Stakeholders have raised concerns over Nigeria’s economic growth, citing inflation and poor power sector reforms as major impediments.
Speaking at the Nigeria Economic Outlook 2025, organised by the Igbobi College Old Boys’ Association (ICOBA) in Victoria Island, Lagos, Dr Doyin Salami, a senior lecturer at Lagos Business School, lamented that the economy had yet to recover from the naira devaluation era.
Salami highlighted the country’s power deficit, stating that Nigeria’s basic power generation should be one gigawatt per one million people. However, the nation currently produces less than six gigawatts.
“As long as it’s the same, this economy is going nowhere fast. We have to decide on what the government should fund and what the private sector should handle,” Salami said.
He stressed that inflation, currently at 15 per cent, was detrimental to the economy. “There are only two ways to bring down inflation: increase supply or reduce demand. Most countries trim down demand first, hoping that a supply push will stimulate recovery,” he explained.
Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, noted that Nigeria’s fintech sector remained a driving force in the economy. “Nigeria is home to one of the world’s fastest-growing fintech ecosystems. AI lending and mobile technology are thriving, and financial inclusion is improving,” she said.
ICOBA President, Femi Olubanwo, expressed cautious optimism about the economy’s future. “The picture does not look good, but Nigerians’ resilience will prevail. We will come out on top,” he said.
The event, sponsored by AO & FA Consulting and Phillip Consulting, featured discussions on tax reform, banking, and the telecommunications sector, highlighting key challenges and opportunities for 2025.
