CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

As opposed to 3.36 percent in 2024, the Central Bank of Nigeria (CBN) anticipates the country’s GDP to increase by 4.17 percent.Credit programs for small businesses

Muhammad Abdullahi, the deputy governor of the CBN’s economic policy department, made this prediction during the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos on Tuesday. In collaboration with B. Adedipe Associates Limited, the Chartered Institute of Bankers of Nigeria (CIBN) organized this hybrid event.

Abdullahi attributed the positive vision to sustained changes in the administration, steady crude oil prices, and increased domestic oil output. “A stable exchange rate would help sustain this positive trend, and current reforms should help reduce inflation,” he emphasized.Credit programs for small businesses

“To meet our 15% inflation target in 2025, we need both the private sector and monetary and fiscal authorities to work together effectively,” Abdullahi stated. Price stability and improved financial assistance for small and medium-sized businesses would be the CBN’s top priorities, he continued. The CBN forecasts growth at a rate higher than the 3.2% forecasted by the IMF.

Abdullahi emphasized efforts being made by the administration to lessen reliance on oil revenue. “The government is striving to create a more sustainable fiscal environment through continuous tax reforms targeted at expanding the tax base and enhancing collection efficiency,” he stated. He emphasized that these reforms would strengthen the economy in the long run and urged firms to adjust.

Read Also: Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

In his reflection on the uneven economic performance of 2024, CIBN President Pius Olanrewaju referred to the 2025 perspective forum as essential for recognizing opportunities and threats. Leading figures from the sector attended the event, including executives from a number of financial institutions, Henrietta Onwuegbuzie from Lagos Business School, and Kabir Katata from the Nigeria Deposit Insurance Corporation.