Tag: Gross Domestic Product (GDP)

Nigeria’s latest economic report showed that non-oil sector continued to outperform the oil sector, with steady growths across the sectors sustaining strong economic momentum. The Gross Domestic Product (GDP) report underlines the huge potential of the non-oil sector to achieving government’s ambitious $1 trillion economy. In this report, Deputy Group Business Editor, Taofik Salako, examines how investments in air cargo and ground handling operations have become major boosts for the country’s non-oil exports

Nigeria’s economy remains on a steady growth path. The latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) indicated that the economy further expanded by 3.98 per cent in third quarter 2025. This compared with 3.9 per cent recorded in third quarter 2024. The economy had grown by 4.32 per cent in second quarter 2025.

The third quarter 2025 growth was driven by both oil and non-oil sectors. Non-oil sector, which contributed 96.6 per cent of total output, rose by 27 basis points to 3.91 per cent in third quarter 2025, an increase of 27 basis points on 3.64 per cent recorded in second quarter 2025. The oil sector, which accounted for about 3.4 per cent of total output, expanded by 5.8 per cent in third quarter 2025, with oil production averaging 1.64 million barrels per day (mbpd) during the period.

The report underlined stronger momentum in agriculture, industry, and services as main drivers of the non-oil sector’s performance. Agricultural output, the largest contributor to the GDP with 31.21 per cent, grew by 3.79 per cent, 97 basis points on 2.82 per cent growth recorded in second quarter 2025. Trade, the second largest contributor with 16.42 per cent, expanded by 1.98 per cent in third quarter 2025 as against 1.29 per cent in second quarter 2025.

While the GDP report showed broad growths across all the sectors, analysts were unanimous that non-oil sector was the main driver of the overall robust economic outlook. Analysts at Afrinvest West Africa said Nigeria’s economic growth “remains heavily anchored on non-oil sectors, reflecting both the resilience and structural diversification of the Nigerian economy”.

Coronation Group said the GDP performance reflected strong rebound in agriculture, which helped to offset oil weakness.

Afrinvest noted that growth in agriculture sector was driven by the main harvest season and cash and food crops export earnings.

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Coronation said the GDP third quarter 2025 report “reaffirms Nigeria’s gradual transition toward a more diversified, non-oil-driven growth structure, even as macroeconomic conditions remain shaped by inflation, foreign exchange (forex) dynamics, and ongoing policy adjustments”.

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said the overall outlook of the GDP report confirmed that the economy remains firmly on a path of steady recovery and consolidation.

“The third quarter 2025 performance highlights the positive impact of ongoing economic reforms, especially in stabilising the exchange rate, moderating inflation, improving fiscal conditions, and gradually restoring investor confidence. These macroeconomic gains have strengthened business sentiment and supported activity across key sectors of the economy,” Yusuf said.

He said the steady growth demonstrated that the government’s reform programme is beginning to generate tangible and measurable outcomes across the economy.

Exports Processing

Industry analysts have also highlighted the positive impact of private sector’s investments in air cargo and ground handling operations on the expansive growth in non-oil sector. For instance, since the launch of NAHCO Export Processing and Packaging Centre (NEPPC), owned by Nigerian Aviation Handling Company (NAHCO) Plc, in July 2025, there has been an upsurge in non-oil exports.

The NEPPC serves as a state-of-the-art value-added operational centre designed to strengthen Nigeria’s air-export capacity; particularly perishable commodities. Operationally, NEPPC functions as a one-stop export centre, working in close coordination with key regulatory and facilitation agencies such as the Nigeria Agricultural Quarantine Service (NAQS), Nigeria Customs Service (NCS), National Agency for Food and Drug Administration and Control (NAFDAC), National Drug Law Enforcement Agency (NDLEA) and other regulatory bodies and the airlines.

The coordinated process ensures that all shipments passing through the centre adequately scrutinised to be safe, compliant, and export-ready before dispatch. The result has been a measurable reduction in cargo dwell time, minimisation of re-handling, and a consistent improvement in the integrity and traceability of perishable air freight shipments.

NEPPC thus bridges a long-standing gap in Nigeria’s export logistics value chain, providing the infrastructure and technical support that many small and medium-scale exporters have historically lacked. By centralising export processing and introducing global best practices in handling and inspection, NEPPC not only raises the operational standards of Nigerian exporters to meet international regulatory requirements such as European Union and GCC standards, but also enhances the country’s credibility and competitiveness in the global perishables market.

