*Says fuel subsidies removal after almost 40 years qualifies 2024 as miracle year – First Bank boss
WorldStage Newsonline– First Bank of Nigeria Ltd. has described 2024 as a year of miracles and leading to a rebirth for positive economic growth outlook for 2025.
Mr Olusegun Alebiosu, Chief Executive Officer (CEO), FirstBank Group, in his opening remark at the 2025 Nigeria Economic Outlook organised by the bank on Wednesday in Lagos projected steady economic growth for the nation in 2025 due to the bold economic reforms implemented in 2024, including the removal of fuel subsidies.
Alebiosu, who joined the hybrid event virtually, said the fight to remove fuel subsidies seemed impossible for almost 40 years, hence the need to call 2024 a miracle year.
He said 2024 was a year of remarkable progress, paving the way for a positive economic growth outlook in 2025.
“I always refer to 2024 as a year of miracle. I call it a year of miracle because I never believed in my lifetime that Nigeria would be able to exit fuel subsidy,” he said.
He said, although this move caused some initial discomfort, it ultimately led to a ripple effect of growth, with the price of premium motor spirit (PMS) gradually decreasing.
According to him, this trend has raised hopes for a brighter 2025, with the event providing an opportunity to review the past, reset expectations, and renew hopes for a better future.
Alebiosu praised the resilience of Nigerians and the impact of the government’s reforms, which, although painful, were necessary to address inflationary pressures that had been exerting a strain on households and corporate incomes in 2024.
He said: “The fight to remove fuel subsidy seemed impossible for almost 40 years, hence, the need to call 2024 a miracle year.”
The inflation rate reached a three-decade high of 34.60 per cent in November 2024, prompting the Central Bank of Nigeria (CBN) to increase the benchmark Monetary Policy Rate (MPR) to 27.5 per cent.
The bank’s CEO noted that in spite of these challenges, the GDP grew steadily, with a 3.46 per cent increase in Q3 2024.
He recalled that the introduction of an electronic foreign exchange matching system in December 2024 had also contributed to the stability of the foreign exchange market.
According to him, this is another early sign of growth in 2025.
Other indicators of growth include increased competition in the downstream sector, resulting in falling PMS prices, and the revitalisation of the Port Harcourt and Warri refineries.
“Signs have begun to emerge that the reforms pursued by the Government are starting to yield the desired results,” Alebiosu said.
With the proposed N49.7 trillion 2025 budget expected to provide sufficient economic stimulus, the projected GDP growth rate of 3.68 per cent for 2025 appears to be a likely outcome.
“The projected GDP growth rate of 3.68 per cent for 2025 is a very likely outcome.
“As a Bank that has done business in Nigeria over several economic cycles, FirstBank remains poised to walk with our customers through this difficult, yet promising, stage of our nation’s journey.
“The bank’s theme, ‘Nigeria 2025: Path to Economic Rebound and Recovery,’ reflects its understanding of the domestic economic realities and its commitment to partnering with customers to identify emerging opportunities and achieve their goals in 2025 and beyond.
“FirstBank is committed to supporting its customers with innovative products and services to help them leverage opportunities to succeed in 2025 and beyond,” he said.
