The inflation rate in Nigeria reached the highest values in Africa at 34.8% in December of the previous year and ranked fourth in the world in this indicator.
"The surge was driven by high food prices, elevated energy prices, and transportation costs amid rising security challenges, which contributed to the disruption of supply chains," read the 2025 Macroeconomic Outlook Report by the Nigerian Economic Summit Group, a non-profit, non-partisan, private-sector-led think tank.
Only Argentina, Palestine, and Turkey have higher monthly inflation rates.
High inflation has resulted in a decrease in GDP growth from 3.5% in 2020 to 3.2% at the end of 2024, which is insufficient to improve living standards or significantly reduce poverty, according to the report.
The government has set a target to achieve 4.4% GDP growth, which implies an 80% increase in the number of self-employed individuals and a 20% increase in those employed by others. This requires favorable economic conditions, including increased oil sales, the resumption of oil refining, and the expansion of agricultural production.