Nigeria’s economy to grow by 4.17% in 2025, inflation to ease — CBN Governor Cardoso
On Thursday, January 23, 2025, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso shared good news for the country’s economy. He announced that Nigeria’s Gross Domestic Product (GDP) is expected to grow by 4.17% in 2025, and inflation is projected to ease in the coming year.
Speaking at a conference, Cardoso explained that despite Nigeria’s current inflation rate of 34.80%, he is hopeful that it will decrease as President Bola Tinubu’s economic reforms start to take effect.
He also mentioned that Nigeria’s foreign exchange reserves have been growing, thanks to a boost in oil production. “Oil output is expected to reach 2.3 million barrels per day by mid-year,” Cardoso said, adding that this would help strengthen the country’s financial position.
In 2024, Nigeria saw a $6 billion increase in foreign exchange inflows, and Cardoso pledged to raise the country’s foreign exchange reserves to over $40 billion in 2025.
Cardoso also emphasized the CBN’s focus on maintaining price stability and boosting market confidence. “We expect that with fewer opportunities for foreign exchange arbitrage, there will be more interest in developing the real sector of the economy,” he said.
