The Central Bank of Nigeria has said the country’s inflation rate is better compared to most African nations.
The acting Governor of the CBN, Folashodun Shonubi, stated this on Tuesday at the 2023 Zenith Bank International Trade Seminar.
Shonubi, who was represented by the Deputy Governor, Economic Policy at the CBN, Kingsley Obiorah, said there were several contributing factors to the global inflation rise.
Obiorah, while shedding light on the theme, ‘Nigerian Non-Oil Export Industry. The Present, The Future,’ held at the Civic Centre, Victoria Island, Lagos; lamented the low growth rate in non-oil exports to Gross Domestic Product ratio.
Obiorah said Nigeria’s inflation rate stood at 22.8 per cent, adding that the International Monetary Fund expected the country to have a growth moderation of 3.2 per cent in 2023.
“Now, when you come down to Africa and neighbouring Ghana, At the last count inflation there is at 42.5 per cent. We have it at 31…