Bamiduro, a Fellow of the Institute of Chartered Accountants of Nigeria, was promoted from within the organisation, having served as the Group’s Financial Controller since 2021.
During his tenure as Financial Controller, he made significant contributions to the company, including chairing the implementation of a cost-saving, group-wide enterprise resource planning system and establishing a robust internal financial control framework.
Commenting on the appointment, Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, described Bamiduro as a strategic business leader with a deep understanding of the company’s vision. He said Bamiduro’s leadership in strengthening financial governance and driving operational efficiency gave the Board confidence that his elevation would provide the strategic direction required for the company’s next phase of growth and value creation for shareholders.
Before joining Odu’a Investment, Bamiduro spent more than two decades in the energy sector, including a distinguished 15-year career with Transocean, a global leader in offshore drilling. He rose to the position of Finance Manager for Nigeria and Africa Remote Operations, becoming the first Nigerian and African to assume full financial responsibility for one of the company’s largest operational regions.
His professional expertise spans financial control, treasury, tax management, and complex financial integrations. He also serves as a Non-Executive Director on the boards of some Odu’a Investment subsidiaries, including Lagos Airport Hotel Limited.
Group Managing Director, Abdulrahman Yinusa, said the appointment reflected the company’s commitment to recognising and rewarding exceptional talent.
“Mr Bamiduro’s strategic financial expertise has been pivotal in strengthening our strategic plan. We are confident that he will provide the leadership required to accelerate growth and deliver enhanced, sustainable value,” Yinusa said.
In his new role, Bamiduro will join the Board of Odu’a Investment Company Limited and assume responsibility for the group’s financial strategy, including capital management, financial planning, investor relations, and financial integrity across the diversified holding company.
As Nigerians enter the new year with cautious optimism and unsure of how things would pan out in coming months, analysts are upbeat that things bode well for the economy in 2026, judging by indices and key fundamentals, which they are certain would manifest and project positively across all fronts, reports Ibrahim Apekhade Yusuf.
Certainly 2026 could be the much awaited glory year of Nigeria, if the assurances given by some economic and financial experts are anything to go by. Hope is rising for a further economic rebound in 2026.
The Central Bank of Nigeria (CBN), one of those institutions that controls the levers of the economy and should know which way the pendulum could swing, has given what could possibly be an assurance of what to expect.
Specifically, it has said Nigeria’s external reserves would rise to $51.04 billion this year, supported by easing pressure in the foreign exchange market, stronger oil earnings and sustained inflows from remittances and foreign investments,
The apex bank disclosed this in its 2026 Macroeconomic Outlook for Nigeria published on its website last Tuesday, noting that the projected reserve level compares with an estimated $45.01 billion in 2025.
The CBN said the expected improvement in external reserves would be driven largely by reduced pressure in the FX market, anchored on a combination of higher oil receipts, sovereign bond issuances and steady diaspora remittance inflows.
It added that the ongoing expansion of the Dangote Refinery’s nameplate capacity to 700,000 barrels per day from 650,000 barrels per day in 2025, and ultimately to 1.4 million barrels per day in the medium term, would further strengthen reserve accretion.
According to the bank, recent reforms in the FX market are expected to further enhance efficiency and transparency, narrow the premium between the Nigerian Foreign Exchange Market (NFEM) and Bureau de Change (BDC) rates, and sustain exchange rate stability. Improved domestic refining capacity is also expected to significantly reduce foreign exchange demand for fuel imports, thereby easing pressure on the reserves.
The CBN said Nigeria’s external balance is expected to remain positive in 2026, supported by robust export growth and steady remittance inflows. It noted that the projected rise in export earnings hinges on increased crude oil and gas output, as infrastructure improvements and better security around oil installations boost production.
Overall, the external position is expected to benefit from improving demand conditions in major trading partner economies, reinforced by a projected uptick in foreign investments.
The current account balance is projected to record a higher surplus of $18.81 billion, representing 11.16 percent of gross domestic product (GDP) in 2026, compared with a surplus of $16.94 billion, or 10.94 percent of GDP, in 2025. This outlook is underpinned by steady diaspora remittances and increased export receipts.
In the goods account, export receipts are projected to rise to $58.26 billion in 2026 from $54.59 billion in 2025, driven by stronger oil and non-oil exports.
