According to the Central Bank of Nigeria (CBN), the nation’s GDP will expand by 4.17 percent, up from 3.36 percent in 2024.Schemes for small company loans
During the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos on Tuesday, Muhammad Abdullahi, the deputy governor of the CBN’s economic policy directorate, presented this prediction. This hybrid event was organized by B. Adedipe Associates Limited and the Chartered Institute of Bankers of Nigeria (CIBN).
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The positive outlook was attributed by Abdullahi to better domestic oil production, steady crude oil prices, and ongoing government reforms. While current changes could assist cut inflation, he emphasized that a stable currency rate will help preserve this positive trend.Schemes for small company loans
In order to meet our 15% inflation objective by 2025, Abdullahi stated that the monetary and fiscal institutions must effectively collaborate with the private sector. The CBN would prioritize price stability and bolster financial assistance for small and medium-sized businesses, he added. The growth projected by the CBN is higher than the 3.2% forecast by the IMF.
The government’s initiatives to lessen reliance on oil money were emphasized by Abdullahi. The administration is striving to create a more sustainable fiscal climate, he stated, through continuous tax reforms meant to increase the revenue base and boost collection effectiveness. Noting that these adjustments would eventually strengthen the economy, he urged firms to adjust.
Pius Olanrewaju, president of CIBN, analyzed the uneven economic performance of 2024 and referred to the 2025 outlook forum as essential for seeing possibilities and hazards. Henrietta Onwuegbuzie from Lagos Business School, Kabir Katata from the Nigeria Deposit Insurance Corporation, and executives from other financial institutions were among the prominent figures in the sector who attended the event.
