Nigeria’s economy posted 4% GDP growth in Q2 2025, driven by oil output and a more stable FX regime.
On Drinks and Mics Season 2 episode 4, the gang sat with Affiong Williams, Founder & CEO of Reel Fruit as they argued that businesses remain under strain despite the positive macroeconomic indicators.
Williams, who has run Reel Fruit for 13 years, said consumption recovery has been the weakest she has ever seen. “Retail demand is the worst it has ever been. Inflation has eroded disposable income, and people are simply buying less,” she explained.
The Central Bank’s recent 50 bps rate cut to 27% was also dismissed as insufficient. Williams revealed that only concessionary loans at 17% are viable, with commercial bank lending rates above 30% choking manufacturers.
Exports are providing a lifeline, as Reel Fruit now earns nearly 80% of revenue abroad. Yet rising US tariffs—15% already, with AGOA expiry set to add another 5%—pose new hurdles.
The panel concluded that without a clear industrial plan and stronger credit growth, GDP gains risk remaining abstract.
Watch the full episode now on Nairametrics YouTube and join the conversation:
