The Nigeria Economic Summit Group (NESG) has outlined critical reforms to stimulate economic growth and sustainability in 2025. Speaking at the launch of the 2025 Macroeconomic Outlook Report in Lagos, NESG’s Chief Economist, Dr. Olusegun Omisakin, emphasized the importance of curbing inflation, enhancing foreign exchange (FX) liquidity, stabilizing FX rates, and optimizing fiscal performance.
Dr. Omisakin stressed the need for synergy between fiscal, monetary, trade, and social investment policies. “If Nigeria efficiently implements ongoing reforms, the economy could grow at 5.5% in 2025,” he noted. However, failure to address policy inefficiencies may limit growth to 3.4%, and a reversal of reforms could result in a modest 2.7% growth.
On inflation, the report suggests that bold economic reforms could moderate the rate to 24.7% by 2025. Without decisive action, inflation could escalate to 34%, with a worst-case scenario of 40%.
Addressing FX market reforms, Dr. Omisakin projected that sustained efforts by the Central Bank of Nigeria (CBN) would stabilize the exchange rate at ₦1,300/$1 by 2025, supported by improved price discovery mechanisms and foreign exchange earnings.
“2025 marks a pivotal moment where well-calibrated policy strategies could restore economic stability,” he added.
CBN Governor, Mr. Olayemi Cardoso, also presented an optimistic outlook. He highlighted Nigeria’s economic resilience in 2024, projecting a 4.17% growth rate in 2025, underpinned by sustained reforms, stable crude oil prices, increased refining activities, and exchange rate stability.
Mr. Cardoso called for stronger collaboration between fiscal and monetary authorities and the private sector. “No single entity can address the economy’s challenges alone. Fiscal and monetary policies must align, and the private sector must engage with the government to address inefficiencies,” he stated.
The Governor praised innovative reforms in the FX market, noting capital inflows of $6 billion in 2024 and foreign reserves exceeding $40 billion, reflecting growing investor confidence. He reaffirmed the CBN’s commitment to sustaining market-oriented reforms and attracting more foreign investments in 2025.
The report launch included a panel discussion featuring prominent economic experts, including Dr. Christian Ebeke of the IMF, Prof. Bright Erega of Pan-Atlantic University, Dr. Samar Naja Matta of the World Bank Group, and Mr. Taiwo Oyedele, Chair of the Presidential Fiscal and Tax Policy Committee. The session, moderated by Rolake Akinkugbe-Filani of Arise TV, explored strategies to ensure Nigeria achieves its economic potential in the coming year.
The NESG’s projections underscore the significance of sustained reforms and strategic policymaking in steering Nigeria towards robust economic recovery and growth in 2025.
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