Sustaining Nigeria’s Inflation Decline Requires Deeper Policy Overhaul–Economists

Socio-economic experts have outlined stronger measures the federal government should adopt to further curb inflation and achieve a sustainable single-digit regime.
The experts spoke in separate interviews in Lagos, weekend assessing recent inflation figures and policy options.
Among them were Prof. Tunde Adetoye of the University of Lagos and Mr Moses Igbrude, National Coordinator of the Independence Shareholders Association of Nigeria (ISAN).
Adetoye urged the federal government to fully implement year-round farming programmes to boost food supply and ease persistent food-driven inflationary pressures.
“This is where the government shifts from seasonal agricultural production to cultivating throughout the year, regardless of seasons,” he said.
He explained that sustained farming would ensure food self-sufficiency and significantly reduce inflation induced by supply shortages and import dependence.
According to him, prioritising agriculture would also provide affordable raw materials for manufacturers, reducing production costs and strengthening local value chains.
“This will reduce funds spent on imported raw materials and strengthen local supply,” Adetoye added, stressing the need for coordinated fiscal and tax reforms.
He maintained that effective implementation of the new tax law would stimulate manufacturing growth and further moderate inflationary pressures across sectors.
Igbrude similarly called for greater investment in agriculture, describing it as a sector where Nigeria enjoys clear comparative advantage.
“The government should inject more funds to promote mechanised agriculture and expand output nationwide,” he said.
He noted that increased food production would address hunger, stabilise prices and create employment across rural communities.
Igbrude also advocated stronger support for domestic manufacturing through improved infrastructure and reliable power supply.
“The government should invest more in reliable and affordable electricity to enable producers operate optimally,” he said.
He added that stable power would reduce operating costs, enhance productivity and incentivise local production over imports.
Meanwhile, the National Bureau of Statistics (NBS) confirmed that headline inflation eased to 15.10 per cent in January 2026 from 15.15 per cent in December 2025.
The figure is contained in the Consumer Price Index report released by the bureau on Monday.
The report showed the January rate declined by 0.05 percentage points compared with December 2025.
On a year-on-year basis, headline inflation was 12.51 percentage points lower than the 27.61 per cent recorded in January 2025.
The experts, however, warned that sustaining the downward trend would require structural reforms beyond temporary supply improvements and statistical base effects.