The Central Bank of Nigeria (CBN) expects the country’s economy to grow by 4.17 per cent, up from 3.36 per cent in 2024.
Muhammad Abdullahi, deputy governor of CBN’s economic policy directorate, shared this forecast on Tuesday at the ‘National Economic Outlook: Implications for Businesses in 2025’ conference in Lagos. The Chartered Institute of Bankers of Nigeria (CIBN) organised this hybrid event with B. Adedipe Associates Limited.
Abdullahi credited the optimistic outlook to ongoing government reforms, stable crude oil prices, and improved domestic oil production. He emphasised that a stable exchange rate would help maintain this positive trend, while current reforms should help lower inflation.
“We need effective teamwork between monetary and fiscal authorities, plus private sector involvement, to reach our 15 per cent inflation target in 2025,” Abdullahi said. He added that the CBN would prioritise price stability and strengthen financial support for small and medium enterprises. The CBN’s growth prediction exceeds the International Monetary Fund’s 3.2 per cent forecast.
Read Also: Banks seen to have stronger chances of meeting recapitalisation target
Abdullahi highlighted the government’s efforts to reduce dependence on oil revenue. “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,” he said. He urged businesses to adapt to these changes, noting they would create a stronger economy long-term.
CIBN President Pius Olanrewaju reflected on 2024’s mixed economic performance and called the 2025 outlook forum crucial for identifying risks and opportunities. The event drew industry leaders including Kabir Katata from the Nigeria Deposit Insurance Corporation, Henrietta Onwuegbuzie from Lagos Business School, and executives from various financial institutions.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
