The Central Bank of Nigeria (CBN) has projected that the country’s economy will grow by 4.17% in 2025, showing signs of faster progress. Mr. Muhammad Abdullahi, Deputy Governor of the CBN’s Economic Policy Directorate, shared this positive outlook at the 11th National Economic Outlook event held in Lagos.
The event was organized by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates Ltd.
Abdullahi explained that reforms made by the government and stable oil prices are helping the economy recover. He said that Nigeria’s GDP growth is expected to increase from 3.36% in 2024 to 4.17% in 2025. Improvements in crude oil production and a more stable exchange rate will also contribute to this progress.
Inflation is expected to drop, with the target rate set at 15% in 2025. However, Abdullahi stressed that this will require close cooperation between the government, private businesses, and financial authorities to maintain stability.
The Central Bank plans to focus on keeping prices steady and boosting the financial sector. This includes supporting small and medium-sized businesses (SMEs) and industries critical to Nigeria’s development.
Abdullahi also highlighted that the government is working to reduce its reliance on oil by diversifying its income sources. Tax reforms are being introduced to improve revenue collection and create a more sustainable economy. While these changes may pose challenges in the short term, they are essential for building a stronger economy in the future.
“We have a great opportunity to innovate, invest, and grow sustainably. Nigeria’s natural resources and the government’s commitment to economic reform create the perfect foundation for progress,” Abdullahi said.
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria, echoed these sentiments. He noted that while 2024 has been challenging, there are opportunities for growth.
“This forum is a chance to identify risks, take advantage of opportunities, and plan for a stronger future,” Olanrewaju said. He praised the event for bringing together experts to share insights and strategies for economic success.
The event also featured contributions from industry leaders, including Dr. Kabir Katata of the Nigeria Deposit Insurance Corporation, Dr. Henrietta Onwuegbuzie from Lagos Business School, Akinsola Akeredolu-Ale of Lagos Commodities Exchange, Akeem Lawal from Interswitch, and Chinwe Uzoho of Network International.
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