ABUJA, March 11 (Xinhua) -- The Nigerian government on Tuesday expressed optimism that the country's economy would expand by at least 4.6 percent in 2025, up from 3.19 percent in 2024.

Unveiling a comprehensive economic plan for sustainable development in the capital of Abuja, Minister of Finance and Coordinating Minister of the Economy Wale Edun said macroeconomic stability remains a priority, with exchange rate stability, trade surplus, and increased oil production positioning the country as a stronger global player.

The National Bureau of Statistics earlier reported that the gross domestic product (GDP) expanded by 3.84 percent year-on-year in the fourth quarter of 2024, up from 3.46 percent in the previous quarter.

"The government has projected GDP growth of 4.6 percent for 2025, with a long-term ambition of seven percent annually, a crucial target for poverty reduction and sustainable development," Edun noted.

According to the minister, the government is committed to fiscal discipline, revenue mobilization, and an improved investment climate, among others, to ensure an expansion in the GDP. He also emphasized the crucial role of the private sector in driving economic growth, with public-private partnerships expected to play a key role in bridging Nigeria's 100-billion-U.S.-dollar annual infrastructure investment gap.

Edun said the country's foreign reserves have exceeded 40 billion dollars, signaling "confidence in economic policies and financial management."

In the oil and gas sector, domestic refining of local crude has significantly reduced reliance on imports, strengthening energy security and enhancing economic resilience, he said, adding that the government's fiscal policy reforms, which include expanding the tax base, streamlining revenue collection, and creating a business-friendly tax system, have further engineered economic growth.

He noted that a balanced approach to taxation will encourage investment while ensuring adequate funding for national priorities.

As Nigeria moves forward, the government remains committed to economic transformation through policies that promote growth, stability, and private-sector participation. By building on strategic reforms, Edun said, Nigeria is poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come.

In December 2024, Nigerian President Bola Tinubu said that the country's economy was poised to become more favorable for citizens in 2025, with expectations of restored macroeconomic stability, an improved business environment, increased employment opportunities, and poverty reduction.

Tinubu emphasized that the economic reforms launched by his administration nearly two years ago would not be reversed but rather reinforced to sustain progress toward a more resilient, equitable, predictable, and globally competitive economy. Enditem

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