The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has pointed out that Nigeria’s inflation rate remains comparatively better than many African nations. Shonubi made this assertion during the 2023 Zenith Bank International Trade Seminar held in Lagos on Tuesday.

Discussing the seminar’s theme, “Nigerian Non-Oil Export Industry: The Present and The Future,” Shonubi expressed concerns about the relatively low growth rate of non-oil exports in proportion to the Gross Domestic Product (GDP).

Represented by Deputy Governor of the CBN, Kingsley Obiorah, Shonubi indicated that Nigeria’s inflation rate stands at 22.8%. He also noted that the International Monetary Fund (IMF) anticipated the country to experience a growth moderation of 3.2% in 2023.

Obiorah elaborated on these statistics, stating, “In comparison to neighboring Ghana, where inflation stands at 42.5%, and to Ethiopia and Egypt with rates of 31% and 36% respectively, Nigeria’s 22.8% suggests a relatively favorable position. However, these figures have still impacted economic growth. The IMF has revised growth projections downward from 3.5% to 3% for this year and the next.”

He explained that global factors like the conflict between Russia and Ukraine and the shift from goods to services have contributed to these trends. Obiorah also highlighted challenges in China, such as their zero COVID policy, power supply disruptions, and shifts in energy sources.

Moreover, Obiorah pointed out that the excessive investment in property services in China led to disruptions in the supply chain, causing a correction in the property market and affecting global trade.

Discussing Nigeria’s non-oil exports, Obiorah revealed that the country’s non-oil exports to GDP ratio remained at 1.2% between 2012 and 2022, indicating a mere 0.4% growth over the decade. He emphasized the need for accelerated growth in this sector, highlighting the stronger performance of smaller countries with smaller land sizes.

Using the examples of the Netherlands and Ireland, he illustrated how countries with limited land areas had achieved higher non-oil export ratios to GDP, suggesting that Nigeria could learn from their success.

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