January 15, (THEWILL) — The Nigerian Economic Summit Group (NESG) has projected that Nigeria’s inflation rate could fall to single-digit levels by 2029, contingent on the sustained implementation of key macroeconomic and structural reforms.
NESG noted that the outlook depends on improved monetary and fiscal policy coordination, stability in the foreign exchange market, and increased domestic production, especially in food and energy, which are major drivers of inflation. Nigeria’s inflation has remained elevated due to currency depreciation, fuel subsidy removal, high logistics costs, and persistent supply-side constraints.
While recent reforms, including exchange rate unification and tighter monetary policy, are seen as positive steps, NESG stressed that deeper structural changes are required. These include boosting agricultural productivity, improving security in food-producing areas, investing in infrastructure, and supporting local manufacturing to reduce import dependence.
The group warned that weak reform commitment or external shocks could delay the disinflation timeline. Achieving single-digit inflation would significantly improve investor confidence, lower borrowing costs, and support sustainable economic growth.
