BREAKING: Nigeria’s GDP Projected To Grow By 4.17% In 2025, Says CBN Deputy Governor

The Central Bank of Nigeria (CBN) has projected a 4.17% growth in Nigeria’s Gross Domestic Product (GDP) for 2025, signaling a positive economic outlook for the country.

The projection, which marks an increase from the 3.36% recorded in 2024, was made by Muhammad Abdullahi, the deputy governor of CBN’s economic policy directorate, during the 11th edition of the ‘National Economic Outlook: Implications for Businesses in 2025’ forum in Lagos on Tuesday.

The event, organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Limited, explored the country’s economic forecast and its impact on businesses.

Abdullahi attributed the optimistic growth forecast to ongoing fiscal and monetary reforms, which are already beginning to yield positive results.

He also pointed to steady crude oil prices and improvements in domestic oil production as key drivers for the projected growth.

“The sustained implementation of government reforms is central to this positive trajectory, alongside a stable exchange rate, which is crucial for maintaining the momentum,” he said.

He further reiterated that achieving the targeted inflation rate of 15% in 2025 would require strong collaboration between monetary and fiscal authorities, as well as private sector involvement.

“Achieving the targeted inflation rate will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” Abdullahi said.

The CBN’s growth projection is notably higher than the 3.2% economic growth forecast made by the International Monetary Fund (IMF) for Nigeria.

Abdullahi also highlighted the government’s ongoing efforts to diversify the economy and reduce reliance on the volatile oil sector. “The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector,” he said.

He further noted that the administration’s tax reforms, aimed at broadening the tax base and improving collection efficiency, would establish a more sustainable fiscal environment in the long run.

“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the future,” he added.

“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth,” Abdullahi stressed, urging the private sector to remain focused on Nigeria’s abundant resources and the vast opportunities ahead.

In his address, Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), reflected on the mixed challenges and opportunities that marked 2024. Despite the economic pressures, he said, Nigeria’s GDP indicated a gradual recovery.

“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape,” Olanrewaju remarked.

He emphasised that the forum would help participants identify risks, harness opportunities, and strategise for the future.

Olanrewaju also commended the contributions of various industry experts, including Kabir Katata, Director of Research, Policy, and International Relations at the Nigeria Deposit Insurance Corporation (NDIC), and Henrietta Onwuegbuzie from the Lagos Business School.

Other notable attendees included Akinsola Akeredolu-Ale, CEO of Lagos Commodities and Fixtures Exchange; Akeem Lawal, Managing Director of Interswitch (Purepay); and Chinwe Uzoho, Regional Managing Director for West and Central Africa at Network International.