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“In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.” On Nigeria’s output growth, CBN said: “Nigeria’s output growth is expected to maintain a positive trajectory in 2024/2025.
CBNsaid, “The outlook for Nigeria’s external sector in 2024/2025 is optimistic, on the expectation of favorable terms of trade, occasioned by sustained rally in crude oil prices and an improvement in domestic crude oil production.
“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN stated, citing expectations of favorable trade terms due to higher crude oil prices and improved domestic oil production.
“Lower crude oil earnings, the removal of fuel subsidies, increasing import bills, and growing external debt servicing obligations pose downside risks to external reserves,” the CBN added.
“The risk to the outlook is still tilted to the downside, characterized by significant headwinds such as rising energy prices emanating from lingering effects of the Russia-Ukraine war, and the persisting security and infrastructural challenges, which could undermine the growth outlook in the shortto medium term.
“However, lower crude oil earnings, fuel subsidy removal, rising import bills, and increased external debt servicing obligations could pose downside risks for the accretion to external reserves..
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