Nigeria’s economy is set for growth, with an expected expansion of 4.17% in 2025. This promising forecast was shared by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during a recent conference.
Cardoso explained that while inflation currently stands at a high 34.80%, it is projected to ease in the coming years. He credited this optimistic outlook to the ongoing economic reforms introduced by President Bola Tinubu, which are beginning to show positive effects.
In addition to the economic growth forecast, Cardoso highlighted gradual improvements in Nigeria’s foreign exchange reserves. He noted that the rise is linked to increased oil production, with output expected to reach 2.3 million barrels per day by mid-year. Looking ahead, he pledged to grow Nigeria’s foreign exchange reserves to over $40 billion, following a $6 billion inflow in 2024.
The CBN Governor stressed that the bank’s top priority remains ensuring price stability and boosting confidence in the market. To achieve this, he revealed plans to improve transparency and efficiency in the foreign exchange market.
“With limited opportunities for FX arbitrage, we expect there will be greater interest in developing Nigeria’s real sector,” Cardoso said.
This positive outlook offers hope for a more stable and prosperous economy in Nigeria, driven by better management of resources and structural reforms.
