Nigeria’s leaders remain focused on macroeconomic stability, fiscal discipline, and a strong growth trajectory as the nation prepares for a 7% GDP growth target by 2027.
The Nigeria Investors Forum, held on the sidelines of the IMF-World Bank 2025 Annual Meetings in Washington, DC, offered a key opportunity for Nigeria’s officials to update investors on the nation’s economic progress.
The government has made significant strides in its reforms, with a clear focus on non-oil revenue generation, fiscal discipline, and improving transparency.
Mr Mohammed Sani Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN), highlighted the impressive 3% reduction in the foreign exchange premium, down from 52% in 2022.
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This, he said, has been a critical factor in stabilising the Naira and creating a favourable investment climate. The ongoing efforts have led to steady increases in non-oil revenue, which now constitutes a more significant portion of Nigeria’s total exports, reducing its dependency on oil.
The government’s fiscal reforms have been crucial in improving public finances. The removal of the fuel subsidy, improved data transparency, and enhanced tax collection systems have helped Nigeria achieve higher fiscal stability.
By 2027, the country aims for a GDP growth rate of 7%, and in Q2 of this year, 13 sectors showed growth above 7%. This indicates the potential for continued diversification beyond oil.
Nigeria’s infrastructure investments, including road development and power generation, are critical for supporting long-term growth. The partnership with the World Bank and African Development Bank to mobilise $32 billion to improve electricity access is a vital step in achieving this goal.
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Despite challenges in the oil sector, Nigeria’s government remains optimistic about boosting production and achieving 2 million barrels of oil per day by 2027.
With a focus on agricultural development and job creation for the nation’s youth, Nigeria is positioned for long-term economic resilience.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
