The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the country's GDP expected to accelerate to 4.17 percent to achieve faster economic growth.
According to the News Agency of Nigeria (NAN), Muhammad Abdullahi, Deputy Governor of the CBN Directorate of Economic Policy, revealed this on Tuesday during the 11th edition of National Economic Outlook: Implications for Business in 2025.
The hybrid event, convened in Lagos, was organized by the Center for Financial Studies of the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the country's economic projections for 2025 remain optimistic and fiscal and monetary reforms are already bearing fruit, resulting in a projected increase in GDP from 3.36 percent recorded in 2024.
According to him, growth is based on the sustained implementation of government reforms, stable crude oil prices and improvements in domestic oil production.
Abdullahi also stated that exchange rate stability would play a crucial role in maintaining the positive trajectory, with the inflation rate expected to decline due to the impact of economic reforms.
“Achieving the target inflation rate of 15 percent in 2025 will require effective collaboration between monetary and fiscal authorities, along with private sector participation for a stable economic environment,” he said.
The keynote speaker said the apex bank would prioritize price stability and strengthen the financial sector to support SMEs and sectors critical for businesses to thrive.
Abdullahi noted that the country's changing political landscape presented both challenges and opportunities for businesses to thrive.
“The government is taking deliberate steps to diversify its revenue sources and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential to building a more resilient and diversified economy in the long term.
“As businesses, it is critical to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the enormous opportunities before us.
“Nigeria's abundant resources, coupled with the current administration's commitment to economic reform, provide fertile ground for innovation, investment and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that GDP indicated a gradual recovery amid global and domestic pressures.
“As we approach the year 2025, we are presented with both the opportunity and the responsibility to critically examine the economic landscape.
“This forum will help us identify risks, seize opportunities and strategize for the future,” Olarenwaju said.
He praised the collaboration of experts at the annual event, which included Dr. Kabir Katata, Director of Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr. Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO of the Lagos Commodities and Accessories Exchange; Mr. Akeem Lawal, CEO of Interswitch (pure salary); and Chinwe Uzoho, regional director general of the International Network of West and Central Africa.