We still forecast the Nigerian economy to expand at a solid clip of 3.4% in 2025, despite potential downside risks arising from external demand shocks and global risk aversion. We base our prediction on sound private sector activity in H1 2025 and solid oil production over the first five months of the year. Still, market volatility could be on the cards this month as President Donald Trump's 'Liberation Day' tariffs are set to kick in on July 9 after a 90-day pause.
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