First Bank of Nigeria Ltd. has projected steady economic growth for the nation in 2025.
The bank said that this projection is due to the bold economic reforms implemented in 2024, including the removal of fuel subsidies.
Mr Olusegun Alebiosu, Chief Executive Officer (CEO), FirstBank Group, stated this in his opening remark at the 2025 Nigeria Economic Outlook organised by the bank on Wednesday in Lagos.
He described 2024 as a year of miracles and leading to a rebirth for positive economic growth outlook for 2025.
Alebiosu, who joined the hybrid event virtually, said the fight to remove fuel subsidies seemed impossible for almost 40 years, hence the need to call 2024 a miracle year.
He said 2024 was a year of remarkable progress, paving the way for a positive economic growth outlook in 2025.
“I always refer to 2024 as a year of miracle. I call it a year of miracle because I never believed in my lifetime that Nigeria would be able to exit fuel subsidy,” he said.
He said, although this move caused some initial discomfort, it ultimately led to a ripple effect of growth, with the price of premium motor spirit (PMS) gradually de- creasing.
According to him, this trend has raised hopes for a brighter 2025, with the event providing an opportunity to review the past, reset expectations, and renew hopes for a better future.
Alebiosu praised the resil- ience of Nigerians and the impact of the government’s reforms, which, although painful, were necessary to address inflationary pressures that had been exerting a strain on households and corporate incomes in 2024.
He said: “The fight to remove fuel subsidy seemed impossible for almost 40 years, hence, the need to call 2024 a miracle year.”
The inflation rate reached a three-decade high of 34.60 per cent in November 2024, prompting the Central Bank of Nigeria (CBN) to increase the benchmark Monetary Policy Rate (MPR) to 27.5 per cent.
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