Nigeria’s inflation rate, currently at 23.18%, is likely to increase following the recent rise in petrol prices, according to economist Bismarck Rewane. Rewane, who is the Managing Director of Financial Derivatives Company Limited, shared his insights on the Channels Television Business Morning show on Tuesday.
“There might be an increase in the rate of inflation because of the rise in the price of petrol, but we haven’t yet seen the corresponding increase in transport fares,” Rewane said. He also pointed out that food commodity prices have gone up in recent days, and with the planting season approaching, further price hikes are expected.
Rewane also noted the growing uncertainties and fears of a recession due to tariffs imposed on imported goods by the Trump administration. According to the economist, the tariff war, initiated during Trump’s presidency, has significantly impacted the prices of gold and crude oil.
“The United States has disrupted things with its policy initiatives,” Rewane explained. “But I think the U.S. will reverse some of these decisions when they start impacting everyone. 2026 will be the mid-term elections, and I believe the U.S. will begin to retrace some of its steps.”
Despite these challenges, Rewane urged against panic, assuring that the volatility in the market would likely be short-lived.
