Economist Bismarck Rewane warns that Nigeria’s inflation rate, currently at 23.18%, may rise due to the recent petrol price hike. He also highlighted concerns about the impact of U.S. tariff policies on global markets. Rewane suggested that the volatility is short-term, but food and commodity prices will remain under pressure.
Bismarck Rewane, a renowned Nigerian economist, has warned that Nigeria’s inflation rate, currently at 23.18%, could rise further following the recent petrol price hike. During an appearance on Channels Television’s Business Morning on April 8, 2025, Rewane explained that although transport fares have not yet mirrored the petrol price increase, food commodity prices have already seen a noticeable rise. Additionally, he noted that with the planting season underway, the prices of agricultural goods may continue to escalate.
Rewane attributed some of the rising inflation to global economic uncertainties, particularly stemming from the ongoing tariff disputes between the United States and other countries. He highlighted that the trade war, initiated by former President Donald Trump, has disrupted global markets, impacting the prices of commodities like crude oil and gold.
The economist also hinted at a potential shift in U.S. policy, predicting that President Trump’s tariff measures may be revisited as the 2026 U.S. mid-term elections approach. Rewane suggested that the reversal of these policies could help stabilize the global economy in the long term. Despite these challenges, he reassured Nigerians that the current volatility is expected to be short-lived and should not lead to long-term economic panic.
As the country braces for these changes, many Nigerians are concerned about how these economic shifts will affect their daily lives, especially with the persistent rise in essential goods.
