Shonubi noted that a number of reasons contributed to the rise in global inflation when he made this statement on Tuesday at the 2023 Zenith Bank International Trade Seminar in Lagos.
The acting CBN governor voiced worry over the low growth rate in the ratio of non-oil exports to gross domestic product while speaking on the topic of “Nigeria’s Non-Oil Export Industry. The Present, The Future.”
The Deputy Governor for Economic Policy, Kingsley Obiorah, spoke on behalf of Shonubi, who stated that Nigeria’s inflation rate was 22.8% and that the International Monetary Fund (IMF) anticipated a growth moderation of 3.2% for the nation in 2023.
“In Nigeria, we are at 22.8%,” he claimed. Although it indicates that we are not doing terribly, all of this has also had an impact on economic growth. The IMF has now reduced growth for this year and next year from 3.5% to 3%. Now, if you travel to Africa and the neighboring country of Ghana, you’ll find that inflation there is 42.5%, 31%, and 36%.