Nigeria FG Unveils Strategy to Combat Inflation: Focus on Ways and Means

The federal government, represented by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has declared its commitment to employ strategic measures to address the issue of excessive liquidity in the system, aiming to mitigate inflationary pressures.

Edun made this announcement during a press briefing in Washington DC, following discussions with investors at the ongoing spring meetings of the International Monetary Fund (IMF) and the World Bank. Highlighting the administration's resolve under President Bola Ahmed Tinubu, Edun emphasized the intention to implement effective "Ways and Means" to alleviate the strain of surplus money in circulation.

He underscored the collaborative efforts between fiscal and monetary authorities to combat inflation, stabilize prices, and manage exchange rates, with a focus on reducing interest rates to encourage investment and stimulate economic growth.

Furthermore, Edun addressed the government's initiatives to address food security challenges, particularly in regions affected by insecurity, by facilitating farmers' access to their lands and establishing agro clusters in partnership with the African Development Bank (AfDB) to boost food production.

The meeting also saw the participation of key officials such as Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Zainab Ahmed, former Minister of Finance.