The Central Bank of Nigeria (CBN) has reaffirmed its commitment to reducing inflation to single-digit levels, while the Federal Government is offering new tax incentives to attract investment and stimulate economic growth.
CBN Governor Olayemi Cardoso restated the target on Wednesday during an engagement with investors on the sidelines of the 2026 World Bank and International Monetary Fund meetings in Bangkok, Thailand.
Cardoso said inflation had dropped from about 34 to 35 per cent to approximately 15 per cent, describing the decline as significant but insufficient.
He explained that the bank remained determined to bring inflation down further, noting that rising prices continued to place a heavy burden on low-income households by reducing their purchasing power.
According to him, the CBN’s medium-term objective is to achieve single-digit inflation as Nigeria adopts an inflation-targeting framework intended to make monetary policy more transparent and predictable.
Meanwhile, Finance Minister Taiwo Oyedele said the Federal Government was introducing incentives designed to encourage businesses to invest, create jobs and expand economic activity.
Oyedele explained that the government’s Economic Development Incentive scheme offers tax credits rather than conventional tax holidays. Under the arrangement, businesses must meet specified requirements to qualify for the benefits.
He stressed that the government wanted to attract investments that would generate decent jobs and improve living standards, rather than focus solely on increasing employment figures.
The minister also disclosed that the government had prepared an investment platform showcasing opportunities across sectors, with officials available to guide prospective investors through the process of establishing businesses in Nigeria.
Also speaking at the engagement, Debt Management Office Director-General Patience Oniha explained that the government’s fourth-quarter borrowing plans combined refinancing of existing obligations with new borrowing. She said the office would continue monitoring interest rates and market demand when making decisions.
The discussions highlight the Federal Government’s efforts to combine monetary and fiscal policies to control inflation, improve the business environment and attract long-term investment.
However, achieving the single-digit inflation target will depend on sustained progress in reducing price pressures and ensuring that economic reforms translate into tangible benefits for Nigerians.
