Following the encouraging news of a drop in inflation to 22.97% in May 2025, the Nigerian Ministry of Finance and the Central Bank of Nigeria (CBN) held a crucial meeting in Abuja to forge a unified strategy for further economic improvement. The core objective of the meeting was to develop and implement policies that would not only sustain the downward trajectory of inflation but also accelerate its decline.
Key areas of discussion included:
- Inflation Control: Implementing measures to maintain and accelerate the decrease in the inflation rate, bringing it closer to the government’s target.
- Price Stabilization: Working to stabilize the prices of essential goods and services, ensuring affordability for citizens and reducing economic hardship.
- Investor Confidence: Implementing policies to boost investor confidence in the Nigerian economy, attracting both domestic and foreign investment.
- Private Sector Growth: Creating an enabling environment for private sector-led growth, recognizing the crucial role of businesses in driving economic development and job creation.
According to Mohammed Manga, spokesperson for the Ministry of Finance, this collaborative effort between the Ministry and the CBN underscores the government’s commitment to a coordinated approach to economic management. This partnership signifies a renewed focus on proactive and sustainable strategies aimed at fostering long-term economic growth and development for Nigeria. The government hopes that by working in unison, they can create a more stable and prosperous economic future for the nation.
