Experts and stakeholders in Nigeria have expressed optimism that the year 2025 will be better for the country in terms of economic growth and outlook.

The stakeholders, who gathered at a breakfast meeting organized by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) in collaboration with United Bank for Africa, said the indices show a positive outlook for the economy this year, with things expected to materialize within the year.

Director/Chief Executive Officer of the Centre for Promotion of Private Enterprise (CPPE), Muda Yusuf, said: “I think the outcome of this conversation has been that there is reason to be very optimistic in 2025, and I think there is almost a consensus that the worst is over as far as our macroeconomic issues are concerned.”

“We expect a much better outlook for our foreign exchange environment, a much better outlook for our energy situation, and a much better outlook for our fiscal situation. These are very key economic fundamentals that we need to drive growth and create jobs going forward.”

“So there’s a reason to be optimistic. The reforms, no doubt, have been quite challenging for many of us, especially from the point of view of the shocks from foreign exchange depreciation and the high energy costs.”

“But on the whole, I think the view around the table is that the outlook for 2025 will be much better than what we had in 2024.”

“So we should begin to reap the benefits of the reforms going forward. But that is all to say that we should not continue to tweak the reform. It’s like a tree, recalibrate it as we go ahead.”

He added that one of the reforms the country is embarking on right now is the tax reform.

He said the tax reform is also a very good one. It will ease a lot of burdens on businesses and citizens, especially from the point of view of the many archaic and outdated laws, and the elimination of multiple taxation, easing a lot of tax pressures on citizens and those who are invested.

Chairman, President of the Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reforms are inevitable, but the position of the reforms can be discussed.

Oyedele said the fiscal balance indicators are moving in the right direction and expects them to reduce in 2025.

He appealed and encouraged Nigerians to rely on credible data before making their positions.

He urged Nigerians to be optimistic about the economy this year, as the country will reap the benefits of the reforms it is embarking on.

He said the discussion at the programme centred around the economy of Nigeria, policies, and collaboration.
He said the country is at a point now where many policies and reforms of the government have resulted in people making sacrifices, and people are becoming impatient.

He said the committee is optimistic about the reforms, as they are expected to change a lot within the economy when the implementation begins.

Group Chief Financial Controller of UBA Plc, Chukwukadibia Okoye, said policy reforms around foreign exchange are improving, stating that the naira will surpass the current benchmark.

Okoye said the banks are willing to work with the drivers of the economy to make it work for all.

Partner of the Tax, Regulatory, and People Services Division at KPMG, Nike James, said the macroeconomic outlook for the year provides a baseline for the economy.

She said inflation pressure will continue in 2025, while there will be a deceleration in the middle of the year, stating that the economic assumptions are based on economic risk.

She said there will be more diasporan inflows in the exchange of naira to dollars, which will apply massive pressure on the exchange rate.