The Central Bank of Nigeria (CBN) has predicted a robust economic outlook for Nigeria in the 2025 fiscal yearThe bank disclosed that Nigeria’s economy will grow at the rate of 4.17% from 3.36% in 2024, countering the World Bank’s forecastCBN said it targets a 15% inflation rate and will aggressively pursue price stability in the new year
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria (CBN) expects Nigeria’s economy to grow by 4.17% in 2024, up from 3.36% in 2024.
Muhammad Abdullahi, the bank’s deputy governor on economic policy, disclosed this in Lagos at an event organised by the Chartered Institute of Bankers of Nigeria (CIBN).
CBN governor. Olayemi Cardoso expects robust economic growth for Nigeria in 2025
Credit: CBN
Source: Twitter
CBN credits projected growth in crude oil prices
He credited the robust outlook to government reforms, stable crude prices, and improved domestic oil output. He said a stable exchange rate would drive the trend, while reforms would lower inflation.
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According to Abdullahi, Nigeria needs effective teamwork between monetary and fiscal authorities and private sector participation to reach CBN’s 15% inflation target in 2025.
He disclosed that the apex bank would prioritise price stability and boost financial support for small and medium enterprises (SMEs).
CBN counters the World Bank
Experts say the apex bank’s forecast surpasses the World Bank’s 3.7 prediction.
The World Bank had projected Nigeria’s Gross Domestic Product (GDP) growth rate to be 3.5% in 2025 and 3.7% in 2026.
This was revealed in the January 2025 edition of the bank’s Global Economic Prospects report, released on Thursday, January 17, 2025.
According to the World Bank report, Nigeria’s economic growth improved at an estimated 3.3% in 2024, while modest growth is expected in 2025.
The Bretton Woods Institution also projected that Nigeria’s GDP growth will increase to an average of 3.6% annually in 2025-26.
CBN to prioritise small businesses
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The CBN top shot stated that the government’s efforts to reduce dependence on oil revenue via tax reforms aimed at increasing the tax base and boosting collection efficiency are working to establish a more sustainable fiscal environment.
Experts predict new exchange rate for naira in 2025
Henzodaily.ng earlier reported that the Nigerian currency, the naira, has appreciated steadily since the Eurobond sales and the Central Bank of Nigeria’s (CBN) introduction of the Electronic Matching System on Monday, December 2, 2024.
Data from the CBN showed the naira appreciated N1,533 from N1,570 on Friday, December 6, 2024.
The naira has gained more than N300 since the second week of November 2024, when it hit an all-time low of N1,689 per dollar.
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Source: Henzodaily.ng