Oil export earnings are expected to improve on the back of higher domestic crude oil production, supported by improved security around oil facilities and sustained investments in the sector. In addition, the commencement of petroleum products exports in 2025 is expected to further lift export earnings.
For non-oil exports, the CBN said sustained growth in agricultural commodity and fertilizer exports is expected to boost receipts. The recently launched National Export Trading Company, aimed at addressing persistent gaps in the export value chain, as well as the National Intellectual Property Policy designed to support creative exports, are expected to further strengthen non-oil export performance.
Imports are projected to increase to $43.27 billion in 2026 from $39.92 billion in 2025, reflecting anticipated higher demand for capital goods and intermediate inputs as economic activity strengthens.
The services account deficit is expected to widen to $13.68 billion in 2026 from $12.80 billion in 2025, driven by higher payments for business and transport services. The rise in business services payments reflects Nigeria’s increasing demand for research and development services, while payments for transport services are expected to rise in line with higher freight charges associated with increased imports of non-oil merchandise.
The primary income account is projected to remain in deficit at $8.62 billion, due to higher investment income payments to non-resident investors, as relatively attractive yields continue to attract foreign portfolio inflows.
Meanwhile, the positive performance of the secondary income account is expected to be sustained in 2026, with a projected surplus of $26.13 billion compared with $23.82 billion in 2025. This projection is based on anticipated growth in diaspora remittances through formal channels, as well as higher inflows of general transfers, particularly those linked to preparations for national elections.
The financial account is expected to remain in a net borrowing position of $10.15 billion, reflecting higher portfolio inflows and new external borrowings by the government, the CBN added.
Assurances of economic revamp by more experts
A leading economist, Bismarck Rewane, holds this view and very strongly too that Nigeria could enter 2026 on its strongest economic footing in more than a decade.
According to him, a combination of factors both complex and superficial including easing inflation, rising investment, major corporate listings and stabilising monetary conditions will propel the country into a new and more durable cycle of growth.
Rewane made his projections at the Parthian Economic Discourse 2025 in Lagos, mid last month, where he described 2026 as a defining year in which structural reforms, private-sector expansion and improved policy coordination converge to reposition Africa’s largest economy for a significant turnaround.
The economist hinged his optimism in what he says, are clearly visible signs at play in the key commanding heights of the economy including but not limited to – manufacturing, banking, technology, telecoms, the creative industry and real estate – under more favourable macroeconomic conditions.
He says matter-of-factly that after years of unstable inflation, exchange-rate distortions and suppressed investment, Nigeria is finally approaching an economic juncture where fundamentals and reform momentum can reinforce each other rather than work in conflict.
A major fulcrum of his forecast is an explosive expansion of the capital market, where he projects that the Nigerian Exchange’s total market capitalisation could jump to N262 trillion in 2026, up sharply from the current N90 trillion – a staggering 191% surge.
At that level, he notes, the market would represent 72% of Nigeria’s projected GDP, placing it among the fastest-expanding markets in the emerging-economies across the universe.
Pressed further, he said the coming expansion, no doubt, is anticipated because of the planned listings of mega corporates, including the Dangote Refinery and the Nigerian National Petroleum Company (NNPC), alongside accelerating profitability across sectors such as telecoms, cement, consumer goods and banking.
Expectedly, he said investor sentiment is already shifting due to improving FX stability, sustained disinflation and stronger earnings guidance from top-tier companies.
He further maintains that Nigeria’s equity market is entering a new cycle powered by corporate expansion, regulatory reforms and the return of long-delayed market-moving listings.
Rewane also forecasts a significant easing of inflation in 2026, describing it as one of the most fundamental development to affect the nation’s economic recovery projections.
He also expects food and core inflation to fall to around 20%, driven by a firm disinflationary stance by the Central Bank of Nigeria (CBN), improvements in domestic refining capacity that will reduce volatility in fuel prices, stronger manufacturing output, rising productivity, and reforms aimed at lowering logistics and supply-chain costs.
With inflation easing, he predicts an improvement in household purchasing power, which will in turn stimulate demand across retail, services and industrial sectors.
On monetary policy, Rewane emphasises that 2026 will likely mark the beginning of cautious interest-rate cuts by the CBN after nearly two years of aggressive tightening. However, he warns that the apex bank will move slowly and conditionally.
