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Mid-year review and updates: H2 2025 economic outlook
This report provides updates on key issues outlined in our January 2025 outlook, presents our forecast for the second half of the year, and highlights essential actions for government and business leaders to thrive amid current economic challenges and emerging opportunities.
Nigeria’s mid-year economic outlook for H2 2025 underscores a stabilising economy shaped by domestic reforms and global uncertainties. The recent GDP rebasing to 2019 elevated national output to ₦372.8 trillion, with growth of 3.13% in Q1 2025, led by Finance & Insurance, ICT, Construction, and Real Estate sectors.
Inflation eased to 21.9% in July 2025, supported by foreign exchange stability and targeted interventions by the Central Bank of Nigeria (CBN). However, elevated food and transport costs continue to pose challenges for households. The naira has shown signs of stability following CBN’s liquidity support measures, while interest rates remain high as monetary policy remains firmly focused on curbing inflation.
Despite some relief in the debt-to-GDP ratio post-rebasing, fiscal pressures persist. In response, four landmark tax reforms were enacted in June 2025, aimed at streamlining tax administration, enhancing non-oil revenue generation, and expanding fiscal space.
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