CBN Projects 4.17% GDP Growth for Nigeria in 2025
The Central Bank of Nigeria (CBN) has forecasted a 4.17% GDP growth for 2025, signaling optimism for faster economic expansion. This projection was announced by Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate, during the 11th National Economic Outlook event organized by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates Ltd.
Abdullahi noted that the anticipated growth builds on the 3.36% GDP recorded in 2024, driven by ongoing fiscal and monetary reforms, stable crude oil prices, and increased domestic oil production. The stability of the exchange rate and a targeted inflation rate of 15% are also expected to contribute to the positive trajectory.
He emphasized that collaboration between monetary and fiscal authorities, alongside private sector involvement, is critical to achieving economic stability. The CBN plans to prioritize price stability and strengthen the financial sector to support small and medium enterprises (SMEs) and key industries.
The deputy governor highlighted Nigeria’s efforts to diversify revenue streams and reduce reliance on the oil sector through tax reforms aimed at broadening the tax base and improving collection efficiency. While acknowledging short-term challenges, he stressed the importance of these reforms for building a resilient and diversified economy.
“Nigeria’s abundant resources and the government’s commitment to economic reform provide fertile ground for innovation, investment, and sustainable growth,” Abdullahi stated.
Prof. Pius Olanrewaju, President of CIBN, also shared insights on the gradual economic recovery seen in 2024 despite global and domestic pressures. He encouraged stakeholders to use the forum to identify risks, seize opportunities, and strategize for 2025.
The event brought together key financial experts, including Dr. Kabir Katata from the Nigeria Deposit Insurance Corporation, Dr. Henrietta Onwuegbuzie of Lagos Business School, and Akinsola Akeredolu-Ale, CEO of Lagos Commodities and Fixtures Exchange, among others.