He further argues that the CBN must first be convinced of sustained disinflation, improved liquidity control through robust CRR and liquidity-ratio management, more efficient FX market operations, strengthened reserves, and credible fiscal consolidation with reduced deficit financing. In his view, monetary authorities will be navigating a delicate balance – cutting too soon could reignite inflationary pressures, while cutting too late risks suppressing the investment momentum that Nigeria urgently needs.
Rewane predicts a more stable and stronger Naira in 2026, projecting that the exchange rate will appreciate and stabilise within the N1, 450 to N1, 500 per dollar band.
He expects this outcome to be supported by higher oil production and export earnings, improved FX supply from rising reserves, policy reforms that reduce arbitrage and speculation, favourable inflation-interest differentials that attract capital flows, and a moderation in import demand due to fiscal and trade measures.
He stresses that sustained exchange-rate stability will be central to investor confidence, business planning and macroeconomic predictability.
On overall economic performance, Rewane forecasts Nigeria’s GDP growth to rise to 4.1% in 2026, driven by expanding business activity, infrastructure improvements, industrial-policy execution, stronger private-sector credit, better trade flows and higher domestic value addition. He notes that consumption – which has been heavily eroded by inflation – is expected to recover gradually, while investment spending will be supported by strong government-bond issuance and public infrastructure expansion.
Rewane identifies six industries he believes will shape Nigeria’s economic direction in 2026: agriculture and agro-processing with projected earnings of ₦104.6 trillion; real estate and construction with ₦72.41 trillion; telecommunications with ₦41.07 trillion; manufacturing with ₦38.25 trillion; the creative economy with ₦7.23 trillion; and technology and fintech with ₦2.97 trillion.
He noted that each of these sectors is undergoing its own structural transformation driven by demographic pressure, digital expansion, urbanisation, regional trade integration and the broader macroeconomic adjustment.
Corporate earnings, according to him, will be one of the strongest indicators of renewed economic vitality next year.
He highlights MTN Nigeria and Dangote Cement as standout performers. MTN is projected to see Q1 2026 revenue rise to N1.7 trillion and Q2 revenue to N2.22 trillion, driven by data-led growth, cost efficiency and tariff adjustments.
Dangote Cement is expected to post Q1 2026 revenue of N1.3 trillion and Q2 revenue of N1.37 trillion, with profit after tax in Q2 jumping by more than 100% to N628 billion, boosted by clinker exports, infrastructure demand and regional expansion. He argues that strong corporate results will play a critical role in sustaining investor confidence and driving market capitalisation higher.
The CEO of Financial Derivatives Company (FDC) Limited, also expects Nigeria’s banking sector to enter 2026 with strengthened stability indicators, helped by moderating inflation, reduced FX exposure as the naira stabilises, improved digital banking penetration, increased sector diversification, and stronger capital buffers following the recapitalisation exercise.
He predicted that the sector will be led by large universal banks with strong balance sheets, digital-first institutions and fintechs that continue to disrupt retail payments and SME finance.
On pensions, he projects that funds will experience short-term volatility at the start of 2026 due to global and domestic shocks but will recover strongly by year-end, with net asset value expected to rise to 12–15% as liquidity improves and political risk fades. He expects domestic equities and government securities to outperform as confidence returns.
Global shocks foretold
However, Rewane believes that Nigeria’s outlook will not be insulated from global turbulence.
He warns that geopolitical tensions, moderating commodity prices, potential declines in cocoa and other key exports, fragile global growth and shifts in global energy markets could affect Nigeria’s fiscal and market stability.
Domestically, he identifies four major risks that could upset the projections: oil prices falling below $60 per barrel, worsening insecurity in food -producing states, excessive election-year spending in 2026, and a sharp decline in global commodity prices if geopolitical tensions ease.
Ultimately, Rewane concludes that 2026 will be a year in which Nigeria’s economic direction is determined by the quality of policy choices, the discipline of fiscal and monetary authorities, and the country’s ability to secure its productive regions.
In his words, Nigeria is “standing at the threshold of a profound economic reset,” with the potential either to accelerate into a new era of stability and growth or stumble at the edge of transformation if reforms stall.
