The Nigerian-British Chamber of Commerce (NBCC) and economic experts have expressed optimism about the 2025 economic outlook, saying the ongoing reforms have the potential to pull through critical deliverables for the economy to return to a growth path .
They made their views at the 2025 Economic Outlook programme, organised by the chamber, where they reflected on the past year’s economic performance, assessed ongoing policy reforms and strategized for the future.
President of the chamber and chairman in council, Ray Attelly noted that the 2025 Economic Outlook is designed to provide businesses, industry leaders, and policymakers with the critical insights, strategies, and tools needed to navigate the evolving economic landscape. “In an era of rapid change, understanding the forces shaping the global and local economy is more essential than ever.”
Attelly viewed that as the world undergoes significant economic transformations, businesses must stay ahead of emerging trends and potential disruptions.
He said in 2025, key areas of focus will include shifts in international trade dynamics, evolving regulatory policies, technological advancements and geopolitical influences—all of which play a pivotal role in shaping market conditions and business strategies.
“With innovations such as artificial intelligence, digital finance and green energy reshaping industries, organizations must adapt to remain competitive. Additionally, fluctuations in supply chains, interest rates, and consumer behaviors add layers of complexity that require informed decision-making.”
The NBCC boss pointed out how factors like inflation rate, insecurity, medical tourism, education tourism, energy crisis, lack of access to funds for businesses, infrastructural challenge, low capacity utilisation in the manufacturing sector among others could impact the bright outlook for 2025.
Noting that great opportunities abound in all the sectors, he said it was high time the nation took advantage of the potential within to attract foreign direct investments (FDI)
“There is a lot of money within.
We need to repose confidence in what we have here before FDI sets in.”
He reiterated the importance of boosting manufacturers’ capacity to make the sector competitive, urging government to do its bid.
He advised small businesses to key into opportunities so as to remain in business.
“In 2025 great opportunities abound for the country but things need to be put in place for growth.”
For Biodun Adedipe, Founder and Chief Consultant (BAA Consult) of B. Adedipe Associates the indices and pointers paint positive outlook.
He however advised that in 2025 the focus should be more on the drivers of agricultural value chain.
“Manufacturing for local consumption, focus on volume and not the margin.
“Look into productivity enhancers like education, health and digital services.
“Strategic partnerships across industries and geographies is also very important.”
Adedipe argued that the fundamental problems of developing countries have been reduced to
food, energy and manufacturing deficits.
“These speak to Nigeria in that we are not producing enough.
“Without a vibrant manufacturing, the great economy cannot emerge, adding that resilience gives way to reforms, as persistent reforms result in positive impact.
Adedipe decried that the economy was growing but not inclusively, suggesting that government should create an enabling environment as it cannot deliver the infrastructure required.
“Our GDP grew more by services sector, but services don’t grow an economy.
Government cannot deliver infrastructure required but to create an enabling environment.”
He encouraged businesses, saying any deficit is a pointer to opportunities.
“Innovation has become a central theme.
AI is not a risk to businesses and jobs,
To succeed in business you need to have an edge over others.”
He emphasized the benefits of the ongoing reforms, citing the launch of FX code, which will boost the market
“Also the tax reforms is a game changer for Nigeria,” he however noted that something was wrong with our tax register, “which could be that some are not paying enough, the tax net not large enough or most are not paying at all.
“We need to simplify the tax system, apply Technology, Data to grow the economy.”
He emphasized the need for access to made in Nigeria goods.”
Discussants during the panel session emphasised on fixing infrastructure for improved and conducive business environment for all sectors to thrive.
The panelist included
MD/CEO, Swagco Limited, Dr. Adewale Onadeko; MD/CEO, Zenith Carex, Dr. Olamilekan Adelana; Chief Consultants B. Adedipe Associates Ltd, Dr. Biodun Adedipe; MD/CEO, Transcorp Energy Limited, Mr. Christopher Ezeafulukwe; MD/CEO, 9Moble Nigeria, Mr. Obafemi Banigbe; and CEO/ Executive Editor of Frontier Africa Reports, Mr. Boason Omofaye.