CBN Projects Nigerian Economy To Grow By 4.17%, Dip In Inflation In 2025

The Central Bank of Nigeria (CBN) has tipped the Nigerian economy to grow by 4.17% in 2025.

This is even as the apex bank projected that the country’s soaring inflation will ease in the same year.

Olayemi Cardoso, the Governor of the apex bank made this known according to a report by Reuters on Thursday, January 23, 2025.

While Nigeria’s inflation currently stands at 34.80 percent, Cardoso is optimistic that it is expected to decline as President Bola Tinubu’s reforms start to yield results.

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He also said foreign exchange reserves rose gradually, driven by increased oil production. Oil output is forecast to reach 2.3 million barrels per day by mid-year, Cardoso said.

Cardoso pledged to take Nigeria’s foreign exchange reserves to more than $40 billion after recording a $6 billion FX inflow in 2024.

According to Cardoso, the central bank’s priority remained to maintain price stability and to bolster market confidence. To this end, the bank aims to enhance transparency and efficiency within the foreign exchange market.

“With limited opportunities for FX arbitrage, we expect that there will be more appetite for real sector development,” he stated.