• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 26, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Industry Stakeholders Seek Key Economic Reforms For Growth In 2025

by Olushola Bello
7 months ago
in News
Key Economic Reforms
Share on WhatsAppShare on FacebookShare on XTelegram

Industry stakeholders have called on the federal government to enhance key economic reforms to boost sustainable growth in 2025.

Advertisement

Despite the intense macroeconomic headwinds in 2024, the Nigerian economy exhibited resilience on account of GDP performance. The GDP grew at 2.98 per cent in the first quarter, 3.19 per cent in the second quarter and 3.46 per cent in the third quarter.

Looking ahead to 2025, the president of Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa said that “prospects hinge on sustained fiscal reforms, exchange rate stabilization, and enhanced monetary policy coordination to foster growth, with inflation projected in the 2025 budget to decelerate to 15 per cent as policy impacts crystallize.”

He added that prioritizing diversification, investment in critical sectors, and policy consistency will be essential to achieving the government’s medium-term economic recovery objectives.

Idahosa noted that in 2024, Nigeria’s economic growth remained modest, with GDP expanding at an estimated 3.46 per cent, reflecting the lingering impact of structural challenges, insecurity, and global economic headwinds.

RELATED

UI Law Student Arrested for Allegedly Raping Fresher

78 Sanitation Offenders Arrested In Edo

1 hour ago
BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday

BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday

1 hour ago

According to him, key growth drivers included the non-oil sector, particularly telecommunications, agriculture, and services, while oil production recovery was hampered by theft and underinvestment. Fiscal reforms, including subsidy removal and tax efficiency measures, supported revenue but added to inflationary pressures.

“Looking ahead into 2025, the outlook appears cautiously optimistic, with GDP growth projected to accelerate upward, contingent on sustained policy reforms, improved oil sector output, and investments in infrastructure. Enhanced public-private partnerships and efforts to bolster economic diversification remain pivotal to achieving inclusive and sustainable growth.”

Also, the director/CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf added that high inflationary pressure was a major concern in 2024 with November inflation peaking at 34.2 per cent, saying that this situation had a great impact on the economy.

He called on the government to expedite action in boosting the capitalization of the development finance institutions; BOI, BOA, NEXIM to deepen development finance interventions.

He also said that there is need to revitalize and restructure the Bank of Agriculture to support the agricultural sector and agro-allied industries with the much-needed concessionary financing, saying that the current high interest rate in the commercial banks continues to impede the recovery and growth of the Nigerian agricultural and agro-allied sectors of the economy.

He explained that “the Central Bank of Nigeria (CBN) should soften its tightening stance in order to support investment growth and job creation in the economy, adding that “current high interest regime foisted by the tightening regime increases the risk of loan defaults, increasing the prospects of higher non-performing loans in the financial sector.

“High interest rates also increase debt service costs for the government with the current huge exposure to domestic debts. High interest rates typically pose significant risks to business sustainability amidst numerous headwinds.”

Yusuf also called for the need to protect the real economy from the adverse consequences of free market principles, saying that “this is the basis of government intervention in a market economy.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Lagos Chamber of Commerce and Industry (LCCI)LCCI
SendShareTweetShare
Previous Post

Recapitalisation: GTCO Raises N209bn Through Equity Capital Programme

Next Post

Sani Bello Empowers 177 Women, Youths

Olushola Bello

Olushola Bello

You May Like

UI Law Student Arrested for Allegedly Raping Fresher
News

78 Sanitation Offenders Arrested In Edo

2025/07/26
BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday
Entertainment

BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday

2025/07/26
Ondo Varsity Students Protest Murder Of Female Colleague
News

Ondo Varsity Students Protest Murder Of Female Colleague

2025/07/26
Army Begins Training On Effective Leadership In Joint Operations
News

Army Debunks Report Of Delayed Promotion, Allowances

2025/07/26
Constitution Review: North-West States Reject Diasporan Voting, Back State Creation
News

Constitution Review: North-West States Reject Diasporan Voting, Back State Creation

2025/07/26
David Mark Mourns Gen Abbe’s Demise
News

2027: ADC Vehicle To Achieve Northern Unity, Progress — Mark

2025/07/26
Leadership Conference advertisement

LATEST

78 Sanitation Offenders Arrested In Edo

BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday

2025 Women’s Afrobasket: D’Tigress Thrash Rwanda In Opening Game

Ondo Varsity Students Protest Murder Of Female Colleague

Army Debunks Report Of Delayed Promotion, Allowances

Constitution Review: North-West States Reject Diasporan Voting, Back State Creation

2027: ADC Vehicle To Achieve Northern Unity, Progress — Mark

‘Bring WAFCON Trophy Home,’ Tinubu Charges Super Falcons

Nigeria’s Eniola Bolaji Clinches 2025 British, Irish Para-badminton Gold Medal

Navy Arrests 9 Fake Coast Guards In Akwa Ibom

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.