Economists and industry leaders have emphasized the need for Nigeria to focus on domestic economic growth, infrastructure development and youth empowerment to drive sustainable growth this year.

The call was made during the Meristem 2025 Economic Outlook event held in Lagos. The Meristem 2025 Economic Outlook event brought together policymakers, industry leaders, and investors to discuss Nigeria’s economic prospects and strategies for achieving sustainable growth in year 2025.

The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, highlighted the importance of strengthening Nigeria’s local economy to reduce reliance on external borrowing.

According to him, domestic economic focus is essential for long-term stability.”To sustain the country’s economy, we must focus on Nigeria’s domestic and local economy so there will be less pressure on borrowing from external bodies, Fasua stated.

“We must achieve a more equitable society to generate more revenue. The depreciation of the Naira has impacted inflation, and we must fight it back.” Fasua also noted that the devaluation of the Naira has contributed to a decline in the ‘Japa’ trend where Nigerians migrate abroad in search of better opportunities. However, he stressed that Nigeria’s priority should be achieving economic stability.

“What Nigeria needs now is stability. We must be stable in our local production and run our own economy to defend the Naira,” he added. Addressing agricultural development, a panelist and Principal Manager of Agribusiness Finance and Investments at NIRSAL, Akinola Baiyewu emphasized the government’s increased focus on land and production. He called for product standardisation to meet international quality standards and stronger collaboration among government agencies.

“Some of the government’s budget is now directed towards land space for production.

“We must also standardize to meet international quality. Government agencies need to work together effectively, and we must address infrastructure challenges like the coastal road project. Additionally, self-regulatory organizations need to be strengthened,” he said.

The Group Managing Director (GMD) of Meristem, Sulaimon Adedokun, reassured investors of the firm’s commitment to providing transparent and timely economic insights. He stressed the need for strategic investment decisions amid ongoing economic reforms.

“Our firm is dedicated to providing updated information to grow wealth in an atmosphere of transparency.

“We aim to offer insights that help investors make better decisions. The economy is undergoing significant reforms, and with better policies, we anticipate improvements in 2025 compared to 2024,” he said.