Economists in Nigeria disputed the IMF’s 3.4% GDP growth projection for 2025, announced Wednesday in Abuja, calling it unrealistic due to ongoing economic challenges and unimplemented tax reforms.
The IMF’s Article IV consultation report commended Nigeria’s reforms, including tax bills signed by President Tinubu, foreign exchange market changes, and banking recapitalization. It noted a $40.9 billion reserve peak and reduced FX premium.
CBN Governor Cardoso and Finance Minister Edun praised the report, citing improved fiscal positions, investor confidence, and agricultural gains, with inflation dropping to 22.9% and food inflation to 21.4% by May 2025.
However, economists Marcel Ok eke and Ndubisi Nwokoma criticized the forecast, pointing to declining oil prices ($68.27 per barrel), low production (1.6m barrels), high inflation, and N149 trillion public debt as contradictory indicators.
Dr. Muda Yusuf acknowledged macroeconomic reform impacts but noted the IMF overlooks welfare and productivity issues. Experts argue poverty, insecurity, and bureaucratic inefficiencies undermine the projected growth.
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