Central Bank of Nigeria Projects GDP Growth at 4.17% for 2025
Nigeria: The Central Bank of Nigeria (CBN) has forecasted a GDP growth rate of 4.17% in 2025, signaling faster economic growth compared to the 3.36% recorded in 2024. According to Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate at CBN, this optimistic outlook is attributed to stable crude oil prices, improvements in domestic oil production, and the sustained implementation of fiscal and monetary reforms. Speaking at the National Economic Outlook event in Lagos, Abdullahi emphasized the importance of exchange rate stability and economic reforms in achieving a projected inflation rate of 15% for 2025.
Abdullahi highlighted the critical role of government reforms in diversifying Nigeria's revenue base and reducing reliance on the oil sector. Tax reforms aimed at broadening the tax base and improving collection efficiency are expected to establish a more sustainable fiscal environment. Despite the potential short-term challenges, experts view these measures as crucial for constructing a resilient and diversified economy. Experts at the event also stressed the need for collaboration between the public and private sectors to address risks, harness opportunities, and support economic recovery.
Source: Zawya