NEPPC has transformed the export experience from fragmented and reactive process to integrated, compliant, and efficient system, thus positioning Nigeria to capture greater value from its agro-export sector through reliable air cargo connectivity.

The International Trade Centre’s (ITC) Export Potential Map recently indicated that Nigeria’s total export potential to the world stands at $7.6 billion, driven primarily by strong opportunities agricultural exports. The ITC report showed that key agricultural produce-cocoa, cashew, urea and coffee, have significant headroom for growth, putting Nigeria in a position to unlock billions of dollars in additional export revenue.

In the last quarter, NAHCO launched additional multi-million dollar equipment as part of ongoing total refleeting programme. Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr. Seinde Fadeni said the essence of these equipment was not just for the company alone, but as a strategic investment in Nigeria’s economy.

The new batch of multi-million-dollar ground support equipment (GSE) were expected to enhance ground handling operations countrywide.

He reiterated the plan of the board to ensure that the company boasts of more than adequate equipment by the end of this year.

Fadeni disclosed that the process for acquiring the new equipment started last year, but the company had to endure delivery delays while the manufacturer finishes producing and shipping to Nigeria.

He said: “The essence of these equipment is not just for the company alone or for the customers, it is also to make life easier for the workers. I can confirm to you that we have a lot in our cap, and we’re bringing them out one by one”.

Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun, said NAHCO has positioned itself at the growth end of the Nigeria’s economy with its expansive investments in export processing and warehouses across the country.

He noted that the massive NAHCO Export Packaging and Processing Centre in Lagos was a first of its kind in Nigeria and a deliberate strategy for sustainable benefits to all stakeholders.

According to him, across its operations, NAHCO is adding values to the Nigerian economy and all stakeholders, while ensuring competitive returns to shareholders.

He said the group remains focused on four areas of sustained growth, equipment re-fleeting, digitisation and environmental social governance (ESG) to ensure better performance in the period ahead.

He explained that the diversified nature of the group and the onboarding of new business ventures would ensure that the group sustain its growth trajectory.

“Since transiting from being the foremost ground handling service provider in the entire sub-region to being a diversified, total logistics group, we have been driven by the earnest desire to provide unmatched level of excellent service delivery to our clients. This commitment has become more urgent as we seek to satisfy new demands for excellence and to improve shareholder value,” Olumekun said.

He noted that NAHCO is a leader in Nigeria’s aviation environmental, social, governance (ESG)’s compliance.

Experts have noted the need for air cargo hubs to consider green freight initiatives such as sustainable aviation fuels, carbon-offset programmes and efficient handling as global supply-chains increasingly embed ESG metrics. With this, NAHCO is clearly well positioned to drive Nigeria’s non-oil sector sustainably.

Chief Operating Officer, Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Didier Stuellet said the huge investments demonstrated the commitment of the company to long-term growth.

“It’s a huge investment. We’re talking about millions, not in naira, but in dollars, and so this is always difficult for the owners of a company like this to take a decision like this; to take the best decision. This is the best decision for NAHCO,” Stuellet said.

He said the company would make complete refleeting of equipment happen in the long term, adding that NAHCO is more than halfway into that process.

He said: “We still have some equipment coming in the coming months, years”.

Head, Ground Support Equipment (GSE), Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Charles Karinga noted that the acquisition of nine brand new high loaders by NAHCO was a huge one in the history of Nigerian aviation and that not many ground handling service providers in the region could acquire so many equipment at the same time.

He described a high loader as a ground support equipment, equipped with a high-reach lift mechanism to load or unload items, cargo, food, drinks, cleared for air transportation.

“Buying this number of high loaders at this same time is not something that is normally done by many handlers in this clime because they are very expensive.  This is the first time this would be happening,” Karinga said.

He also pointed out that the brand of the equipment deployed by the company is one of the very best in the industry and would serve the company and its airline clients for several years.

The increased economic and operational activities have also impacted the corporate results of NAHCO.

Corporate facts as economic indicators

The nine-month results of NAHCO for the period ended September 30, 2025 released at the Nigerian Exchange (NGX) showed strong growths across sales and profitability, with a 47 per cent increase in net earnings underlining the increased capacity of the leading aviation handling and logistics group to sustain improved returns to shareholders.

