Nigeria’s GDP is predicted to increase by 4.17 percent, up from 3.36 percent in 2024, according to the Central Bank of Nigeria (CBN).Schemes for small business credit
This prediction was made by Muhammad Abdullahi, deputy governor of the CBN’s economic policy directorate, during the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos on Tuesday. This hybrid event was organized by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates Limited.
Abdullahi attributed the positive outlook to better domestic oil production, steady crude oil prices, and ongoing government reforms. He emphasized that while current changes should assist cut inflation, a stable currency rate would help sustain this positive trend.Schemes for small business credit
“To meet our 15% inflation target in 2025, we need efficient collaboration between monetary and fiscal authorities as well as private sector involvement,” Abdullahi stated. Price stability would be the CBN’s top priority, he continued, and financial assistance for small and medium-sized businesses will be strengthened. The International Monetary Fund’s expectation of 3.2% growth is less than the CBN’s.
Read Also: Court Rules Against Bail for El-Rufai’s Ex-Chief of Staff, Saidu
Abdullahi emphasized the government’s initiatives to lessen its reliance on oil earnings. “The government is working to establish a more sustainable fiscal environment through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency,” he said. He encouraged companies to adjust to these developments, pointing out that they will eventually strengthen the economy.
In light of 2024’s uneven economic performance, CIBN President Pius Olanrewaju referred to the 2025 outlook forum as essential for seeing possibilities and hazards. Industry heavyweights such as Henrietta Onwuegbuzie from Lagos Business School, Kabir Katata from the Nigeria Deposit Insurance Corporation, and executives from other financial institutions attended the event.
