In the current economic climate, Nigeria has found herself grappling with high inflation rates from year to year. But a glance back at historical data shows that this has not always been the case. Since gaining independence in 1960, Nigeria’s annual inflation rate has ridden the waves of change, which has reflected a dynamic narrative of economic shifts. Let us now see, aided by key data points, the story of Nigeria’s inflation journey over the decades.

What Was Nigeria’s Inflation Rate During Independence?

As stated earlier, Nigeria gained independence in 1960, and at the time, the annual headline inflation rate stood at 5.44%. This marked the first point for tracking inflation in the country and set the baseline for economic analysis and policymaking.

What Was Nigeria’s Lowest Headline Inflation Rate?

The Nigerian civil war, which occurred from 1967 to 1970, left a profound impact on the country’s economy. During the war, the country’s annual headline inflation rate reached its lowest point, falling to -3.73% for the first time in history.

What Was Nigeria’s Highest-Ever Inflation Rate?

In 1995, under the military regime of General Sani Abacha, Nigeria experienced its highest-ever inflation rate, reaching a staggering 72.84%. This time in history was ridden with economic instability, largely attributed to political uncertainties, military rule, and external pressures, all contributing to the sharp rise in inflation. The consequences of this high inflation rate were felt by the citizens through an increase in the prices of goods and services.

What is the Average Annual Headline Inflation Rate in Nigeria?

Since gaining independence until today, Nigeria’s annual inflation rate has averaged a 15.9% score. This figure takes into account, all periods of economic growth and decline.

Where Does this Data Come From?

All data cited in this report were sourced from the Central Bank of Nigeria via https://www.cbn.gov.ng/rates/inflrates.asp