Echoing similar sentiments, Group Managing Director of Parthian Capital, Oluseye Olusoga, said Nigerians should take charge of the country and not leave it only to the government.
He said: “Security is not a job only for the government. It should be our own job too. Without security, investment won’t flow”.
Dr. Ayo Teriba, CEO, Economic Associates, has also projected that Nigeria’s inflation could slow to a single digit by January 2026 as the lag effect of ‘Detty December’ is poised to further cool prices that have remained in the double-digit range for more than five years.
Teriba projects that prices could ease to about 12 percent in December 2025 compared to about 33 percent it stood in the same period last year, noting that the cooling inflation was more of a lag effect than the rebasing exercise conducted by the National Bureau of Statistics last year.
“The steep deceleration in YOY inflation from 33% in December 2024 to 24.48%, in January 2025 was not the as a result of rebasing but the lagged effect of Detty December as steep retail price cuts continued into January and indeed less steeply to the rest of the year to the detriment of large retail chain stores that are now known to be closing down one after the other,” Teriba said in a statement recently.
“This explains the -5.2 month on month deceleration in January 2025. This effect should repeat in January 2026 to push year on year inflation into single digits, where it will remain for the rest of 2026. We predict that the deceleration Detty December should repeat to bring YOY inflation to about 12% in December 2025.”
According to Teriba, Nigería is finally experiencing a return to economic calm for the first time since 2019/2020, urging the NBS to stay committed to communicating clearer data that would help restore confidence and decision-making as month-on-month data for January 2025 remains elusive.
“Never in recent memory has the NBS’ rebasing produced this level of ambiguity. The remedy is straightforward: publish the missing month-on-month figure for January 2025 and clarify the December 2024 index value,” Teriba said.
While attempting a post mortem of the performance of the nation’s capital market in the outgoing year, Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange (NGX) Group, said the market has made measurable progress toward its strategic vision of a globally competitive, inclusive, and innovation-driven capital market.
The NGX equities market, he stressed, sustained strong performance in 2025, with overall turnover more than doubling year-on-year. The All-Share Index (NGX-ASI) registered robust gains, placing the NGX among the top-performing African stock markets in 2025 with a near 49.17% increase as of December 24, 2025.
Dr. Kwairanga identified policy and regulatory reforms, realigning financial sector capitalisation, and enhanced retail and institutional participation as key drivers of the market’s performance in 2025.
Recommendations for 2026
Looking ahead to 2026, Dr. Kwairanga recommended that stakeholders, regulators, and market operators work together to deepen market resilience, international competitiveness, and inclusive growth.
He suggested embracing long-term investment frameworks, leveraging technology for engagement, and focusing on environmental, social, and governance (ESG) practices.
Lending credence to the foregoing, Dr. Peter Adebola, financial expert and economist, who is also the Managing Director of Edgefield Capital Management, is very optimistic that the economy would indeed turn the tide in 2026, if all the boxes are ticked and the authorities push the frontiers of socioeconomic growth without faltering.
Nigeria’s Quality, Health, Safety, Environment, and Sustainability professionals (QHSES) from across Africa gathered in Mombasa, Kenya, as Finsbury Heinz Limited received continental recognition for its work in workplace safety and sustainability.
The company won the AfriSAFE Auditing and Certification Company of the Year 2025 award at the Africa Safety Award for Excellence, an event focused on safety, health, and sustainability practices across the continent.
The ceremony brought together regulators, safety professionals, policy makers, and private sector leaders from several African countries, highlighting growing attention on workplace safety and governance.
According to AfriSAFE Chief Executive Officer, Femi Da Silva, the selection process was extensive. He said nearly 12,000 entries from 34 African countries were assessed by reviewers from Africa, Europe, and the United States.
“Being shortlisted alone is already an achievement,” Da Silva said. “Every finalist reflects strong commitment, measurable impact, and leadership in advancing workplace health and safety across Africa.”
The award was presented by Elizabeth Lungu-Nkumbula, President of the Africa Vision Zero Network, an organisation that promotes zero harm in workplaces worldwide. She said the recognition reflects the standards Finsbury Heinz Limited continues to uphold in safety and sustainability practices.
“This award speaks to consistency, discipline, and influence,” Lungu-Nkumbula said. “Finsbury Heinz has demonstrated what is possible when safety and sustainability are treated as core business values.”
