Economic experts have called on the Nigerian government to address critical economic challenges in 2025, focusing on reducing inflation, stabilizing the naira, and fostering sustainable growth. Rising food prices, unemployment, and mounting debt have intensified concerns over the nation’s economic stability.
Inflation and Food Costs at the Forefront
Sam Chidoka, Managing Director of Anchoria Advisory Services, emphasized that inflation was Nigeria’s most pressing economic issue in 2024. “Inflation impacts every aspect of economic life, more than any other challenge. Food inflation, in particular, has pushed necessities out of reach for millions, exacerbating poverty and unemployment,” he said.
Naira Exchange Rate Reforms and Economic Diversification
Diekola Onaolapo, CEO of Eczellon Capital, highlighted the importance of the naira exchange rate unification policy, despite its short-term costs. “This policy may have caused a sharp naira depreciation initially, but it improves long-term prospects for international investments and curbs malpractices,” Onaolapo noted.
He also urged the government to diversify revenue sources beyond oil and praised initiatives like financing made-in-Nigeria vehicles, which could boost domestic production if effectively implemented.
Addressing Nigeria’s Debt Crisis
Tilewa Adebajo, CEO of CFG Advisory, stressed the urgency of addressing Nigeria’s unsustainable debt. “The debt profile is too high. Policies that grow the economy and create employment are essential to avoid a crisis,” Adebajo warned.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), echoed concerns about weak currency, high energy costs, and poor consumer spending. He advised the government to pursue fiscal discipline, lower deficits, and reduce debt service costs.
Targeted Economic Reforms
Taxation expert Samuel Agbeluyi urged the government to narrow its focus and measure progress in key sectors. “Economic growth must be prioritized, with clear deliverables set for 2025. Engaging experienced professionals is critical to achieving this,” he said.
Dr. I.B. Gashinbaki, founder of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria, called for visible benefits from subsidy removal policies. He also emphasized progressive tax reforms that shield low-income earners while ensuring equitable distribution of tax burdens.
Human Capital Development
Ahmed Gobir, President of the Chartered Institute of Personnel Management of Nigeria (CIPM), advocated for a comprehensive human capital development agenda. “Educational outcomes must align with industry needs, and lifelong learning in digital and technical fields should be a priority. Entrepreneurship and innovation policies must also support marginalized communities,” Gobir advised.
Moving Forward
As Nigeria enters 2025, experts agree that prioritizing inflation control, naira stabilization, and sustainable growth will be critical to reversing economic setbacks. Clear policies, strong enforcement, and collaboration with industry professionals could help Nigeria achieve long-term stability and prosperity.