Nigeria’s Finance Minister Announces Inflation Slowdown, Citing Recent Market Trends

By: Vincent Amadi

Wale Edun, the minister of finance and coordinating minister of the economy has guaranteed Nigerians that food costs will start to decline and accessibility of food will increase as inflation slows.
Edun who appeared as a guest on Channels TV on Sunday said the country is on the right economic path, adding that the government is doubling efforts to increase rural production to ease persistently high inflation.
“Agricultural output is up to bring down inflation. Inflation is abating month on month. Food costs will come down; food accessibility will increase,” the fund minister said.

The minister’s comments follow the 16th consecutive increase in the country’s headline inflation which came to a 28-year tall of 33.69 percent in April, piling weight on the spending control of income workers.
Whereas the inflation rate expanded by 11.47 rate focuses year-on-year compared to 22.22 percent it stood final April, it decelerated month-on-month by 0.73 percent.
“On a month-on-month premise, the feature expansion rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).

“This implies that within the month of April 2024, the rate of increment within the average cost level is less than the rate of increment within the average cost level in Walk 2024,” the National Bureau of Statistics said.
Nigeria’s food inflation which accounts for about 50 percent of the consumer cost record also skyrocketed to 40.53 percent, driving a recharged rising food costs throwing many into starvation.
Edun however noted that in redoing the economy, the government has set out certain measures to guarantee relative stability and progress in the living conditions of the individuals.
The coordinating minister of the economy said the macroeconomic approaches of the government had spiked inflationary pressures but guaranteed it’s being tended to.

“Provision of food, cheaper transport and creation of employments are being centered on,” he said.
“It does take time for positive results to be felt, but we’re working on progressing the citizen’s acquiring power,” he included.

Meanwhile, Uchenna Uzo, professor of marketing and faculty director at Lagos Business School said inflation may decline but not to as low as 21 percent projected by the Central Bank of Nigeria.
Uzo noted that as inflation continues to rise, there has been no increment within the minimum wage nor within the genuine incomes of consumers.

“So we are getting to a situation where there would be a more honed drop-in request for items and services which would force businesses to reexamine their prices.
“We will see a drop in the country’s inflation but it’s aiming to be a mellow and moderate drop,” the professor said.