By Taiye Olayemi
Chief Executive Officer of EnterpriseNGR, Mrs Obi Ibekwe, says Nigerian
economy is beginning to stabilise after years of adjustments, with recent reforms
restoring confidence, unlocking investment and supporting sustainable growth.
Ibekwe stated this while delivering the keynote address at the presentation of the
EnterpriseNGR 2026 Macroeconomic Outlook, developed in partnership with EY-
Parthenon on Thursday in Lagos.
She noted that while reforms had tested households, businesses and policymakers,
they were currently yielding measurable improvements, saying the outlook, theme,
“Reforms-Led Stability: Boosting Confidence, Unlocking Sustainable Growth”,
was designed to move the conversation beyond hardship to perspective, progress
and the next phase of economic recovery.
According to her, recent policy actions which included foreign exchange
unification and fiscal recalibration, had pushed Nigeria to a “critical inflection
point”, with key macroeconomic indicators beginning to improve.
“For the first time in a while, inflation, external reserves and real GDP growth are
moving in the right direction. The economy is stabilising, and this report
documents tangible evidence of that stabilisation,” Ibekwe said.
She said inflation had moderated to 15.15 per cent, the lowest level in five years,
while foreign exchange market reforms had narrowed distortions, improved price
discovery and increased FX tenders by more than 56 per cent year-on-year.
Ibekwe added that external reserves had risen to about 45.5 billion dollars,
providing a stronger buffer against external shocks.
She maintained that the nation’s growth drivers were also undergoing a structural
shift, with non-oil sectors now accounting for over 96 per cent of GDP.
This, she added, reflected the expanding role of services, financial intermediation,
telecommunications, trade and the creative economy. “This diversification
strengthens resilience and reduces vulnerability to commodity cycles,” she said.
The EnterpriseNGR CEO said the financial and professional services sector was
central to sustaining the recovery.
Ibekwe described it as “plumbing” that makes the economy work by mobilising
capital, managing risk and supporting real sector activity.
She said ongoing bank and insurance recapitalisation, the Nigeria Tax Act 2025,
insurance industry reforms and stronger governance standards were rebuilding
balance sheets, credibility and capacity within the sector.
However, Ibekwe warned that stabilisation alone was insufficient, stressing that
sustained progress would depend on policy consistency, institutional credibility
and effective implementation.
“Reform reversals will erode the hard-won confidence we are beginning to
build. Reform continuity, on the other hand, can unlock patient capital and long-
term investment,” she said.
Ibekwe described the outlook as both an assessment and a call to action for
policymakers to maintain discipline, for investors to engage constructively and for
the private sector to channel capital into productive, job-creating activities.
Also, the Head of Research, EnterpriseNGR, Mr Omotayo Muritala, presented the
key findings and projections from the report, outlining global and domestic
macroeconomic trends shaping Nigeria’s 2026 outlook.
Muritala said the global economy was transitioning to a modest growth phase, with
emerging markets continuing to contribute significantly to global expansion, while
easing monetary conditions were reshaping capital flows.
On Nigeria, he said the growth story had been driven by deep adjustments, with
improving GDP growth, moderating inflation and reduced foreign exchange
volatility pointing to gradual recovery.
He identified agriculture, trade, services, energy and financial services as key
growth drivers, supported by ongoing reforms, infrastructure spending and sector-
specific policy initiatives.
Muritala projected that, if reform momentum was sustained, Nigeria’s economy
could grow by about four per cent in 2026, supported by increased investment,
infrastructure expansion and improved macroeconomic stability.
He added that while risks remain, consistent policy implementation and
institutional discipline would be critical to consolidating gains and strengthening
long-term economic resilience.
From an investor perspective, an Associate Partner, EY and contributor to the
report, Mrs Olayinka Olatunji, said recent reforms had improved transparency,
liquidity and confidence in Nigerian markets.
“Nigeria is moving from adjustment to stabilisation.
He noted, “That stability creates space for patient, long-term capital and
infrastructure investment, beyond short-term opportunities.”
She cautioned, however, that sustaining investor confidence depends on policy
consistency and credible implementation.
Also speaking, the Director of Policy and Public Affairs, EnterpriseNGR, Mr
Lami Adekola, said the gains recorded so far were the result of deliberate policy
choices, not chance.
“Policy credibility is built over time and can be lost very quickly. Investors and
businesses are watching closely for consistency, coordination and effective
execution.”
She said Nigeria must move from stabilisation to structural reforms
According to her, these reforms include addressing food supply constraints,
improving infrastructure, strengthening energy markets, deepening capital markets
and enhancing security in key economic corridors.
