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)....Read Full Article >>➤
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.
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).
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.
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.
Data from the CBN showed the naira appreciated N1,533 from N1,570 on Friday, December 6, 2024.
The naira had gained more than N300 since the second week of November 2024, when it hit an all-time low of N1,689 per dollar. ...Read Full Article >>➤
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