The Central Bank of Nigeria Governor, Olayemi Cardoso, on Thursday, January 23, said the country’s Gross Domestic Product is expected to grow by 4.17 percent while inflation is expected to ease in 2025.
While Nigeria’s inflation currently stands at 34.80 percent, Cardoso is optimistic that it will decline as President Bola Tinubu’s reforms start to yield results.
He also said foreign exchange reserves rose gradually, driven by increased oil production. Oil output is forecast to reach 2.3 million barrels per day by mid-year, Cardoso said.
Cardoso pledged to take Nigeria’s foreign exchange reserves to more than $40 billion after recording a $6 billion FX inflow in 2024.
According to Cardoso, the central bank’s priority remained to maintain price stability and bolster market confidence. To this end, the bank aims to enhance transparency and efficiency within the foreign exchange market.
“With limited opportunities for FX arbitrage, we expect that there will be more appetite for real sector development,” he stated.