By Taiye Olayemi
EnterpriseNGR, a financial and professional services advocacy group, says Nigeria’s economy is stabilising as recent reforms restore confidence and unlock investment, according to its 2026 Macroeconomic Outlook.
The Chief Executive Officer of EnterpriseNGR, Mrs Obi Ibekwe, while speaking at the presentation of the report in Lagos on Thursday, said Nigeria had reached a post-adjustment “inflection point”, where key macroeconomic indicators were beginning to move in a positive direction.
The report, developed in partnership with EY-Parthenon, has the theme, “Reforms-Led Stability: Boosting Confidence, Unlocking Sustainable Growth”, and provides a financial and professional services perspective on Nigeria’s economic outlook.
Ibekwe said reforms such as foreign exchange market liberalisation, fiscal recalibration and financial sector strengthening had been painful for households and businesses but were now yielding measurable results.
“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,” she said.
According to her, inflation has moderated to about 15.15 per cent, the lowest level in five years, while foreign exchange market reforms have improved transparency and price discovery, with FX tenders rising by more than 56 per cent year-on-year.
External reserves, she added, climbed to about 45.5 billion dollars, strengthening Nigeria’s buffer against external shocks.
She noted that the structure of growth was also changing, with non-oil sectors accounting for over 96 per cent of GDP, reflecting the expanding role of services, financial intermediation, telecommunications, trade and the creative economy.
“This diversification strengthens resilience and reduces vulnerability to commodity cycles.
“The financial and professional services sector is the “plumbing” that mobilises capital, manages risk and supports real-sector activity,” Ibekwe maintained.
She said ongoing bank and insurance recapitalisation, the Nigeria Tax Act 2025, insurance reforms and stronger governance standards were rebuilding balance sheets and credibility across the sector.
However, she cautioned that stabilisation alone was not enough, warning that reform reversals could erode the confidence now emerging.
According to her, sustained progress would depend on policy consistency, institutional credibility and effective implementation.
Presenting the key findings and projections from the report, the Head of Research at EnterpriseNGR, Mr Omotayo Muritala, said both global and domestic conditions were supporting Nigeria’s gradual recovery.
Muritala noted that the global economy was entering a phase of modest growth, with easing monetary conditions reshaping capital flows, while emerging markets continued to drive global expansion.
On Nigeria, he said improving GDP growth, moderating inflation and reduced foreign exchange volatility pointed to a steady recovery driven by agriculture, trade, services, energy and financial services.
He projected that, if reform momentum is sustained, Nigeria’s economy could grow by four per cent in 2026, supported by increased investment, infrastructure expansion and improved macroeconomic stability.
From an investor perspective, Associate Partner at EY-Parthenon and contributor to the report, Mrs Olayinka Oyetunji, said recent reforms had materially improved transparency, liquidity and confidence in Nigerian markets.
“Nigeria is moving from adjustment toward stabilisation.
“That stability creates space for patient, long-term capital and infrastructure investment beyond short-term opportunities,” she said.
She added that Nigeria’s opportunity set was expanding beyond hydrocarbons to services, technology, energy and critical mineral resources such as gold and lithium, but stressed that sustaining investor confidence depends on consistent and credible policy implementation.
Also speaking, the Director of Policy and Public Affairs at EnterpriseNGR, Mr Oyelami 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,” he said.
Adekola said Nigeria must move from stabilisation to deeper structural reforms, including addressing food supply constraints, improving infrastructure, strengthening energy markets, deepening capital markets and enhancing security along key economic corridors.
EnterpriseNGR, a member-led advocacy group, said the outlook is an assessments and a call to action for policymakers, investors and the private sector to protect reform credibility and convert stabilisation into durable, inclusive growth.
Edited by Olawunmi Ashafa
