Nigeria’s economy is diversifying, with non-oil revenue increasing by 57.5%, signalling the nation’s commitment to reducing oil dependency and boosting fiscal resilience.
The Nigeria Investors Forum, held on the sidelines of the IMF-World Bank 2025 Annual Meetings in Washington, DC, served as an important occasion for Nigeria’s leadership to share updates on the nation’s economic reforms.
Special Adviser to the President on Finance and the Economy, Sanyade Okoli, emphasised that Nigeria’s strategy focuses on fiscal discipline, transparency, and economic diversification.
According to Okoli, the government has made great strides in improving public financial management. Key fiscal reforms include the removal of fuel subsidies, which has led to more efficient use of public resources, and a commitment to improving tax compliance.
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She said non-oil revenue has seen a substantial increase, now constituting 57.5% of total exports, compared to the previous year when oil contributed much more significantly. These steps reflect the government’s successful efforts to reduce its reliance on oil revenues.
On the monetary side, CBN Deputy Governor Muhammad Sani Abdullahi noted the significant improvement in Nigeria’s foreign exchange market, with the FX premium down from 52% in 2022 to less than 3%. This has led to a more stable Naira and increased investor confidence.
The Central Bank of Nigeria has also worked on improving liquidity management and stabilising the currency, which has led to a reduction in inflation from nearly 35% to 18.02% in recent months.
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The government is focused on infrastructure development to sustain economic growth. The mobilisation of $32 billion to improve Nigeria’s electricity grid is one of several key projects that aim to boost economic productivity. Agriculture remains a priority, as the government continues to address food inflation and create job opportunities for the country’s growing youth population.
With the aim of achieving 7% GDP growth by 2027, Nigeria’s leaders are confident that ongoing reforms and investments will ensure a resilient, diversified economy capable of attracting both domestic and foreign investment.
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.
