The Nigerian Government has expressed confidence that the country’s economy will grow by at least 4.6 percent in 2025, a significant increase from the 3.19 percent growth projected for 2024. Speaking in Abuja on Tuesday March 11, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, unveiled a comprehensive economic plan aimed at achieving sustainable development.
Wale Edun emphasized that macroeconomic stability, including exchange rate stability, a trade surplus, and increased oil production, will be central to Nigeria’s strengthening role in the global economy.
The National Bureau of Statistics reported a 3.84 percent year-on-year increase in the country’s GDP in the fourth quarter of 2024, up from 3.46 percent in the previous quarter. Edun highlighted that the government aims for a 4.6 percent GDP growth in 2025, with a long-term target of 7 percent annually. He underscored that achieving these targets is essential for poverty reduction and fostering sustainable development, while stressing the government’s commitment to fiscal discipline, revenue mobilization, and creating a favourable investment climate.
Edun also noted that Nigeria’s foreign reserves have surpassed 40 billion dollars, reflecting growing confidence in the government’s economic policies. Significant progress in the oil and gas sector, particularly through domestic refining of crude oil, has reduced dependence on imports and strengthened energy security. With fiscal reforms, such as expanding the tax base and creating a business-friendly tax environment, Nigeria is poised for continued growth. President Bola Tinubu also affirmed in December 2024 that the country’s economy would become more favourable for citizens in 2025, driven by ongoing reforms and a commitment to a stable, competitive, and resilient economy.