Economists and industry leaders have stressed the importance of prioritizing domestic economic growth, infrastructure development, and developmentto drive Nigeria’s sustainable growth in 2025. This call was made at the Meristem 2025 Economic Outlook event in Lagos, which brought together policymakers, industry leaders, and investors to discuss strategies for achieving economic stability.
Tope Fasua, Special Adviser to the President on Economic Affairs, underscored the need to reduce reliance on external borrowing by strengthening Nigeria’s local economy. “To sustain the country’s economy, we must focus on Nigeria’s domestic and local economy so there will be less pressure on borrowing from external bodies,” Fasua stated.
He also highlighted the impact of Naira depreciation on inflation, urging measures to stabilize the currency. “What Nigeria needs now is stability. We must be stable in our local production and run our own economy to defend the Naira,” he added.
Addressing agricultural development, Akinola Baiyewu, Principal Manager of Agribusiness Finance and Investments at NIRSAL, called for increased government focus on land allocation for production and product standardization to meet international quality standards. “We must standardize to meet international quality. Government agencies need to collaborate effectively, and infrastructure challenges, like the coastal road project, must be addressed,” Baiyewu noted. He also emphasized strengthening self-regulatory organizations to improve sector efficiency.
Sulaimon Adedokun, Group Managing Director (GMD) of Meristem, reassured investors of the firm’s commitment to providing transparent and timely economic insights. He encouraged strategic investment decisions amidst ongoing economic reforms. “Our firm is dedicated to providing updated information to grow wealth in an atmosphere of transparency. With better policies, we anticipate significant improvements in 2025 compared to 2024,” Adedokun stated.
The event also highlighted the necessity of creating an equitable society to boost revenue and curb migration trends like the ‘Japa’ phenomenon, where Nigerians leave the country for better opportunities abroad. Experts emphasized that stabilizing local production and fostering inter-agency collaboration will be critical in achieving long-term economic growth and defending the Naira.
As Nigeria charts its economic course for 2025, the focus on domestic growth, infrastructure, and youth empowerment is seen as pivotal for ensuring sustainable development and attracting investor confidence.
