By Anastasia John E.
The Central Bank of Nigeria (CBN) is optimistic about the country’s economic prospects in 2025, projecting a growth rate of 4.17%, a significant increase from the estimated 3.36% in 2024.
Muhammad Abdullahi, Deputy Governor of the CBN’s Economic Policy Directorate, revealed this forecast at the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos. Organized by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates Limited, the event brought together industry leaders to discuss the economic landscape.
Abdullahi attributed the positive outlook to several factors, including ongoing government reforms, stable crude oil prices, and improved domestic oil production. He emphasized that maintaining a stable exchange rate is crucial for sustaining this growth trajectory and that current reforms are expected to contribute to 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 stated. He further emphasized the CBN’s commitment to price stability and its continued support for small and medium enterprises (SMEs).
The CBN’s growth prediction surpasses the International Monetary Fund’s forecast of 3.2% for 2025.
Abdullahi highlighted the government’s proactive steps to reduce reliance 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 explained. He urged businesses to adapt to these changes, emphasizing that they will contribute to a stronger and more resilient economy in the long term.
CIBN President Pius Olanrewaju acknowledged the mixed economic performance of 2024 and emphasized the importance of this forum in identifying potential risks and opportunities for the year ahead. The event witnessed participation from prominent figures in the financial sector, including Kabir Katata from the Nigeria Deposit Insurance Corporation, Henrietta Onwuegbuzie from Lagos Business School, and executives from various financial institutions.
