Nigeria’s central bank has today announced its first rate cut since 2020 from 27.5% to 27% on the back of easing – if still biting – inflation.<\/p>\n
Inflation has calmed in the west African economic giant five months in a row, though at 20.1% year-on-year in August, price increases are still a major concern for millions grinding through the worst cost-of-living crisis in a generation.<\/p>\n
The cut in the Central Bank of Nigeria’s key lending rate is welcome news for the government.<\/p>\n
President Bola Tinubu has embarked on a raft of reforms including liberalising the naira exchange rate and ending costly fuel subsidies.<\/p>\n
Economists consider the reforms long overdue, and data released yesterday showed 4.2% GDP growth year-on-year for the second quarter of 2025, up from 3.1%in the first quarter.<\/p>\n
But the country has been battling crushing inflation.<\/p>\n
Tinubu hopes to attract international investment to Africa’s fourth-largest economy.<\/p>\n
Oil production has increased as authorities crack down on theft and pipeline vandalism, while the government has promised that tax reform laws passed earlier this year will increase revenues.<\/p>\n
But state governments have been slow to implement promised minimum wage increases meant to offset inflation, while those in the informal sector fall outside such protections entirely.<\/p>\n
Millions live in poverty in Nigeria, where corruption is endemic and successive governments have been accused of squandering the country’s vast oil wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"Nigeria’s central bank has today announced its first rate cut since 2020 from 27.5% to 27% on the…\n","protected":false},"author":2,"featured_media":39688,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-39687","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/39687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=39687"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/39687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/39688"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=39687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=39687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=39687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}