The Nigerian Economic Summit Group (NESG) has revealed that the country has the potential to record 5.5 per cent growth in the Gross Domestic Product (GDP) in 2025.
The economic group made this known on Thursday at the launch of its 2025 Macroeconomic Outlook.
It said the projected growth is possible with sustained reforms.
Chief Economist and Director of Research & Development, NESG, Olusegun Omisakin, who made the presentation, said, “We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent and we believe that this is achievable.”
Earlier this week, the Central Bank of Nigeria (CBN) projected that Nigeria’s gross domestic product (GDP) will grow at 4.17 per cent.
CBN’s deputy governor, economic policy directorate, Muhammad Abdullahi, disclosed this at the 11th edition of the ‘National Economic Outlook: Implications for Businesses in 2025,’ held in Lagos, organised by the Chartered Institute of Bankers of Nigeria (CIBN) centre for financial studies in collaboration with B. Adedipe Associates Limited.
The CBN’s projection is above the 3.2 percent economic growth forecast by the International Monetary Fund (IMF).
Abdullahi said the economic projections remain optimistic as ongoing fiscal and monetary reforms are already paying off, with GDP expected to increase from the 3.36 percent recorded in 2024.
He pointed out that the projected growth is driven by the sustained implementation of government reforms, steady crude oil prices, and improvements in domestic oil production.
