We are cautiously optimistic that Nigeria will enjoy a more favourable macroeconomic climate this year. Real GDP growth is projected to increase marginally to 3.1% this year from an estimated 3.0% in 2024 while remaining relatively flat over the medium term. The non-oil economy will be a growth driver to be reckoned with in 2025, mainly because of easing price pressures and a potential unwinding of tight monetary policy. Even so, the oil sector will continue to be the cornerstone of the West African economy. The mammoth Dangote Refinery should reach full production capacity in Q2 2025, bringing a steady supply of petroleum products and, possibly, lower petrol prices.
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