Following the latest figures released by the National Bureau of Statistics (NBS), which show a rise in Nigeria’s food inflation rate, the International Monetary Fund (IMF) has called on the federal government to intensify efforts aimed at improving social welfare, strengthening food security, and advancing inclusive economic growth.
According to the NBS report for March 2025, food inflation in Nigeria climbed to 21.79 percent year-on-year. On a month-to-month basis, it rose by 0.50 percent to reach 2.18 percent, compared to the 1.67 percent recorded in February.
The report linked the increase to rising prices of commonly consumed items such as fresh ginger, garri (yellow), Ofada rice, natural honey, periwinkle, fresh pepper, crabs, potatoes, and plantain flour.
In addition, Nigeria’s general inflation rate jumped to 24.23 percent in March, up from 23.18 percent in February. Month-on-month inflation saw a significant rise as well, recording a 3.90 percent increase—1.85 percent higher than February’s 2.04 percent.
This surge in prices comes amid ongoing economic reforms, including the removal of petrol subsidies and the shift to a floating exchange rate by President Bola Tinubu’s administration and have led to a spike in the cost of living and a decline in purchasing power for many Nigerians.
Against this backdrop, IMF Managing Director Kristalina Georgieva met with Nigerian officials on the sidelines of the ongoing IMF and World Bank Spring Meetings in Washington, D.C.
In a closed-door session with key government figures including Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and Finance Minister and Coordinating Minister of the Economy, Wale Edun, Ms. Georgieva stressed the need for Nigeria to step up public investment in social programmes and food systems.
“Great meeting with Nigeria Minister Edun and Governor Cardoso,” Georgieva shared via her official X (formerly Twitter) handle. “I applauded the Nigerian government’s economic reform efforts.
We strongly agreed on the need to scale up social spending, continue efforts to improve food security and promote inclusive growth.”
She also reaffirmed the IMF’s commitment to supporting Nigeria’s economic transition, stating that the Fund would remain a partner in helping the country navigate its current challenges.
