By Stephen Simon
The Federal Government has unveiled a three-phase economic strategy aimed at reducing Nigeria’s inflation rate to single digits by December 2027, amid concerns over rising living costs and persistent pressure on households.
The plan, presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to the Federal Executive Council on October 28, prioritises food supply, agricultural financing, energy price stability and fiscal discipline.
Under the first phase, covering November 2026 to April 2027, the government intends to address smuggling, illegal levies, food storage challenges and insecurity along major agricultural corridors.
The strategy also includes targeted rice imports, with a proposed price ceiling of N55,000 per bag.
The second phase, scheduled for May to December 2027, will focus on dry-season farming, irrigation, improved agricultural yields, rural roads and increased housing supply.
The government is targeting headline inflation below 10 per cent by December 2027, while the long-term objective is to sustain inflation between three and five per cent from 2028.
However, economists have warned that election-related spending, energy price shocks, insecurity and poor implementation could undermine the ambitious targets.
Nigeria’s headline inflation stood at 14.63 per cent in September 2026, while food inflation remained considerably higher at 19.59 per cent.
