The Central Bank of Nigeria (CBN) has projected a 4.1% economic growth rate for 2025, alongside a significant reduction in inflation and increased foreign exchange inflows.
CBN Governor, Mr. Olayemi Cardoso, unveiled these projections during the launch of the Nigeria Economic Summit Group (NESG) 2025 Macroeconomic Outlook on Wednesday. Cardoso credited the growth outlook to ongoing economic reforms, stable crude oil prices, and improved domestic oil production.
According to Cardoso, foreign exchange reforms implemented in 2024 attracted $6 billion in foreign capital inflows, boosting investor confidence and strengthening Nigeria’s external reserves, now exceeding $40 billion.
Key Projections
GDP Growth: Expected to rise to 4.17% from 3.36% in 2024.
Inflation: Anticipated to decline as reforms take hold.
Oil Production: Projected to reach 2.3 million barrels per day by mid-2025.
External Reserves: Forecasted to grow steadily due to increased oil production and reduced reliance on imported petroleum products.
Cardoso highlighted the positive impact of the Dangote refinery and the revitalization of the Port Harcourt and Warri refineries on economic activity. He also announced plans to introduce a Foreign Exchange Code to enhance market transparency and efficiency.
The NESG recommended measures to achieve a 5.5% growth rate, while the World Bank urged the government to expand social intervention programs to cushion the impact of reforms on vulnerable Nigerians.
Cardoso emphasized that maintaining a stable exchange rate, improving investor confidence, and fostering collaboration between monetary and fiscal authorities are critical to sustaining this growth trajectory.