Inflation to fall to single-digits in mid-2018, says Emefiele

The Central Bank Governor, Godwin Emefiele, said he expects the inflation rates to fall at a faster pace and hit high single-digit rates by mid 2018, forecasting an improving economy after years of recession.

“We are very optimistic that food prices will come down, and as they come down it will help to complement the reduction in core inflation,” Emefiele  said on the sidelines of an investment conference at the London Stock Exchange.

Emefiele, who is credited with the phenomenal growth of the Nigerian economy within the last two years, said he expected a “more aggressive moderation.”

“We are hoping that by the middle of next year we should begin to approach the high single digits,” he said. Around 9 percent would be a good target, he said.

Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent.

“We are beginning to get it right, and all I want to do is to continue to enforce what we are doing, and we will not want to take any action that …will upset any gains that we have seen so far, he said.