BUA Group Chairman, Abdul Samad Rabiu, has expressed strong optimism about Nigeria’s economic outlook, predicting that the naira could appreciate to between N1,300 and N1,400 per US dollar by the end of 2025.
Rabiu made the projection after a strategic meeting with President Bola Ahmed Tinubu at the Aso Villa on Wednesday. He credited the anticipated gains to bold fiscal reforms, improved investor confidence, and reduced reliance on Central Bank of Nigeria (CBN) foreign exchange interventions.
“The exchange rate has continued to improve. Naira is trading below N1,500 today, and I’m confident it will strengthen even further. I expect that the rate should come down to maybe N1,300 to N1,400 before the end of the year. This is something we should all celebrate,” Rabiu said.
The BUA Chairman highlighted how government policies have eased food inflation, citing his company’s intervention earlier in the year that cut the price of rice from over N100,000 per bag to N50,000.
“Since then, prices of several food items have followed that positive trend,” he noted. “Products such as flour, pasta, macaroni, semolina, and others that we produce have seen significant price reductions compared to last year.”
Rabiu commended the Tinubu administration for granting duty waivers on essential food imports, which helped lower import costs and stabilize local markets.
“We must acknowledge and appreciate His Excellency for these waivers. They have contributed greatly in making this possible,” he added.
Reforms Bolster Business Confidence
According to Rabiu, Nigeria’s recovery is being powered by decisive policy actions that are laying a foundation for sustainable growth.
“There are bold reforms and decisive policies creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” he stressed.
His comments mirror growing optimism among private sector leaders who believe fiscal and monetary reforms will enhance productivity, reduce inflation, and improve investor confidence.
As of Tuesday, the naira closed at N1,493.2/$1 at the official market, slightly weaker than N1,491.49/$1 on Monday and N1,488/$1 on Friday, according to data from the CBN.
In the parallel market, the naira also slipped to N1,521.5/$1 on Tuesday, compared to N1,518/$1 the previous day, widening the gap between official and black-market rates.
With Rabiu’s forecast and continued government interventions, stakeholders will be watching closely to see if the naira sustains its recovery path toward year-end.
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