- Information Minister Mohammed Idris said Nigeria’s inflation fell to 15.06% in February 2026 from 21.91% in 2023
- He credited the improvement to economic reforms including petrol subsidy removal and foreign exchange unification
- Idris also highlighted trade surplus growth and expanding business activity ahead of President Tinubu’s UK visit
Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has announced that the country’s inflation rate has reduced by nearly half since 2023, pointing to what he described as encouraging signs that recent economic reforms are beginning to yield tangible results.
The minister made the statement on Sunday in London during a World Press Conference held ahead of the official state visit of Nigeria’s President, Bola Tinubu, to the United Kingdom. The visit comes at the invitation of King Charles III and is expected to begin on Tuesday.
According to Idris, Nigeria’s inflation rate has fallen significantly to 15.06 per cent in February 2026, compared with 21.91 per cent recorded in the same period in 2023, citing figures from the National Bureau of Statistics. He noted that the decline reflects broader improvements across several areas of the Nigerian economy.
Speaking to international journalists, the minister attributed the progress largely to the economic reforms introduced by President Tinubu’s administration. Among the key policies highlighted were the removal of Nigeria’s long-standing petrol subsidy and the unification of the country’s multiple foreign exchange windows.
Idris also pointed to several presidential executive orders aimed at revitalising the oil and gas sector. He said these measures have helped position Nigeria as Africa’s most attractive destination for oil and gas investments for two consecutive years, signalling renewed confidence among international investors.
Beyond inflation figures, the minister emphasised additional economic indicators that suggest positive momentum. He noted that Nigeria’s trade surplus continues to expand, while the Purchasing Managers’ Index released by the Central Bank of Nigeria has recorded fifteen consecutive months of growth, reflecting improved activity in the country’s manufacturing and services sectors.
Idris further argued that Nigeria’s uninterrupted democratic governance since 1999 has strengthened the country’s global reputation and investor confidence. As Africa’s most populous nation, he said Nigeria remains a key economic hub on the continent.
The government, he added, is also making steady progress in infrastructure development while intensifying efforts to tackle security challenges in different parts of the country.
“We are seeing clear signs that our reforms are working,” Idris said. “Inflation has halved since 2023, trade surplus is growing, and business activity is expanding across key sectors of the economy.”
The minister reiterated that Nigeria remains open to responsible investors worldwide. He stressed that government policies promote regulatory transparency, tax incentives, and the full repatriation of profits, measures designed to encourage foreign direct investment.
Idris also reaffirmed Nigeria’s commitment to strengthening its long-standing bilateral relationship with the United Kingdom, describing the partnership as historically significant and strategically important.
“We deeply value our enduring partnership with the United Kingdom and look forward to deepening cooperation in the years ahead,” he said.
President Tinubu’s forthcoming visit to the UK is expected to focus on diplomatic relations, trade cooperation, and investment opportunities between the two countries.