The governor of the central bank of Nigeria, Olayemi Cardoso said on Thursday that the financial institution expects the economy to grow by 4.17% this year, thanks to ongoing reforms and the stabilization of inflation.

The removal of gas subsidies and the twice devaluation of the Naira currency, reforms implemented by President Bola Tinubu in 2023, have fuelled inflation in Africa's most populous country. At a conference, Olayemi Cardoso said that inflation, which currently stands at 34.8%, is expected to fall as reforms start to bear fruit. According to the governor, foreign exchange reserves are expected to increase gradually, thanks to the increase in oil production. Oil production is expected to reach 2.3 million barrels per day by the middle of the year. For the latter, Nigeria recorded foreign currency inflows exceeding 6 billion dollars in 2024, which will bring its foreign exchange reserves to more than 40 billion dollars.