Economic experts have projected strong growth for Nigeria, dismissing fears of a recession as the country navigates key economic reforms.
The Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, gave this assurance at the 2025 Edition of The Redeemed Christian Church of God, Christ the Lord Parish, Lekki Economic Summit, which was recently held in Lagos.
Rewane, who was the keynote speaker, provided an in-depth analysis of economic indicators, revealing that seven out of 12 key variables are trending positively, while five remain in negative territory.
“The economy is showing signs of stability. Volatility is decreasing as we approach equilibrium, and the magnitude of adjustments needed to restore balance is shrinking,” he said.
He noted that the Monetary Policy Committee’s recent decisions, inflation declining to 24 per cent, and a reduction in money supply growth are critical drivers of the economy’s current trajectory. On the fluctuating value of the naira, he explained that while it moved from N1,910 to N1,150 before rising again, the overall trend suggests a correction towards stability.
Rewane addressed the Federal Government’s taxation policies, warning that higher tax collections and levies were reducing disposable income. “Every time government revenue increases due to higher taxes, consumer spending power declines,” he stated.
He further revealed that businesses nationwide recorded a 15 per cent decline in sales during the quarter, with the northern region facing a steeper drop of 40 to 45 per cent due to widespread poverty.
“Revenue is not synonymous with growth. Fixing revenue alone will not automatically translate to economic expansion. Growth depends on a combination of revenue, investment, and other economic activities,” Rewane added.
With Gross Domestic Product projections between $228bn and $300bn, and the potential to rise to $400–$500bn post-rebasing, he highlighted that total factor productivity—negative for over a decade—is now positive, further reinforcing growth prospects.
Other speakers at the summit, including the CEO of RTC Advisory Services Limited, Opeyemi Agbaje; Founder of B Adedipe & Associates, Dr Abiodun Adedipe, and Founder of Nairametrics, Ugodre Obi-Chukwu, echoed similar sentiments. They emphasised the role of youth in driving the economy forward while acknowledging the contributions of older generations.
Their insights come after a decade of economic turbulence, marked by two recessions and sluggish growth below three per cent. However, they pointed to consistent GDP expansion in 2024 as proof that structural reforms were yielding results.
While expressing optimism, the panellists noted that addressing underperformance in certain sectors remains key to unlocking Nigeria’s full economic potential.
Summit host and Assistant Pastor in Charge of Region 11, RCCG, Pastor Tunde Netufo, underscored the importance of knowledge in driving economic transformation. Netufo referenced biblical text stating “My people are destroyed for lack of knowledge” as he reaffirmed the Church’s commitment to equipping individuals with spiritual and practical tools for success.
The summit drew over 1,800 online participants and more than 1,000 physical attendees.