She also recognised Jamiu Badmos, Managing Consultant of Finsbury Heinz Limited, describing his role in advancing occupational safety systems across industries in Africa.
In his remarks, Badmos thanked God for what he described as the opportunity to “serve humanity through safety.” He restated his commitment to safetainability, a concept he introduced to combine safety and sustainability into one operational focus.
He also called on the Nigerian government to sign the Occupational Safety and Health Bill into law, saying stronger legal support is needed to improve workplace safety culture.
“Africa cannot afford preventable workplace injuries,” he said. “Policy, enforcement, and leadership must work together to protect lives.”
Industry stakeholders say the award reflects rising expectations for safety standards across African workplaces.
Ademuyiwa Adebola Taofeek is the CEO at Royale PR, and co-founder of Bango Nigeria, a data-driven platform which aims to help Nigerians get value for money, especially across all the market segments including fast moving consumer goods and others. In this interview with Ibrahim Apekhade Yusuf, the techpreneur shares insights on how his team is changing the narrative within the business ecosystem. Excerpts:
You have expressed concern over what you described as arbitrary pricing. Do you think this battle is worth the while?
No doubt, the Nigerian market is indeed the buyer’s nightmare with the different price regimes being arbitrarily forced on the unsuspecting consumers by mostly shylock sellers who in their greed will do everything to profiteer at the expense of the buying public. The result is that the hapless consumers use up their disposable income without getting any real value for money and ultimately the economy is the worst for it because of price inflation, which adversely affects the general living condition.
This is why we decided to offer a provable solution to address this seeming challenge which easily sticks out like a sore thumb. Myself and Caleb Adenegan, my partner, conceived the idea of Bango, a data-driven concept to confront the hydra-headed monster of price arbitrariness, pauperisation of the consumers, to mention just a few.
But the name Bango Nigeria sounds foreign. What does it mean? Is it a local or foreign derivative?
It was derived from two words, which are Bargain and Go. It is not a foreign derivative. What informed the choice of name is that we needed a name that expressed a satisfied experience, something that showed a buyer had a good experience before leaving the market. Bango is all about helping buyers save money and time when they go to the market by providing them realtime information on what other buyers are paying in markets around them. It is a system we’ve built to reward fair pricing and sellers that do well by buyers.
Besides, Bango was inspired by the experience of the founder, who two years ago intended to get baskets of tomatoes for Salah in Lagos but was quoted a very ludicrous price, which he believed the farmers who actually planted the tomatoes would not benefit much from. He made a tweet about it, and some people tried to justify it. He then went ahead to get the tomatoes from Jos and found out that the total price it took for him to buy and get them delivered to his house in Lagos was not up to one-third of the price he was told in the Lagos market. The realisation that there are sellers offering fair prices and doing well by buyers in markets across the country, but that people hardly hear of them, was what inspired the creation of Bango.
Which organisation are you benchmarking your standards with, in terms of the projections for Bango?
To be honest, at the moment, we are building a commerce platform that actually works for us as Nigerians and Africans, and the benchmark is us, as this is a never-been-done-before solution.
With the benefit of hindsight, Bango comes across as a data-driven service. What is the authenticity or believability of this data? Do you have a way of verifying the data?
Buyers are the ones who post these prices. If a buyer goes to a seller based on information uploaded by another buyer and the seller tries to be inconsistent with pricing, buyers will have the ability to make comments and report the inconsistency for other community members to be aware of. Remember, this is community-driven.
Without sounding patronizing, I know you’re offering a public service, no doubt with intrinsic value to it. But as they say, what’s the WFM: what’s in it for you? Who is bankrolling the project?
What we want to achieve is to help everybody save money and time, and this cuts across every part of the process involved in purchasing these commodities and delivery. It is currently bootstrapped because, right now, we want to first show people how letting each other know what the market is saying can help them go to the market more equipped with the right information. This, in turn, empowers them and helps them save money and time.
In terms of user interface, how easy is it for prospects to navigate the site?
At the moment, it is very easy to use. All you have to do is sign up and either find prices or submit prices. We intend to continue to make it easier as we progress.
Bearing in mind that the majority of sellers dealing in consumer goods and produce are averagely literate, and the digital divide among this group could be wider compared to the literate community of buyers, how can they benefit from the service?