The report showed that total revenue rose by 40.7 per cent from N33.95 billion in third quarter 2024 to N47.76 billion in third quarter 2025, driven by renewed and new business contracts and expanding business activities across the subsidiaries. Gross profit rose by 37.1 per cent to N28.43 billion in third quarter 2025 as against N20.74 billion in third quarter 2024, showing top-line cost efficiency despite domestic and global inflationary pressures.

Operating profit jumped by 40.8 per cent from N12.88 billion to N18.14 billion, underlining the fact that the performance of the company was driven by business operations rather than financial or structural management. Profit before tax leapt by 46 per cent to N17.94 billion in third quarter 2025 compared with N12.29 billion in third quarter 2024.

After taxes, net profit stood at N13.46 billion, representing a remarkable increase of 46.6 per cent on N9.18 billion recorded in comparable period of 2024. With this, earnings per share increased simultaneously from N4.71 to N6.91, providing significant headroom for the group to sustain higher dividend payouts, even by the third quarter.

The balance sheet of the group also remained strong with total assets rising from N46.95 billion in December 2024 to N48.64 billion by September 2025. Shareholders’ funds also increased from N20.04 billion in December 2024 to N21.92 billion in September 2025.

The third quarter 2025 report places NAHCO, which had increased dividend payout by 134 per cent for the 2024 business year, in stronger stead to sustain its upwardly investor-friendly dividend policy. It should be recalled that NAHCO had distributed N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 business year.

Yusuf said the government must further enhance Nigeria’s non-oil export competitiveness by providing incentives to producers and operators.

According to him, government needs to support exporters with reduced financing and production costs while strengthening export logistics, certification, and standards.

“With continued reforms, targeted investments, and strengthened governance, Nigeria is well-positioned to deliver stronger economic outcomes in the months ahead,” Yusuf said. With the $1 trillion economy agenda anchored on further diversification of the economy through non-oil sector, NAHCO’s investments in air cargo and its nationwide ground handling operations provide sustainable basis to assume not only steady growth in non-oil exports, but increased returns to shareholders of the company.

 Nigeria‘s recent rebasing of its Gross Domestic Product (GDP) figures has sparked a wave of discussions, with many questioning what the new numbers truly mean for the economy. While rebasing is a routine statistical process, its impact on economic perception and policy decisions makes it a subject of national interest. At the heart of this exercise is the National Bureau of Statistics (NBS), which has taken significant steps to ensure that Nigeria’s economic data aligns with current realities.

Rebasing the GDP is a process where the base year used for economic calculations is updated to a more current period to reflect modern economic structures. The last time Nigeria carried out this exercise was in 2014, when the base year was changed from 1990 to 2010. This latest rebasing shifts the base year from 2010 to 2019, incorporating new sectors and methodological improvements. The essence of this exercise is not to artificially inflate economic figures but to provide a clearer and more accurate picture of Nigeria’s economic activities.

A major concern that often arises with GDP rebasing is the perception that the new figures are merely statistical adjustments without real economic improvements. However, experts have reassured Nigerians that the rebasing is essential for accurate policy formulation. By incorporating emerging sectors such as fintech, digital services, modular refineries, pension fund administrators, etc, the revised GDP numbers better reflect Nigeria’s evolving economic landscape. This provides a solid foundation for policymakers and investors to make informed decisions.

Inflation is another critical aspect of economic measurement that has undergone significant adjustments. The latest data from the NBS reveals that Nigeria’s headline inflation reduced to 24.48 percent in January 2025. Food inflation, which is always a major concern due to its direct impact on households, stood at 26.08 percent year-on-year. These figures, though still high, show a decline from previous levels using the old methodology, indicating a positive shift in the measurement metric in the economy.

The Statistician-General of the Federation and CEO of the NBS, Prince Adeyemi Adeniran, explained that the reduction in inflation was not a result of any government manipulation but a direct outcome of the rebasing exercise. He noted that the previous inflation calculations were based on outdated data from 2009, which no longer reflected current consumption patterns. Many of the products included in the old inflation basket had become irrelevant, while new essential goods and services were not adequately represented.

