economy grew at its fastest pace in three years during the fourth quarter of 2024, driven by improvements in agriculture and industrial output.
Furthermore, the country’s oil production increased to 1.75 million barrels per day in January 2025, up from 1.5 million barrels per day in December 2024, aligning with OPEC’s production targets.
These developments underscore the impact of President Bola Tinubu’s economic policies, including the removal of subsidies and currency adjustments, which have contributed to macroeconomic stability and investor confidence.
The International Monetary Fund projects Nigeria’s economy will grow by 3.2 per cent in 2025, reflecting optimism about the country’s economic trajectory.
Overall, the combination of declining inflation, robust economic growth, and increased oil production highlights the positive outcomes of Nigeria’s recent economic reforms.
About The Author
