Nigeria 'cannot tire' in reforms drive amid tough economy

Nigeria's central bank is prepared to use "whatever tools at our disposal" to manage inflation, its central bank chief Olayemi Cardoso said on Tuesday.

He said the country "cannot tire" with its reform efforts.

President Bola Tinubu, who came to power a year ago, removed a decades-old petrol subsidy that kept prices artificially low and devalued the currency, sending inflation soaring to its highest level in nearly three decades, and eroding incomes.

The president said in June that economic reforms would continue despite increasing hardships that have fuelled public anger.

Food inflation

Inflation in Africa's most populous country rose in September for the first time in three months, reaching 32.70% in annual terms, spurred by food and energy costs.

Cardoso told the FT Africa Summit in London that while he expected headline inflation to moderate in the coming months, food inflation was "proving stickier".

Nigeria is grappling with the worst cost-of-living crisis in decades. The country recently witnessed nationwide protests against the high cost of living.

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