The Nigerian Economic Summit Group (NESG) has forecasted a potential GDP growth rate of 5.5% for Nigeria in 2025, contingent on the continuation of current reforms.
The projection was unveiled during the launch of the 2025 Macroeconomic Outlook Report, titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond”, held in Lagos on Thursday.
Olusegun Omisakin, NESG’s Chief Economist and Director of Research and Development, emphasised the importance of balancing price stability with robust economic growth. “If we implement efficient policy reforms, Nigeria’s GDP could achieve a 5.5% growth rate. This is achievable,” he said.
Omisakin highlighted the need for collaboration to address inflation and stressed the importance of sectoral reforms, particularly in agriculture, to optimise performance. He warned that poor policy implementation could reduce growth to 3.4%, while reversing reforms could see it drop to 2.7%.
On inflation, he predicted a reduction to 24.7% by the end of the year, provided current reforms continue. However, he cautioned that a lack of reform could push inflation up to 34%, prolonging economic stabilisation efforts.
To drive growth, Omisakin called for stronger cooperation between monetary and fiscal authorities, private sector involvement, and measures to improve foreign exchange liquidity and stabilise the exchange rate.
The NESG’s report underscores the need for sustained reforms and efficient policy execution to unlock Nigeria’s economic potential in 2025.
Credit: NAN (Text Excluding Headline)
