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Nigeria Records Economic Gains Despite Persistent FX Pressures

December 4, 2025
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Nigeria’s economy has recorded a generally positive trajectory across several macroeconomic indicators between May 2023 and the latest releases by the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), according to data compiled by Statisense.

Based on Statisense’s aggregation of official NBS and CBN datasets, headline inflation slowed year-on-year from 22.41% in May 2023 to 16.05% as of October 2025.

Food inflation, a major determinant of living costs, also eased sharply from 24.82% to 13.12% within the same period. Analysts attribute the moderation to sustained monetary tightening, improved agricultural output, and gradual stability in supply chains.

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READ ALSO : Cut Import Tariffs , Lift Bans To Tame Inflation, Reduce Poverty – World Bank to Nigeria

Nigeria Inflation Falls to 16% in October, Cost Pressures Remain High

Economic growth also strengthened. Real GDP rose from 3.46% to 3.98% year-on-year in Q3 2025, driven mainly by resilience in telecommunications, finance, and agriculture sectors that continue to underpin the country’s recovery trajectory.

Nigeria’s foreign reserves increased from $35.15 billion in May 2023 to $44.67 billion as of November 28, 2025. The rise is linked to stronger oil receipts, enhanced remittance inflows, and reinforced FX management by the CBN. However, foreign exchange pressures persist.

The naira weakened from ₦461.56/$1 to ₦1,445.39/$1 as of December 2, a depreciation attributed to ongoing currency reforms aimed at unifying exchange rates and curbing arbitrage.

The country’s debt profile presents a mixed picture. Public debt surged in naira term from ₦87.38 trillion to ₦152.40 trillion while its dollar value fell from $113.42 billion to $99.66 billion by Q2 2025. The divergence reflects exchange-rate adjustments and a slowdown in external borrowing.

Overall, Statisense’s data highlights visible improvements in inflation, foreign reserves, and GDP growth, even as FX instability and rising domestic debt remain key concerns for policymakers navigating the country’s reform phase.

 

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Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.

Amanze Chinonye

Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.

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