The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth. Muhammad Abdullahi, deputy governor, Economic Policy Directorate at CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025. The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd. Mr Abdullahi said the nation’s 2025 economic projections remained optimistic, with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024. According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Mr Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms. “Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said. The keynote speaker said the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive. Mr Abdullahi noted that the nation’s evolving policy landscape presented challenges and opportunities for businesses to thrive. “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,” Mr Abdullahi stated.
He said that the reforms resulted in short-term challenges but were essential for a more resilient and diversified economy. “As businesses, it is crucial 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 vast opportunities before us. Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Mr Abdullahi said.
Similarly, Pius Olanrewaju, the president and chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented challenges and opportunities. He noted that the GDP signalled gradual recovery amidst global and domestic pressures. “As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape. This forum will help us identify the risks, harness the opportunities, and strategies for the future,” Mr Olarenwaju noted. He commended the collaboration of experts at the annual event, which included Kabir Katata, Director of Research, Policy and International Relations, Nigeria Deposit Insurance Corporation, and Henrietta Onwuegbuzie of the Lagos Business School. Others were Akinsola Akeredolu-Ale, the CEO of the Lagos Commodities and Fixtures Exchange; Akeem Lawal, managing director, Interswitch (Pure pay); and Chinwe Uzoho, regional managing director, West and Central Africa Network International. NAN
CBN project 4.17% GDP growth for Nigeria in 2025
