Nigeria’s CBN argues the nation outperforms African peers in economic performance amid rising inflation due to Russia-Ukraine conflict and global market shifts.
Acting CBN Governor Folashodun Shonubi discussed Nigeria’s performance in the face of global challenges, highlighting the global nature of inflation rates. He cited specific inflation rates from Africa and neighboring Ghana, with Nigeria at 22.8%. The IMF has revised growth downwards, with Sub-Saharan Africa expecting moderate growth. Shonubi emphasized the importance of non-oil exports and the need for Nigeria to accelerate growth in its non-oil exports to GDP ratio for a more robust economy.
