The Central Bank of Nigeria (CBN) has projected a notable reduction in the country’s inflation rate for 2026, forecasting it to decline to 12.94 percent. This expected moderation is attributed to easing prices in both food and petrol, according to the apex bank’s latest 2026 Macroeconomic Outlook, released on Wednesday.
Africa’s largest economy is also anticipated to record a growth rate of 4.49 percent next year, driven by ongoing economic reforms and improved macroeconomic conditions. The CBN highlighted that structural reforms, higher productivity in key sectors, and a gradual loosening of tight monetary policies are central to this growth.
The report emphasized that consistent policy implementation, combined with stronger performance in agriculture, energy, and manufacturing, would enhance overall economic output while alleviating inflationary pressures. “Headline inflation is projected to moderate to an estimated average of 12.94 per cent in 2026, driven primarily by declining food prices and lower costs of premium motor spirit,” the CBN noted.
Fuel sector developments also support this forecast. Recent price reductions in petrol, following Dangote Refinery’s cut in gantry prices, have sparked competition among fuel marketers, causing prices to range between ₦739 and ₦910 per litre across the country.
Food price trends further reinforce the outlook. The National Bureau of Statistics (NBS) reported in November 2025 that food inflation had fallen to 11.08 percent, reflecting improved supply and market stability.
The CBN expressed optimism that the combined impact of lower food and fuel prices would stabilize consumer costs, enhance purchasing power, and improve living standards as Nigeria enters 2026.
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