It doesn’t matter if you are illiterate or literate when it comes to Bango. It doesn’t require literacy to do well by your buyers—that’s all you need to do as a seller. You do well by your buyers, and your buyers share it with other buyers by sharing the experience on Bango. At the moment, it is very easy to use. All you have to do is sign up and either find prices or submit prices. We intend to continue to make it easier as we progress. The site usability is very seamless because once you log in it just pops up. https://www.bango.ng
Are you thinking of infusing local dialects so as to be able to appeal to that segment of the market?
Yes, we are. Before every price is submitted, a seller must consent to their information being shared.
The Central Bank of Nigeria (CBN), has projected an impressive growth outlook for the economy in the new year on the back of the reforms being implemented across the board, reports Ibrahim Apekhade Yusuf
The Central Bank of Nigeria (CBN) has projected a 4.49 per cent economic growth and inflation easing to an average 12.94 per cent in 2026. In its economic outlook for 2026, the apex bank said the growth and inflation easing will be driven by stable forex markets and rising oil output following critical reforms.
The apex bank also tipped foreign reserves to hit $51.04 billion even as cost of lending is projected to decline. These projections will support the apex bank’s broader reforms to enthrone a stronger and viable domestic economy.
The past year was remarkable in many aspects. It was marked by global uncertainty, domestic recalibration, and deep institutional rebuilding.
Yet amid these challenges lies a moment of renewed clarity. Over the past year, the CBN under the leadership of Olayemi Cardoso, took strategic steps to restore macroeconomic stability, rebuilding trust, and strengthening the credibility in the financial services sector.
For many analysts, the progress of the past year will be surpassed in 2026.
In the past year, Cardoso said: “I am pleased to report meaningful progress on all three fronts, even as we remain fully aware of the work ahead. Our actions continue to reflect the policy direction we articulated from the outset, in other words, we said what we would do, and we have done it, transparently and consistently.”
Key targets for this year are set on issues around inflation, growth, foreign reserves and non-oil export earnings.
In its economic outlook for this year, the CBN projected that the country’s external reserves will rise to $51.04 billion in 2026.
The forecast signals optimism after two years of sweeping reforms by President Bola Tinubu’s government, with the bank betting on structural changes in oil, tax and foreign exchange markets to sustain growth and disinflation.
In its 2026 outlook, the apex bank projects stronger non-oil growth and sturdier external. “The growth prospect in 2026 is positive on account of continued gains from broad-based structural reforms… and improved stability in the exchange rate,” the central bank report said. Easing monetary policy would “add impetus to growth following the anticipated reduction in the cost of lending”, it added.
Nigeria’s central bank kept its key rate at 27 per cent in November’s year-ending meeting, opting to let inflation cool further, but trimmed the deposit rate – a vote of confidence in the economy.
The move surprised economists, who had forecast a 100 basis-point cut after September’s first rate reduction since 2020.
According to CBN Governor, Olayemi Cardoso, over the past 12 months, Nigeria’s economy has transitioned from crisis management to laying the groundwork for a sustainable recovery.
“After nearly a decade in which real GDP growth averaged about 2%, reforms have restored momentum and confidence in our broad macroeconomic environment. Our economy grew by 4.23% in the second quarter of 2025, the strongest pace in four years, driven by improvements in telecommunications, financial services, and oil production,” he said.
“More importantly in terms of long-term stability, inflation, while still high, has moderated consistently. From a peak of 34.6 per cent in November 2024, it has more than halved to 14.50 in November 2025. This marks eight consecutive months of disinflation,” he said.
This significant, steady decline in inflation is restoring real purchasing power for households and businesses. It also demonstrates disciplined execution and Nigeria’s return to orthodox monetary policy.
“We continue with determination to bring inflation down further. The current double-digit rate cannot be acceptable. Price stability is the foundation of sustainable growth. Our transition to an inflation‑targeting framework is gaining traction. We have improved data analytics, strengthened communication, and ended monetary financing of fiscal deficits. These actions have strengthened monetary policy transmission and anchored expectations.
“Our models project continued disinflation in 2026, helped by stronger domestic production, improved FX liquidity, and more disciplined liquidity management. As inflation moderates and becomes firmly anchored, we will calibrate the policy rate in line with evolving data.
