Lagos: Economic experts have highlighted both achievements and shortcomings in their review of Nigeria’s economic performance during the first half of 2025.
They spoke 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 the analysis of macroeconomic policies, reflection on past developments, and the formulation of practical suggestions for building a stronger and more inclusive economy.
Idahosa acknowledged the progress made so far in 2025, while also pointing out the persistent structural challenges that impede broad-based growth and development.
He observed that in the first two quarters, Nigeria saw modest GDP growth, driven by services, telecoms, and a partial recovery in oil production.
He described the enactment of the New Nigeria Tax Act in 2025 as a significant 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 despite 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 had raised interest rates and tightened monetary policy, inflation remained a significant barrier to investment and consumption.
He added that, despite reforms, the foreign exchange market 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 emphasised that economic transformation necessitated shared responsibility among the 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 sectors for growth.
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.”
