Inflation Decreasing, Economy Moving In Right Direction -Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that Nigeria's economy is showing significant growth, which could lead to a decrease in the high inflation rate in the country in the coming months.

 Edun spoke during an appearance on Channels Television's Politics Today on Sunday. 
According to the National Bureau of Statistics, Nigeria's inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February. 
The NBS also reported a surge in food inflation to 40.01 per cent for the same period.
But the minister said on Sunday that the situation was under control, noting that the reforms and economic policies of President Bola Tinubu were gradually paying off.
He stated that the President had achieved a certain level of growth and stability in his first year in office. 
Edun said the necessary consequences of the actions taken included higher interest rates to combat inflation and attract foreign currencies, which proved to be successful. 
He said that in terms of inflation, it is on a downward trend and is expected to continue decreasing in the coming months.
He further said that the economy is indeed expanding, stressing that it is uncommon for authorities, especially the monetary authority, to aim to reduce inflation and prices while also striving to maintain economic growth simultaneously.
Edun stated: "In comparison to the first quarter of last year, the growth has increased by nearly three per cent annually above population growth, as opposed to the two per cent achieved at this time last year. 
"This indicates that the economy is moving in the right direction, and it is important to continue on this path. In order to do so, assistance and improvement should be provided across all sectors.
"I have previously mentioned the support needed for farmers and consumers, as well as for small and medium-sized businesses. Additionally, by Monday (today), a plan to stabilize the economy, addressing issues affecting large businesses and industries, will be presented to the President for consideration. 
"This will enable them to stabilize, resume investments, create jobs, and contribute to economic growth."