Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has emphasized that the primary goal of the apex bank is to reduce the country’s inflation rate to single digits in the medium term.
Cardoso made this statement at the conclusion of the 2025 International Monetary Fund and World Bank Spring Meetings held in Washington, D.C. over the weekend.
He acknowledged that inflation poses a significant threat to the welfare of Nigerians, highlighting the urgent need to address it in order to stabilize household incomes and enhance the overall cost of living in the country.
“Inflation remains the most disruptive force against the economic welfare of Nigerians. Our focus is to bring it down to single digits over the medium term,” Cardoso stated.
This year’s delegation to the Monetary Fund included Minister of Finance Wale Edun, Cardoso, and other officials.
Nigeria’s inflation rate fell to 24.28 percent in March 2025, down from 23.18 percent.
During the 2025 budget presentation in December 2024, President Bola Ahmed Tinubu suggested a goal of reducing inflation to 15 percent.
However, economic expert Bismark Rewane has described Tinubu’s 15 percent inflation target for 2025 as unrealistic.
