Nigeria is betting on numerous fiscal and monetary interventions to check rising inflation and spur growth on the heels of soaring energy costs and the impact of global supply chain disruptions from the Russian – Ukraine war.

This was part of the recommendations of the monetary policy committee meeting of Nigeria’s central bank, which met on Tuesday and decided to retain the benchmark interest rate at 11.50%, the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 per cent, and retain and the Liquidity Ratio at 30 per cent.

Nigeria has pumped over 3 trillion naira into different sectors of the economy through several intervention programmes in an attempt to stimulate economic growth.

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