Nigeria’s headline inflation decelerated in February 2025 to 23.1%, data from the National Bureau of Statistics (NBS) showed.
The latest figures, down from 24.48% reported in January after rebasing efforts, suggest that recent efforts by the Central Bank of Nigeria (CBN) to reduce inflation may be working. NBS data showed food inflation hit 23.51% in February as people paid more for food, transportation, and energy.
“I expect to see a slight increase in inflation, going by the frenzy buying typically associated with the festivities and noting that food inflation is still very much on the high, due to the seasonal effect,” said Samuel Onyekanmi, an analyst at Norrenberger.
“Despite the rebasing, I don’t see us achieving a targeted 15% inflation rate in 2025 however, there could be a possibility in the coming years if 2025 serves as a test run for stability.”
While the CBN has implemented various measures to stabilise the foreign exchange market, leading to a recent strengthening of the naira, the Nigerian economy continues to adjust to the price shocks experienced since President Tinubu’s assumption of office. The current inflation figures suggest that these adjustments are still underway.
