Headline
Nigeria’s Inflation Rate Will Drop To 21% In 2024, Says Cardoso
Amid the rising prices of foodstuff and other commodities in the market, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured Nigerians that the nation’s inflation rate will drop.
Nigeria’s inflation has been on the rise for 11 consecutive months, reaching its peak in December 2023, according to the National Bureau of Statistics (NBS).
The annual inflation rate rose to 28.92 per cent in December from 28.20 per cent in November. The headline inflation rate showed an increase of 0.72 per cent points when compared to the November 2023 headline inflation rate.
But briefing lawmakers at the sectoral debate on the economy before the House of Representatives, the CBN governor specifically said inflation will reduce to 21%.
Giving an outlook for 2024, he said: “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”
Cardoso is one of the top government officials who was summoned by the lower chamber over the state of the economy as well as the free fall of the naira recently.
Others quizzed were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and National Planning, Abubakar Bagudu and the Executive Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji.
Cardoso explained that the apex bank has unveiled measures to address the persistent decline in the value of the naira.
According to him, the economy must earn through export to boost the naira He said the CBN plans to instill Confidence through stability in consumer prices and the foreign exchange market.
He believes that the policy measures of the bank are expected to impact positively on inflation.
Tinubu, represented by Vice President Senator Kashim Shettima at a formal reception in Uyo on Saturday, welcomed the governor and his supporters to the ruling party.
He pledged that Governor Eno would not be abandoned and would have no regrets about joining the APC.
According to Shettima, “The strength of any political party comes not from division, but from unity of purpose. We are here today because we understand that enduring power lies in standing together, not in isolation or internal strife.”
He emphasized that the APC is a party of the people, saying, “We believe in building bridges, not walls; in mending fences, not erecting new ones. Above all, we know that the strength of a political party lies in its people — the people are the party.”
Speaking directly to Governor Eno, Shettima added: “President Tinubu is a bridge-builder and a democrat. Your decision to join the APC is one you will never regret. You will not be humiliated or forsaken. You are home.”
Speaking through Ghana’s Finance Minister at the West Africa Economic Summit (WAES) in Abuja on Saturday, President Mahama warned that economic integration and trade cannot thrive in an atmosphere of political instability.
“Trade cannot flourish where democracy is in retreat. Investment does not land where governance is broken.
“The recent wave of instability and military takeovers in our region is not just a security concern—it is an economic emergency. We must defend democracy as a prerequisite for prosperity.
“Let West African leaders recommit to constitutional order—not as an abstract ideal, but as a practical requirement for growth. We cannot unlock trade while our region is locked in conflict,” Mahama was quoted as saying.
In January 2025, ECOWAS formally acknowledged the withdrawal of Niger, Mali, and Burkina Faso—now members of the Alliance of Sahel States—following tensions rooted in the 2023 Niger coup.
To this end, Mahama called for the creation of an ECOWAS Charter on Democratic Stability and Economic Development, linking good governance with access to regional investment support.
The president urged leaders to recommit to constitutional order as a practical foundation for development, rather than merely a political ideal.
Akpabio said this on Saturday at the Godswill Akpabio International Stadium, Uyo, the Akwa Ibom capital, during the official reception of Umo Eno to the APC.
“Governor Sheriff of Delta State thank you for joining the progressive family and moving the South South in a progressive direction.
“Governor Umo Eno, after you, Rivers State will just tumble, after Rivers State, Bayelsa will join.
“We won election with Governor Otu in Edo State and we produced an amiable Monday Okpebholo, congratulations once again for your victory.”
In April, Eno had hinted at leaving the Peoples Democratic Party, PDP, for APC.
The governor had blamed the internal crisis within the PDP for his decision to leave the party for APC.
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