Nigeria has entered a decisive phase in its economic journey that will determine whether recent reforms translate into lasting prosperity for millions of citizens. This message formed the core of remarks delivered by the Coordinating Minister of the Economy, Wale Edun, at the launch of the 2026 Macroeconomic Outlook organised by the Nigerian Economic Summit Group (NESG).
Speaking on a day of national significance, Edun first paid tribute to the Nigerian Armed Forces, honouring fallen heroes and saluting those still in service. He described their sacrifice as foundational to the stability required for economic progress.
Beyond ceremony, the Minister’s address offered a clear-eyed assessment of where Nigeria stands today and what must follow. He noted that the past two years have marked one of the most challenging reform periods in the country’s economic history, defined by the removal of long-standing distortions such as fuel subsidies, foreign exchange arbitrage, and opaque fiscal practices.
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According to him, these reforms, though politically difficult, were unavoidable. They laid the groundwork for restoring macroeconomic stability and rebuilding confidence in the economy. Inflation is easing, growth has returned across multiple sectors, and 27 industries have recorded expansion above 3 percent, signalling early signs of diversification.
He stressed that Nigeria’s incentive system has fundamentally changed. The old economy, he said, rewarded speculation and rent-seeking, forcing young Nigerians to chase distortions rather than productivity. That era, Edun maintained, is now over.
With exchange rate reforms in place and major investments in digital infrastructure underway, including a nationwide fibre-optic rollout, Nigeria’s youthful population is increasingly positioned to participate in global value chains, particularly through technology-enabled services.
Nigeria’s reform efforts have also begun to earn international recognition. The country has exited the Financial Action Task Force grey list and has been removed from the European Union’s list of high-risk third countries, developments expected to ease barriers to trade and investment. Credit rating agencies have responded positively, while stock market capitalisation has surpassed 500 billion dollars, strengthening Nigeria’s standing in global capital markets.
On public finance, Edun highlighted improved fiscal discipline despite global economic pressures. The fiscal deficit stood at 3.4 percent of GDP in 2025, close to statutory limits, while debt-to-GDP ratios remain within acceptable levels. He pointed to the decision to formally recognise previously unrecorded obligations, including Ways and Means advances, as a major step toward transparency and accountability.
States, he added, have benefited from improved fiscal federalism, recording budget surpluses and expanding spending on health, education, and public services.
Looking ahead, Edun described 2026 as a pivotal year that will shape the decade. The economy is projected to grow by 4.68 percent, with a medium-term ambition of achieving 7 percent annual growth, necessary, he said, to outpace population growth and lift millions of Nigerians out of poverty.
He explained that the 2026 Budget, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” is designed to move the country from stabilization to growth. With projected expenditure of 58 trillion naira and revenue of about 34 trillion naira, the focus is on electricity, food security, housing, infrastructure, and targeted social protection.
“This is not about figures on paper,” Edun said. “It is about the lived experience of Nigerians, food affordability, reliable power, and decent jobs.”
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In a global environment marked by declining concessional financing and retreating multilateral support, the Minister emphasized the central role of private capital. He urged Nigerians at home and abroad to invest in the economy, noting that while government provides macroeconomic stability, sustainable growth must be driven by enterprise and investment.
Edun concluded with a caution against reform fatigue, stressing that Nigeria cannot afford to pause or reverse course. Turning stability into inclusive and sustained growth, he said, remains the central challenge.
With continued collaboration between government and institutions such as the Nigerian Economic Summit Group, he expressed confidence that Nigeria can consolidate recent gains, sustain reform momentum, and build a resilient, competitive economy that delivers shared prosperity.
