Presidency Says Inflation in Nigeria Headed for Single Digits Following Recent Downturn

The Presidency has stated that inflation in Nigeria is on a path to drop into single digits, following recent data showing sustained declines. This assurance came through Dr. Tope Fasua, the Special Adviser to the President on Economic Matters.


According to figures from the National Bureau of Statistics (NBS), headline inflation fell to 20.12% in August 2025 from 21.88% in July. On a month-to-month basis, inflation rose by 0.74%, and food inflation by 1.65%, but year-on-year inflation has dropped by over 12 percentage points from the 32.15% recorded in August 2024.


Dr. Fasua said that food prices are starting to stabilise, helping to ease price pressures overall, and that improvements in exchange rate stability and global oil revenues are also contributing to the downward trend. He acknowledged that inflation is still high, but emphasised that the current rate reflects necessary adjustments and that the “rebasing” of statistics by NBS gives a clearer picture of economic performance.


While there is no precise date given for when inflation will hit single digits, the Presidency’s forecast is based on continued improvements in macroeconomic policy, commodity supply, and currency stability.

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