Nigeria’s Minister of Information and National Orientation, Mohammed Idris, announced that the country’s inflation rate has been reduced by half since 2023, citing recent official data as evidence of economic reforms taking effect.
Speaking at a World Press Conference in London on Sunday, Idris placed the statement in the context of President Bola Tinubu’s forthcoming state visit to the United Kingdom, an invitation from King Charles III. He stated that inflation, which stood at 15.06 percent in February 2026, has declined significantly from the 21.91 percent recorded in the same month of 2023, according to the National Bureau of Statistics.
The minister attributed this trend to key policy shifts initiated by the Tinubu administration, including the removal of the petrol subsidy and the unification of multiple foreign exchange windows. He noted that these measures, alongside executive orders aimed at the oil and gas sector, have contributed to Nigeria securing the top position as Africa’s most attractive destination for oil and gas investments for two consecutive years.
Idris highlighted broader economic improvements, pointing to an expanding trade surplus and fifteen consecutive months of growth in the Central Bank’s Purchasing Managers’ Index. This index signals renewed activity in Nigeria’s manufacturing and services sectors. He connected this momentum to the government’s ongoing infrastructure development and intensified efforts to address security challenges.
The minister reinforced Nigeria’s commitment to fostering a conducive environment for foreign investment, emphasizing policies that promote regulatory transparency, tax incentives, and the unrestricted repatriation of profits. He reaffirmed the importance of Nigeria’s long-standing partnership with the United Kingdom, expressing optimism for deeper collaboration.
President Tinubu’s state visit, commencing Tuesday, is expected to further strengthen bilateral ties and showcase Nigeria’s economic trajectory to international investors. The government’s narrative centres on the belief that difficult but necessary reforms are yielding tangible results, with declining inflation serving as a primary indicator of this shift. The visit will likely focus on trade, investment, and strategic partnerships as Nigeria seeks to consolidate its economic recovery.
