The Central Bank of Nigeria (CBN) has predicted a 4.17 percent Gross Domestic Product (GDP) for the country this year.
The CBN Deputy Governor, Economic Policy, Mr. Muhammad Abdullahi, disclosed this at the 11th edition of the National Economic Outlook: Implications for Businesses in 2025 on Tuesday in Lagos.
The Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies organized the hybrid event in collaboration with B. Adedipe Associates Limited.
Abdullahi said the country’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in an anticipated GDP rise from 3.36 percent 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.
He added 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.
Abdullahi said: “Achieving the targeted inflation rate of 15 percent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment.
“The government is making deliberate strides to diversify its revenue streams 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 for building a more resilient and diversified economy in the long run.
“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.”