BY BONNY AMADI
The Central Bank of Nigeria (CBN) has said Nigeria’s gross domestic product (GDP) is projected to grow at 4.17 percent.
Deputy Governor of the CBN’s economic policy directorate, Muhammad Abdullahi, spoke on Tuesday at the 11th edition of the ‘National Economic Outlook: Implications for Businesses in 2025,’ held in Lagos.
The hybrid event was organised by the Chartered Institute of Bankers of Nigeria (CIBN) centre for financial studies in collaboration with B. Adedipe Associates Limited.
Speaking on the positive economic outlook, Abdullahi said the economic projections remain optimistic as ongoing fiscal and monetary reforms are already paying off, with GDP expected to increase from the 3.36 percent recorded in 2024.
He said the projected growth is driven by the sustained implementation of government reforms, steady crude oil prices, and improvements in domestic oil production.
The deputy governor said a stable exchange rate would be essential in sustaining the positive trajectory, while ongoing economic re- forms are expected to drive a reduction in the inflation rate.
“Achieving the targeted inflation rate of 15 percent in 2025 will require effective collaboration between monetary and fiscal authorities, along- side private sector participation for a stable economic environment,” Abdullahi said.
He said the central bank would focus on ensuring price stability and enhancing the financial sector to facilitate the growth of small and medium enterprises (SMEs) and critical sectors for businesses to thrive.
CBN’s projection is above the 3.2 percent economic growth fore- cast made by the International Monetary Fund (IMF). Abdullahi said the country’s evolving policy landscape offers both challenges and opportunities for business growth.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector,” he said.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may pre- sent challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
