Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has reaffirmed the bank’s medium-term target of reducing inflation to single digits, while the Federal Government advances tax incentives to attract investment and create jobs.
Cardoso spoke on Wednesday on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.
He said inflation had fallen from about 34 to 35 per cent to approximately 15 per cent but remained a major burden on low-income households.
He stressed that the CBN would sustain its efforts to achieve further reductions, adding that an inflation-targeting framework would improve monetary policy transparency.
Nigeria’s headline inflation eased to 15.39 per cent in August 2026 from 15.43 per cent in July. The CBN’s September monetary policy decision retained the Monetary Policy Rate at 23 per cent as authorities continued efforts to contain price pressures.
On public borrowing, Patience Oniha, Director-General of the Debt Management Office (DMO), said the Federal Government’s fourth-quarter programme covered both debt refinancing and fresh borrowing.
She attributed increased issuance after the first two quarters to the passage of the budget, adding that planned borrowing was broadly comparable to the third quarter’s volume. The DMO would continue monitoring market demand and interest rates to guide its decisions.
READ ALSO: CBN Disowns Fake $46bn Grant Approval Letter
Finance Minister Taiwo Oyedele, meanwhile, highlighted the government’s Economic Development Incentive scheme, which offers qualifying businesses tax credits as an alternative to conventional tax holidays. He said companies must meet specified conditions to qualify, helping prevent abuse.
Oyedele also cited the contrast between an official unemployment rate of about five per cent and a poverty rate exceeding 50 per cent, stressing the need to create decent jobs.
He added that prospective investors could receive government assistance with the process of establishing businesses and factories in Nigeria.
The initiatives reflect the government’s efforts to attract private capital, expand production and improve employment prospects.
During talks with World Bank Group President Ajay Banga in Bangkok on October 12, Nigerian officials discussed sustaining economic reforms and mobilising investment.
The government reported that private capital inflows had risen from approximately $300 million in 2023 to nearly $6 billion in 2026.
The challenge remains translating economic reforms and investment into sustained price stability, stronger production and improved living standards.