The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has projected that Nigeria’s Gross Domestic Product (GDP) will grow by 4.17% in 2025, with inflation expected to ease as the country’s economic reforms take effect.
Cardoso made this known at a recent conference, as reported by Reuters. He attributed the anticipated decline in inflation, currently at 34.80%, to the policies implemented under President Bola Tinubu’s administration.
He also disclosed that Nigeria’s foreign exchange reserves have been gradually increasing, driven by improved oil production.
According to him, the country’s oil output is forecast to reach 2.3 million barrels per day by mid-year, contributing to economic stability.
The CBN governor reaffirmed the bank’s commitment to strengthening the foreign exchange market, with a target of surpassing $40 billion in reserves. He noted that a $6 billion FX inflow had already been recorded in 2024, signaling positive momentum.
“Our priority remains maintaining price stability and boosting market confidence. By enhancing transparency and efficiency in the foreign exchange market, we expect reduced opportunities for FX arbitrage, leading to increased investment in the real sector,” Cardoso stated.