By Rukayat Moisemhe
Chartered Institute of Directors (CIoD) Nigeria says Nigeria’s 2026 second-half outlook will be shaped by ongoing economic reforms, Middle East tensions, opportunities created by deeper African economic integration and rapid digital transformation.
President of CIoD, Mr Adetunji Oyebanji, said this on Thursday at the institute’s 42nd Annual General Meeting (AGM) in Lagos.
Oyebanji said Nigeria’s economic outlook remained positive, supported by improving macroeconomic conditions, stronger investor confidence and gains from recent structural reforms.
According to him, the continued momentum of the country’s domestic reform programme is expected to support economic growth and business expansion in the months ahead.
He, however, noted that inflationary spillovers from the ongoing Middle East conflict could pose risks to both global and domestic prices.
“The outlook for the remainder of 2026 is shaped by three main developments.
“They include the continued momentum from Nigeria’s domestic reform programme and improving macroeconomic conditions, as well as the inflationary spillovers from the Middle East conflict on global and domestic prices.
“They also include the opportunities created by deeper African economic integration, improved institutional credibility and rapid digital transformation,” he said.
Oyebanji said improving monetary conditions, stronger capital market performance and enhanced external sector stability were creating new opportunities for investment and access to capital.
He noted that businesses with strong governance structures would be better positioned to take advantage of the improving economic environment.
The CIoD president said Nigeria’s economic review for 2025 and 2026 showed that the country was on an improving growth path in spite of lingering challenges.
According to him, stronger macroeconomic fundamentals, major structural reforms and rising investor confidence were laying a more stable foundation for medium- and long-term economic growth.
He described the reforms implemented in 2025 as one of the most significant periods of economic restructuring in Nigeria’s recent history.
Oyebanji, however, said the long-term success of the reforms would depend on effective implementation and strong corporate governance across both the public and private sectors.
“While challenges remain, the economy is supported by stronger macroeconomic fundamentals, significant structural reforms and improved investor confidence.
“This creates a more stable foundation for medium- to long-term growth and development,” he said.
The CIoD president also highlighted findings from the institute’s 2025 corporate governance outlook.
According to him, while all surveyed organisations had board evaluation frameworks in place, significant gaps remained in environmental, social and governance (ESG) reporting and risk oversight.
He said only 42 per cent of organisations disclosed ESG performance metrics, while just 21 per cent linked executive compensation to sustainability performance.
“Only eight per cent of organisations have dedicated board risk committees, indicating a major gap in structured risk oversight at board level,” he said.
Oyebanji urged corporate boards to adopt more strategic and forward-looking governance practices as regulatory requirements continue to evolve.
He said organisations that delayed governance adjustments risk facing compliance challenges, particularly with emerging requirements relating to taxation, data protection and ESG disclosures.
Director-General, CIoD Nigeria, Dr Taiwo Nolas-Alausa, said the institute maintained strong institutional performance in spite of economic and policy uncertainties.
Nolas-Alausa said inflationary pressures, foreign exchange volatility and fiscal adjustments significantly affected operating costs during the year.
He said the institute responded by strengthening financial controls, optimising resource allocation, expanding hybrid service delivery and renegotiating vendor contracts.
According to him, a major focus in 2025 was the modernisation of the institute’s digital infrastructure.
The director-general said artificial intelligence tools, including chatbot services and governance research support systems, were integrated to improve service delivery and knowledge management.
He said the institute would, in 2026, focus on strengthening advocacy, stakeholder engagement, governance education and policy influence.
“CIoD remains committed to advancing corporate governance, strengthening leadership capacity and promoting institutional excellence across Nigeria’s public and private sectors,” he said.
Honorary Treasurer, CIoD, Mrs Funmi Oyetunji, said its total assets increased by 228 per cent in 2025, driven largely by property revaluation, strategic investments and infrastructure expansion.
Oyetunji said the institute’s total assets rose significantly in 2025 in spite of operating within a challenging economic environment characterised by inflationary pressures and rising operational costs(NAN)(www.nannews.ng)
Edited by Kevin Okunzuwa