The Nigerian Economic Summit Group (NESG) projects a potential GDP growth rate of 5.5 percent in 2025 if the government maintains stability-focused reforms. However, inefficient policy implementation or a reversal of reforms could limit growth to 3.4 percent or 2.7 percent, respectively. The report highlights key challenges such as high inflation, food insecurity, and infrastructure deficits. It emphasizes the importance of a consolidated and aligned approach to monetary, fiscal, social safety, trade, and regulatory strategies for achieving economic stabilization.
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“A GDP growth rate of 5.5 per cent is achievable if Nigeria continues with stability-focused reforms,” he stated. NESG Chairperson Niyi Yusuf attributed these gains to reform measures initiated in mid-2023, which included foreign exchange liberalisation and fiscal adjustments.“The optimal path to stabilization requires a consolidation and alignment of monetary, fiscal, social safety, trade, and regulatory strategies.
“The CBN is taking transformative steps, including the establishment of a Compliance Department to align with global standards and enhance transparency. This department will be operational by February 2025,” Mr Cardoso said. At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
ECONOMY NIGERIA REFORMS GROWTH INFLATION
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