Olayemi Cardoso, Central Bank Governor, announced on January 23 that Nigeria's Gross Domestic Product (GDP) is projected to grow by 4.17 percent, while inflation is expected to ease in 2025.
Currently, Nigeria's inflation stands at 34.80 percent, but Cardoso is optimistic that it will decline as President Bola Tinubu's reforms take effect.
Cardoso also mentioned that foreign exchange reserves have risen gradually, driven by increased oil production. Oil output is forecast to reach 2.3 million barrels per day by mid-year.
He pledged to increase Nigeria's foreign exchange reserves to over $40 billion after recording a $6 billion FX inflow in 2024.
The central bank's priority remains maintaining price stability and bolstering market confidence. Cardoso emphasized the importance of enhancing transparency and efficiency within the foreign exchange market, expecting more appetite for real sector development with limited opportunities for FX arbitrage.
