Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has stated that the country’s inflation rate has reduced by half since 2023.
He made the remark on Sunday in London during a World Press Conference held ahead of President Bola Tinubu’s official state visit to the United Kingdom at the invitation of King Charles III.
Idris explained that the decline in inflation—which stood at 15.06 percent in February—along with other positive economic indicators, suggests that the reforms introduced by President Tinubu are beginning to produce results.
The minister noted that the removal of the petrol subsidy and the unification of multiple foreign exchange windows, coupled with several presidential executive orders targeting the oil and gas sector, have positioned Nigeria as Africa’s most attractive destination for oil and gas investments for two consecutive years.
He further said Nigeria’s uninterrupted democratic governance since 1999 has strengthened global confidence in the country, which is Africa’s most populous nation.
According to him, the government is also making progress in developing infrastructure while intensifying efforts to address insecurity.
“Inflation has halved since 2023, the trade surplus is expanding, and the Central Bank’s Purchasing Managers’ Index has recorded fifteen consecutive months of growth, reflecting renewed momentum in Nigeria’s manufacturing and services sectors,” he said.
Idris also reiterated Nigeria’s willingness to welcome responsible investors from across the world, stressing that government policies encourage regulatory transparency, tax incentives, and the full repatriation of profits.
“We deeply value our long-standing partnership with the United Kingdom and look forward to strengthening collaboration in the years ahead,” the minister added.
DAILY POST reports that President Tinubu is scheduled to commence a state visit to the UK from Tuesday following an invitation from King Charles III.
Data from the National Bureau of Statistics shows that Nigeria’s inflation rate fell to 15.06 percent in February 2026, down from 21.91 percent recorded in the same period in 2023.
Nigeria’s inflation rate has dropped by half since 2023 — Information Minister, Idris
