Nigeria’s economy is set to grow faster in 2025, with experts predicting a 3.6% increase in GDP, up from 3.0% in 2024. This boost is due to higher fuel production from the Dangote Refinery, lower inflation, and new government policies, according to a report by Afreximbank Trade Intelligence Solutions.
For the first time, Nigeria may become a net exporter of fuel as the Dangote Petroleum & Petrochemicals Refinery is expected to produce more fuel than the country needs. This will improve export earnings and strengthen Nigeria’s trade balance.
In another major development, Afreximbank has approved a $200 million loan for BUA Group to support its business expansion. This investment shows growing confidence in Nigeria’s industrial sector.
Reforms Strengthening Nigeria’s Economy
The Central Bank of Nigeria’s recent policies have helped improve the economy. Tougher capital rules for banks and the removal of fuel subsidies have reduced dollar shortages and encouraged more investment. Afreximbank predicts that from 2025 to 2029, Nigeria’s economy will grow by an average of 4.0% per year, driven by higher consumer spending and business investments.
The Dangote Refinery will help Nigeria spend less on importing fuel, though demand for consumer goods and raw materials may still push up imports in the coming years.
More Investments in Manufacturing and Healthcare
Nigeria’s Export Processing Zones are attracting new manufacturing investments, creating more jobs and business opportunities. Also, a $1 billion deal with Afreximbank in February 2024 has helped start over 70 healthcare manufacturing companies, boosting local medicine production and reducing reliance on imports
With increased fuel production, government reforms, and new investments, Nigeria’s economy is expected to grow strongly in 2025. The support from Afreximbank for BUA Group and other industries shows that investors see Nigeria as a promising market. If these trends continue, the country could experience even higher economic growth in the coming years.
