Economic experts have highlighted both achievements and shortcomings in their review of Nigeria’s economic performance during the first half of 2025.
Speaing at the Lagos Chamber of Commerce and Industry’s (LCCI) Mid-Year 2025 Economic Outlook Review held on Wednesday in Lagos, Mr Gabriel Idahosa, LCCI President, said the review served as a vital platform for stimulating critical reflection and discussion on Nigeria’s economic trajectory.
He noted that it enabled analysis of macroeconomic policies, reflection on past developments, and practical suggestions for building a stronger and more inclusive economy.
Idahosa acknowledged progress made so far in 2025, while also pointing out persistent structural challenges impeding broad-based growth and development.
He observed that in the first two quarters, Nigeria saw modest GDP growth, driven by services, telecoms, and partial recovery in oil production.
He described the enactment of the New Nigeria Tax Act in 2025 as a major milestone in boosting non-oil revenue and digital tax compliance.
He added that Nigeria’s resilience was also evident in the tech sector, which continued to develop rapidly in spite of prevailing challenges.
According to him, the creative industries and agricultural value chains showed strong adaptability and growing export potential.
However, he noted that inflationary pressures remained high, fuelled by food and energy prices, currency weakness, and disrupted logistics.
“Headline inflation stays in the double digits, reducing household purchasing power and pushing up operational costs for businesses,” he said.
He explained that although the Central Bank raised interest rates and tightened monetary policy, inflation remained a major barrier to investment and consumption.
He added that the foreign exchange market, in spite of reforms, continued to face liquidity issues, speculation, and low investor trust.
“Urgent, coordinated action between fiscal and monetary authorities is needed to correct these macroeconomic imbalances,” he warned.
As the second half of 2025 begins, Idahosa called for renewed commitment, strategic planning, and collaboration among all stakeholders.
He stressed that economic transformation required shared responsibility among government, business, civil society, and development partners.
Dr Biodun Adedipe, an economic consultant, expressed optimism for Nigeria’s growth prospects in 2025 and beyond.
He noted that intra-African trade was projected to grow by 5.1 per cent in 2025 and reach 5.4 per cent by 2028.
In Nigeria, he said, reforms, institutional strengthening, and macroeconomic stability would continue to support national growth.
Adedipe identified agriculture, value addition, fintech, e-commerce, real estate, education, fashion, tourism, and recycling as key growth sectors.
He said the opportunities would become clearer with the rebasing of Nigeria’s GDP.
He urged stakeholders to focus on leveraging strategy, people, systems, relationships, risk, and cash — rather than thinking “outside the box.”
Dr Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, also spoke on the new tax laws.
He said the reforms would enhance economic expansion, improve revenue generation, and promote shared prosperity for all.
Oyedele added that with collective effort, Nigeria could look forward to better days ahead and leave the worst behind. (NAN)
