By Grace Alegba
Financial and trade experts have emphasised sustained reforms, policy stability and value addition as critical to strengthening Nigeria and West Africa’s resilience amid rising global uncertainty.
They made this known at a panel session and keynote presentation during the 2026 Global Trade Review West Africa in Lagos.
The experts assessed recent economic gains, emerging risks and growth opportunities across the region.
Ms Rolake Akinkugbe-Filani, an energy and infrastructure finance expert, said recent macroeconomic reforms had improved investor confidence and enhanced Nigeria’s ability to price risk more transparently.
She noted that exchange rate liberalisation and tighter monetary policy had strengthened market credibility and supported foreign inflows.
According to her, Nigeria’s exit from the Financial Action Task Force grey list marks a major compliance milestone that can lower transaction costs and improve access to global trade finance.
Akinkugbe-Filani also pointed to sovereign rating upgrades and rising investor activity as indicators of growing confidence in the country’s reform trajectory.
She, however, cautioned that external shocks, particularly geopolitical tensions affecting oil markets, could undermine these gains.
“The pricing of risk is increasingly influenced by geopolitical developments, and this must be factored into economic decisions,” she said.
Mr Yinka Ogunnubi, Group Treasury Manager, CFU Nigeria, said exchange rate stability remained critical for business planning.
“For corporate treasurers, stability is more important than the actual rate because it supports long-term planning and supply chain management,” he said.
Ogunnubi, also President of the Association of Corporate Treasurers of Nigeria (ACTN), noted that recent foreign exchange reforms had improved liquidity and transparency, helping to revive the use of trade finance instruments such as letters of credit.
He, however, warned that reliance on foreign portfolio investments exposes the economy to sudden reversals during periods of global uncertainty.
The panellists also expressed concern over rising fiscal pressures linked to increased government spending, warning that this could trigger inflation and weaken macroeconomic stability if not well managed.
They stressed the need for fiscal discipline, stronger institutions and sustained reforms to consolidate recent gains.
The experts identified logistics bottlenecks, high shipping costs and regulatory barriers as major constraints to intra-African trade.
They called for stronger regional cooperation to unlock opportunities under the African Continental Free Trade Area.
Earlier, Dr Tedd George of Kleos Advisory Ltd., who moderated the session, said West Africa’s outlook remained balanced between resilience and vulnerability.
He noted that escalating geopolitical tensions, particularly around the Strait of Hormuz, had disrupted global shipping, increased commodity prices and heightened supply chain risks.
“Uncertainty remains a major challenge for business planning and trade flows, with current levels exceeding those seen during the global financial crisis and the COVID-19 pandemic,” he said.
George added that Africa remained vulnerable due to its dependence on commodity exports and imports such as fuel, food and fertiliser.
He noted that while higher oil prices could benefit exporters like Nigeria, increased import costs could offset those gains.
He, however, acknowledged recent macroeconomic improvements in Nigeria, including easing inflation and relative currency stability.
“There has been notable progress in Nigeria’s economy over the past year, but its resilience to ongoing global shocks remains a key concern,” he said.
George noted that Nigeria, Ghana and Côte d’Ivoire account for nearly 60 per cent of West Africa’s trade flows, with China, the European Union and India as major trading partners.
He emphasised the need to deepen regional trade by removing non-tariff barriers, harmonising regulations and improving cross-border infrastructure.
He also highlighted opportunities to reduce reliance on the U.S. dollar through local currency trade and alternative payment systems, while cautioning against a single African currency due to structural constraints.
Looking ahead, George urged African countries to prioritise value addition by shifting from raw commodity exports to processing and manufacturing.
He cited the Dangote Refinery as a strategic investment capable of transforming Nigeria’s energy and trade landscape.
“In every crisis there are opportunities, and Africa must leverage value addition, regional integration and resilient supply chains to drive growth,” he said.(NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