With the rebasing, the NBS has made key adjustments to ensure that inflation figures accurately reflect the economic realities of Nigerians. The methodology has been updated to the latest international standards, particularly by adopting the 2018 version of the Classification of Individual Consumption According to Purpose (COICOP). This classification system organizes household expenditures into categories, making it easier to track price changes and their impact on consumers.

One significant improvement in the new system is the inclusion of household expenditure on insurance and financial services, which now carries a weight of 0.5 percent in the overall inflation calculation. Additionally, expenditures on meals away from home have been appropriately classified, ensuring that the data reflects how Nigerians actually spend their money. These refinements ensure that inflation calculations are more precise and representative of real consumer behavior.

Another critical change is the exclusion of non-monetary expenditures such as own-production, imputed rents, and gifted items. This aligns with international best practices, as the Consumer Price Index (CPI) should only measure monetary transactions. These adjustments have made the inflation figures more reliable and comparable to global standards.

Despite concerns about potential political influence, the NBS has assured Nigerians that the rebasing process was carried out with strict adherence to statistical principles. The drop in inflation recorded in January 2025, according to Adeniran, would have occurred even without the rebasing. However, the updated methodology ensures that the figures are more reflective of actual economic conditions, giving policymakers a better tool for decision-making.

The implications of this rebasing go beyond just statistical adjustments. For businesses and investors, having accurate economic data is crucial for planning and investment decisions. A rebased GDP provides a clearer picture of economic strengths and weaknesses, helping businesses understand market trends and consumer spending behaviors. This can lead to better strategic planning and more targeted investments in high-growth sectors.

For policymakers, the rebased GDP and inflation figures offer a stronger basis for economic planning. With more accurate data, the government can design better policies to address inflation, unemployment, and economic growth. Fiscal and monetary policies can be fine-tuned to target specific sectors, ensuring that interventions yield the desired impact.

Additionally, international financial institutions and credit rating agencies rely on accurate economic data to assess Nigeria’s economic health. A well-rebased GDP improves the country’s credibility and attractiveness to investors. It signals to the global financial community that Nigeria is committed to transparency and economic modernization.

While some Nigerians may be skeptical about the new numbers, it is important to understand that rebasing is not about manipulating figures but about aligning economic data with reality. It ensures that policymakers, businesses, and investors are working with the most accurate information available. Over time, the benefits of this rebasing will become evident as the government and private sector leverage the new data to drive economic growth and development.

Ultimately, the rebasing of Nigeria’s GDP and inflation figures is a step in the right direction. It reflects the country’s evolving economic structure and provides a more reliable framework for economic decision-making. While challenges remain, the improved accuracy of economic data will play a crucial role in shaping policies that benefit all Nigerians.

The Launch

The rebasing of Nigeria’s Gross Domestic Product (GDP) is not just a statistical exercise; it is a necessary step toward accurately reflecting the country’s economic reality. To ensure that the new GDP figures are both reliable and transparent, the National Bureau of Statistics (NBS) followed internationally recognized best practices, consulting a wide range of stakeholders and adopting a robust methodology.

One of the most important decisions in the rebasing process was the selection of 2019 as the new base year. This decision was not made arbitrarily but was based on clear economic considerations. According to global guidelines, including those provided by the International Monetary Fund (IMF), a base year should be a period of relative economic stability. Given the disruptions caused by the COVID-19 pandemic and the resulting economic turbulence in 2020, 2021, and 2022, these years were deemed unsuitable for accurate economic benchmarking. Instead, 2019 was selected as it represented a period of stable economic activity before the shocks of the pandemic, making it a suitable reference point for recalibrating Nigeria’s economic measurements.

Another crucial aspect of the rebasing exercise was ensuring that all relevant economic activities were captured. The NBS collected sector-specific administrative data covering various industries, ensuring that the new GDP figures reflect the true size and structure of Nigeria’s economy. The inclusion of new and emerging sectors such as fintech, e-commerce, and digital services further strengthens the credibility of the rebased GDP figures. These industries have grown significantly in recent years, and their contribution to the economy needs to be properly accounted for in economic assessments.

The credibility of the rebasing exercise also hinges on the quality and transparency of the process. To achieve this, the NBS engaged in extensive consultations with a wide range of stakeholders, ensuring that all relevant parties had a say in the process. These engagements were not limited to government agencies but extended to development partners, private sector experts, analysts, media practitioners, and academic institutions. By involving a diverse range of voices, the NBS ensured that the rebasing was conducted in a manner that met global best practices and addressed local concerns.

