Stakeholders in Nigeria’s economy have called for sustained policy consistency to anchor investor confidence and drive growth, warning that credibility and predictability remain critical to achieving sustainable prosperity.
Speaking at the recent public presentation of the WorldStage Nigeria’s Macroeconomic Outlook 2026, titled ‘Turning the Corner’, in Lagos, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Engr Jani Ibrahim, said Nigeria must move beyond reforms to tangible results.
“Getting it right requires moving beyond stabilisation to structural transformation. Policy consistency must anchor investor confidence, as credibility and predictability remain fundamental to economic growth,” Ibrahim said.
Represented by Dr Abina Praise, he added that the country was at a transition point. “Nigeria is at a critical transition point from reform to results, and from stabilisation to sustainable prosperity. Recent economic reforms, including exchange rate liberalisation and subsidy removal, have begun to stabilise key indicators.
“Growth is strengthening, with projections in the range of 4 to 5 percent, while inflation, though easing, remains elevated at approximately 15 percent, continuing to exert pressure on households,” Ibrahim said.
He stressed that while stability was emerging, prosperity had yet to be fully realised. “Stakeholders now expect greater fiscal clarity, particularly around the evolving tax regime, exchange rate management, and the broader policy direction shaping the 2026 macroeconomic outlook,” Ibrahim said.
The NACCIMA president urged a shift from a consumption-driven economy to a production-led model, noting that productivity challenges persist despite the dominance of the non-oil sector.
“While the non-oil sector contributes over 97 percent of GDP, productivity, especially in manufacturing, remains modest, highlighting a structural gap that must be addressed through industrialisation, value addition, and export competitiveness,” Ibrahim said.
He added that infrastructure, food security, and access to finance remain critical to growth, while the private sector must be strengthened through an enabling environment and investment protection.
“The trajectory of the naira will remain central, with expectations of gradual movement towards a more stable equilibrium, supported by improved foreign exchange inflows and disciplined monetary management,” Ibrahim said.
On inclusive growth, he said, “Ultimately, the true test of success lies in inclusive growth. Economic progress must translate into jobs, opportunities, and improved living standards.”
Reviewing the publication, the Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, described the report as a realistic assessment of Nigeria’s economy.
“The publication offers a balanced reflection of Nigeria’s economic reality. It acknowledges long-standing structural challenges while highlighting the resilience, innovation, and determination of the Nigerian people,” Omotoso said.
Represented by the Public Affairs Director, Ministry of Information and Strategy, Temilade Aruya, he noted that the outlook combines optimism with realism.
“With projections of GDP growth at 4.49 per cent in 2026 and inflation easing to 12.94 per cent, the outlook signals cautious optimism. However, it does not ignore persistent concerns such as infrastructure deficits, high cost of capital, and global economic uncertainties,” Omotoso said.
He emphasised that reforms must be sustained. “The message is clear: consistency in policy implementation will determine the success of these reforms,” Omotoso said.
Omotoso added that the report identified major risks, including inflationary pressures, exchange rate volatility, high debt servicing costs, and infrastructure challenges, stressing that acknowledging these issues strengthens policy credibility.
In his opening remarks, the President/Chief Executive Officer of WorldStage Limited, Segun Adeleye, said the outlook aligns with Nigeria’s ambition to build a $1tn economy by 2030.
He said, “The outlook offers a comprehensive and detailed analysis of Nigeria’s economy, identifies key trends, opportunities, and challenges that are likely to shape the country’s future.”
Adeleye also called for stronger support for the media industry, proposing policy intervention to boost local advertising revenue.
“The way forward, I think, should be for President Bola Tinubu to issue an Executive Order mandating local firms to commit nothing less than 80 per cent of their advertising budget to local media,” Adeleye said.
He warned that dwindling advertising revenue threatens the sustainability of media organisations, despite recent tariff concessions on media inputs.
The WorldStage president added that the organisation would release quarterly economic reports to provide guidance for policymakers and investors. “Work is already at an advanced stage on our Q1 2026 report, which will provide actionable insights for policymakers, businesses, and investors,” Adeleye said.
The event drew regulators, private sector operators, and media stakeholders, who reiterated the need for disciplined execution of reforms to achieve inclusive and sustainable economic growth.
