The Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), has raised grave concerns over Nigeria’s economic outlook for 2025, citing the mounting budget deficit and the insufficient support for the private sector.
In a television interview yesterday, NACCIMA President, Dele Oye, voiced deep concerns about the country’s fiscal situation.
He pointed out that Nigeria’s budget deficit, currently hovering around N13 trillion, has only worsened with the introduction of an additional N4.5 trillion, leading to serious questions about the country’s long-term fiscal sustainability.
Oye expressed cautious optimism regarding government’s move to allocate some of these funds to the Bank of Agriculture and the Bank of Industry, but stressed that proper and continued funding of these institutions was essential for the private sector to access affordable, single-digit loans.
He said: “Currently, we are already worried by the huge deficit in the budget, which is almost at about N13 trillion and just yesterday, we heard that the government was increasing the budget with another N4.5 trillion.”