The rebasing process involved numerous stakeholder engagements, sensitization workshops, and presentations. Ministries, Departments, and Agencies (MDAs) were actively involved, alongside members of the Economic Management Team and the National Consultative Committee on Statistics. Development partners such as the IMF, World Bank, African Development Bank (AfDB), United Nations Economic Commission for Africa (UNECA), and the Economic Community of West African States (ECOWAS) also played a role in shaping the rebasing exercise. These international organizations provided technical support and guidance, ensuring that Nigeria’s GDP rebasing aligns with the latest global standards.

Additionally, targeted workshops were held for critical stakeholders, including economic analysts, media practitioners, and academia. The inclusion of these groups in the process was vital in ensuring that the rebased figures would be well understood and accepted by the public. By fostering transparency and inclusivity, the NBS aimed to build trust in the new GDP numbers and dispel any misconceptions about the rebasing process.

GDP rebasing is widely recognized as a crucial statistical exercise for any nation. It is not merely about presenting larger GDP figures but about obtaining a more accurate estimate of the economy’s true size and structure. Without a properly rebased GDP, economic policies may be based on outdated or incomplete information, leading to inefficient decision-making. For this reason, the success of the rebasing exercise required the full commitment and cooperation of all stakeholders, from government agencies to private sector participants and international organizations.

With the extensive work done by the NBS and its partners, the newly rebased GDP figures are expected to provide the best possible estimate of Nigeria’s current economic structure. The updated numbers will serve as a valuable tool for policymakers, investors, and development partners, offering a clearer understanding of where the Nigerian economy stands and where it is headed.

Understanding the Importance

Rebasing Nigeria’s Gross Domestic Product (GDP) is not just about revising numbers; it is a crucial exercise that ensures the country’s economic data reflects current realities. Over time, economies evolve, with some sectors growing rapidly while others shrink or become obsolete. Without a proper rebasing exercise, economic data may fail to capture these changes accurately, leading to policies that do not align with the country’s true economic structure.

One of the key reasons GDP rebasing is important is that it helps account for structural changes in the economy. Nigeria’s economy today is vastly different from what it was a decade ago. The rise of the technology sector, including fintech, digital services, and e-commerce, has significantly altered the country’s economic landscape. However, if GDP calculations are based on outdated data that do not account for these new and growing industries, economic assessments become misleading. The rebasing exercise ensures that these evolving sectors are fully incorporated into national economic statistics, providing a clearer picture of where the economy is headed.

Another major benefit of rebasing is that it enhances evidence-based decision-making. Economic policies should be guided by accurate data, allowing the government to allocate resources to sectors that have the highest potential for growth and development. Without updated figures, policymakers may continue directing resources toward industries that no longer contribute as significantly to GDP, while neglecting emerging sectors that drive future economic growth. By rebasing the GDP, Nigeria’s government and private sector can make better-informed decisions that align with the country’s actual economic strengths and weaknesses.

Beyond domestic policy, GDP rebasing also plays a role in enhancing Nigeria’s economic profile on the global stage. International investors, financial institutions, and development agencies rely on GDP data to assess a country’s economic strength and investment potential. When GDP is rebased to reflect the most recent economic activities, it provides a more accurate representation of Nigeria’s true economic size, which can boost investor confidence. A larger and more accurately measured GDP signals that Nigeria’s economy is growing, diverse, and capable of supporting new investments.

A clear example of how GDP rebasing can significantly impact a country’s economic standing is Nigeria’s last major rebasing exercise in 2014. Before the rebasing, Nigeria’s GDP was based on 1990 as the base year, which meant that many of the country’s economic changes over the previous two decades were not properly reflected in official data. When Nigeria rebased its GDP to 2010, the country’s GDP jumped from $270 billion to $510 billion, instantly making it Africa’s largest economy. This dramatic change was not due to sudden economic growth but rather the inclusion of previously overlooked sectors such as telecommunications, entertainment. The 2014 rebasing highlighted the importance of regularly updating economic metrics to provide a more accurate picture of a nation’s economic performance.

