Inflation Rate: Nigeria doing better than other African countries – CBN

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The acting Governor of CBN, Folashodun Shonubi says that the nation’s inflation rate is better compared to most African nations.

Speaking at an event in Lagos on Tuesday, August 8, Shonubi said that there were several factors contributing to the global inflation rise.

Shonubi, who was represented by the Deputy Governor, Economic Policy, Kingsley Obiorah, explained that Nigeria’s inflation rate stood at 22.8 % adding that the International Monetary Fund (IMF) expected the country to have a growth moderation of 3.2% in 2023.

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“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.

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.


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