Oyedele says FG targets single-digit inflation before end of 2027

The Federal Government is aiming to bring Nigeria's inflation down to single digits before the end of 2027, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said on Monday.

He spoke at the 32nd Nigerian Economic Summit at the Transcorp Hilton in Abuja, where he defended the government's economic reforms and said cheaper borrowing is the prize.

"Before the end of next year, we want to low, single digit. So that it can create the condition for single-digit interest rate," Oyedele said.

He put the gap in stark terms: the economy is growing at about 4.43 per cent while the government borrows at close to 30 per cent.

Why it matters for ordinary Nigerians

If interest rates fall, the cost of borrowing should ease for businesses and for government. That could mean cheaper credit for small businesses and lower debt-service costs, freeing money for other spending.

Oyedele said cheaper credit would mean people do not have to save for decades just to buy a car.

He said savings from the foreign exchange and petrol subsidy reforms have gone into salary increases and wage adjustments, payment of pension arrears and subsidised loans for small businesses.

He also said the reforms have made it easier for young Nigerians to pay for online applications needed to earn income, citing fees as low as $20 in May 2023.

The minister urged Nigerians, especially those with the means, to pay their taxes. He said refusing to pay "in an organised manner" leads to economic chaos, which shows up as inflation, high interest rates and a loss in the value of people's wealth.

Nigeria's headline inflation stood at 14.63 per cent in September 2026, down from 15.39 per cent in August, according to the National Bureau of Statistics. It was the fourth consecutive monthly decline, and well below the 20.98 per cent recorded in September 2025.

Food inflation, however, remains high at 19.59 per cent year on year, according to the NBS.

Other voices at the summit

Anambra State Governor Charles Soludo said states must align their spending with federal economic goals. He said growth of about 4 per cent is an improvement but not enough to cut poverty and create jobs quickly.

He said Nigeria must grow at no more, no less than 12 per cent a year to reach a $1 trillion economy by 2030 or 2040, and urged Nigerians to buy locally made goods.

Chema Triki, co-founder of Growth Teams, said more than 85 per cent of Nigeria's exports are crude oil and related products. She said the country has added only nine new export products since 2007.

The government has not said exactly how it will get inflation below 10 per cent, or what milestones it will track. The target will depend on prices continuing to cool, a stable exchange rate and slower food inflation.