Nigerian Minister addresses food inflation and economic reforms in London

The Minister of Finance and Coordinating Minister of the Economy spoke at Chatham House in London on October 22, 2026. He defended the government's removal of the petrol subsidy and the unification of the foreign exchange market. However, he acknowledged that food prices and the cost of living remain significant challenges for many Nigerians.

The Minister noted that while headline inflation may be falling, households are not experiencing relief due to high food inflation. He attributed this to low agricultural yields, inadequate storage, and post-harvest losses, citing that up to 60 percent of tomato output is lost after harvest.