Amidst rising inflation, the Central Bank of Nigeria (CBN) offers perspective on Nigeria's economic performance relative to other African nations.
Acting CBN Governor Folashodun Shonubi, speaking at the 2023 Zenith Bank International Trade Seminar, highlights how Nigeria fares in the face of global challenges.
Shonubi referenced specific inflation rates from around the world, underscoring the global nature of the issue.
"Now, when you come down to Africa and neighbouring Ghana, at the last count, inflation there is at 42.5%. We have it at 31% in Ethiopia and 36% in Egypt," he said.
He continued, "So, in our dear country, we are at 22.8%. When you hear these figures, it tells you that we’re not doing as badly, but all of this has also affected economic growth itself."
The CBN Governor went on to emphasise the broader context, including global challenges influencing inflation rates.
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"Today, the IMF has revised growth downwards from 3.5% to 3% this year and 3% next year. For Sub-Saharan Africa, they expect growth to moderate from 4.1% last year to 3.5% this year, but to return to just slightly over 4% next year. In Nigeria, they expect us to do 3.2% this year," he explained.
While the CBN's stance attempts to provide perspective on Nigeria's inflation situation, critics argue that the complex realities faced by Nigerian citizens cannot be brushed aside.
In his closing statement, Shonubi emphasized the importance of non-oil exports and stressed the need for Nigeria to accelerate the growth of its non-oil exports to GDP ratio for a more robust economy.