PricewaterhouseCoopers (PwC), one of the leading global economic research and consulting services firms, has projected 3.3% Gross Domestic Product (GDP) growth for Nigeria’s economy this year.
The firm, in its ‘Nigeria’s 2025 Budget and Economic Outlook: January 2025’ report circulated to our correspondent on Thursday, also forecasted that the nation’s inflation would ebb to 26% in 2025 due to positive impacts of monetary policies, improvements in Nigeria’s foreign exchange dynamics and baseline effects.
Similarly, PwC analysts stated that they anticipated the foreign exchange (FX) rate to stabilize this year based on the Central Bank of Nigeria’s (CBN’s) support, which would boost FX inflows to the economy.
Specifically, the experts projected: “Nigeria’s GDP is projected to grow by 3.3% in 2025, supported by sustained policy reforms. However, growth prospects may be constrained by persistent economic pressures.
“Inflation is forecasted to decrease to about 26% in 2025, driven by tighter monetary policies, improvements in Nigeria’s foreign exchange dynamics and baseline effects.
“The exchange rate is anticipated to stabilise in 2025, supported by ongoing foreign exchange reforms by the Central Bank of Nigeria (CBN), which are expected to boost foreign exchange inflows”, they added.
On what business leaders should do to explore the promising outlook for improved performance of their entities, the PwC researchers recommended two strategic imperatives, namely adaptation of their business models to emerging economic realities, and leveraging technology to innovate processes, and enhance customers’ experiences, among other competitive advantages.
On the strategic imperatives for business leaders to thrive in 2025, the experts advocated: “Reinvent your business model: Adapt your business model to new economic realities, focusing on agility, customer-centricity, and value creation in evolving markets
“Reimagine your tech, digital and AI play: Harness emerging technologies, advanced digital platforms, and AI-driven solutions to innovate processes, enhance customer experiences, and drive efficiency”, the analysts added.
The Nigeria’s 2025 Budget and Economic Outlook: January 2025’ report provides highlights of the performance of Nigeria’s economy in 2024 and an analysis of the country’s budget and economic prospects for 2025.
In addition, it highlighted critical issues, the opportunities and risks they present, and their impact on households and businesses.