Nigeria’s Inflation Rate Halved Since 2023, Says Minister Idris Ahead of Tinubu’s UK Visit

|By Babatunji Wusu

Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has announced that the country’s inflation rate has dropped by half since 2023.

Speaking on Sunday in London during a World Press Conference ahead of President Bola Tinubu’s official state visit to the United Kingdom, at the invitation of King Charles III, Idris highlighted the positive trajectory of the Nigerian economy.

He explained that the decline in inflation—which stood at 15.06 percent in February 2026, down from 21.91 percent in February 2023—alongside other economic indicators, reflects the impact of reforms implemented by the Tinubu administration. These include the removal of the petrol subsidy, the unification of multiple foreign exchange windows, and presidential executive orders targeting the oil and gas sector.

“These measures have positioned Nigeria as Africa’s most attractive destination for oil and gas investments for two consecutive years,” Idris said. He further noted that uninterrupted democratic governance since 1999 has bolstered global confidence in Africa’s most populous nation.

The minister also highlighted progress in infrastructure development and ongoing efforts to address insecurity. “Inflation has halved since 2023, the trade surplus is expanding, and the Central Bank’s Purchasing Managers’ Index has recorded fifteen consecutive months of growth, reflecting renewed momentum in Nigeria’s manufacturing and services sectors,” he said.

Idris reiterated Nigeria’s commitment to welcoming responsible global investors, stressing that government policies provide regulatory transparency, tax incentives, and full repatriation of profits.

“We deeply value our long-standing partnership with the United Kingdom and look forward to strengthening collaboration in the years ahead,” he added.