The 2025 rebasing builds on the lessons of the past by further updating GDP calculations to capture even more aspects of Nigeria’s modern economy. One of the most significant additions in this rebasing exercise is the full incorporation of digital economic activities, including e-commerce and fintech. In recent years, Nigeria has become a hub for digital innovation, with startups and tech firms attracting billions of dollars in investments. However, if the contribution of these sectors is not properly accounted for, the true size of Nigeria’s economy could be underestimated. The inclusion of digital services ensures that Nigeria’s GDP reflects the realities of a 21st-century economy, giving a more precise measure of economic output and productivity.

Challenges of Rebasing

While GDP rebasing is a necessary and beneficial exercise, it is not without its challenges. One of the main difficulties is that rebasing can be time-consuming and resource-intensive. Gathering accurate data across multiple sectors, updating classification methodologies, and ensuring international standards are met require significant effort and coordination among various stakeholders. The process involves engaging with ministries, development agencies, private sector players, and international organizations, making it a complex and lengthy undertaking.

Another challenge is that rebasing may reveal uncomfortable economic truths that could unsettle markets. When GDP is recalculated based on new data, it may show that certain sectors are underperforming, or that economic growth has been slower than previously estimated. These revelations, while necessary for better policymaking, can sometimes lead to uncertainty among investors or prompt difficult economic discussions. For example, a rebasing exercise may indicate that some industries are shrinking, requiring urgent government intervention to support affected businesses and workers. However, while such revelations may cause short-term concerns, they ultimately help ensure that economic policies are based on the most accurate and up-to-date information.

Despite these challenges, the benefits of rebasing far outweigh the difficulties. A properly rebased GDP allows for more effective policy decisions, better investment planning, and a clearer understanding of Nigeria’s economic trajectory. As Nigeria completes its latest rebasing exercise, the updated figures will provide critical insights that will shape the country’s economic policies for years to come.

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Reacting to the GDP Rebasing, Mr Gbolade Idakolo, Managing Director/CEO SD&D Capital Management Limited said “The recent rebasing of the GDP has shown a significant decline in inflation figures as well as food inflation. These new figures are however not in congruence with reality.

“The rebased GDP has shown positive activities in all the critical sectors of the economy and gives the government and investors alike a tool to assess the economic performance of the country. Overall, it gives a positive outlook that can testify to significant changes being experienced in the economy and also put our economy in proper perspective with other economies around the world.”

Dr. Samson Galadima Simon, Chief Economist at ARKK Economics and Data Limited, Abuja in his reaction said “The GDP figure is expected to balloon after the rebasing as structural changes in the economy will be fully captured. The last time it was done, GDP went from $270 Billion to $510 Billion.  Rebased GDP will reflect the true composition of the Nigerian economy as well as capture sectors that have gained momentum like digital economy.”

He added that “after the rebasing, the Nigerian economy is expected to become larger, this will imply brighter chance of Nigeria achieving its $1 trillion status by 2023. It will also mean higher per capita for the Nigerian people. It will mean lower debt to GDP ratio and lower Revenue to GDP ratio.

In its report, Renaissance Capital Africa said Nigeria’s debt levels appear to be relatively okay using the International Monetary Fund (IMF) standards. It however warned that the conventional IMF measures are not a true reflection of debt sustainability.

 Pan-African Credit Rating Agency, Agusto & Co, has said that increased crude oil production can help Nigeria resolve the twin challenges of inflation and volatility in the foreign exchange market.

This was disclosed by Jimi Ogbobine, Head of Agusto Consulting, a subsidiary of Agusto & Co, during his presentation at the 2025 Economic Roundtable to discuss Nigeria’s economic trajectory, held recently in Lagos.

The event held in honour of its founder, the late Olabode Agusto, provided an in-depth analysis of trends, policy developments, and investment opportunities shaping Nigeria’s economic landscape. Discussions explored banking, finance, manufacturing, energy, and regulatory reforms critical to business and investment growth in 2025.

While analysing the Nigerian economy, Ogbobine listed 10 key areas of uncertainties, including debt sustainability, oil sector performance, global energy dynamics, global economic outlook, energy transition and subsidy reforms, sociopolitical instability, food security and agriculture resilience, government fiscal performance (revenue and spending priorities), exchange rate management strategy, and inflation and interest rate management strategy.