“Domestic and international observers alike have noted Nigeria’s “huge turnaround” in macroeconomic management. Our commitment remains clear: monetary policy will stay evidence-based, data-driven, and unwavering in its pursuit of price stability.”
According to the apex bank, the expected increase in reserves builds on the positive external sector performance recorded in 2025, when the balance of payments posted an estimated surplus of $5.80 billion, while external reserves rose to $45.01 billion, compared with $40.19 billion in 2024.
The Bank noted that relative stability in the foreign exchange market during 2025 was driven by domestic economic reforms, higher capital inflows, increased export receipts and expanding local refining capacity. These factors, it said, are expected to strengthen further in 2026 and support reserve accumulation.
Looking ahead, the CBN projected that the current account surplus will rise sharply to $18.81 billion in 2026, underpinned by strong exports, steady diaspora remittances, increased oil and gas output, improved domestic refining capacity and rising global demand from key trading partners.
The outlook also showed that portfolio investment inflows and external borrowings are expected to keep the financial account in a net borrowing position of $10.15 billion, while the International Investment Position (IIP) is projected to record a net borrowing position of $69.58 billion in 2026, as attractive yields are anticipated to boost capital inflows.
The Director-General, the West African Institute for Financial and Economic Management (WAIFEM) Dr. Baba Musa, said gains in growth, inflation moderation, and investment confidence mark important progress, but the work is far from complete.
In his report, titled: “Nigeria’s Economic Outlook at a Turning Point”, he said Nigeria’s economic story is one of resilience, renewal, and strategic recalibration.
“To sustain the recovery, Nigeria must maintain macroeconomic stability, deepen structural reforms, and ensure that growth translates into tangible improvements for citizens. Achieving this requires collaboration among government, private sector, civil society, and development partners,” he said.
According to him, by committing to policy consistency, human capital investment, and inclusive growth, Nigeria can consolidate its recovery and emerge as a more competitive, resilient, and equitable economy in the years ahead.
“Globally, economies are grappling with slowing growth, projected at 2.7% in 2025 by the IMF for advanced economies, and heightened geopolitical risks that affect trade and investment. Against this backdrop, Nigeria has demonstrated remarkable determination. Domestically, inflationary pressures, infrastructure deficits, and unemployment persist, yet they now represent policy frontiers rather than defining constraints,” he said.
Musa said recent policy measures, ranging from fiscal consolidation to targeted monetary adjustments, have laid the groundwork for a sustainable growth trajectory.
“The real test, however, lies not only in achieving stability but in ensuring that it translates into tangible socio-economic outcomes: decent jobs, rising incomes, improved productivity, and broader social welfare. If Nigeria deepens reforms, invests strategically in human capital, and leverages its structural advantages, the country can achieve not only recovery but inclusive and durable economic transformation,” he said.
He said the growth for Nigeria is underpinned by stronger oil production following operational improvements and policy reforms in the petroleum sector.
“Recovery in services, particularly telecommunications, financial services, and transport, reflecting resilient domestic demand. Improved agricultural output, thanks to favorable weather patterns and government support for mechanisation and inputs,” he said.
He said the recent GDP rebasing has also given a more accurate reflection of the economy, capturing growth in high-potential sectors such as digital services, modular refining, and the creative industries. This expanded view highlights opportunities for job creation, innovation, and revenue generation that were previously underappreciated.
World Bank’s positive verdict on economy
The World Bank also recently gave a positive verdict on Nigeria’s economic growth trajectory, highlighting three-year unbroken growth for the country.
In the its Global Economic Prospects, the bank posited that Nigeria will have three-year unbroken growth records- growing at 3.6 per cent in 2025, 3.7 per cent in 2026 and 3.8 per cent in 2027.
The World Bank however, slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3 per cent, saying that higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies.
In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70 per cent of all economies – including the United States, China and Europe, as well as six emerging market regions – from the levels it projected just six months ago before U.S. President Donald Trump took office.
The bank stopped short of forecasting a recession, but said global economic growth this year would be its weakest outside of a recession since 2008. By 2027, global gross domestic product growth was expected to average just 2.5 per cent, the slowest pace of any decade since the 1960s.
The report forecast that global trade would grow by 1.8 per cent in 2025, down from 3.4 per cent in 2024 and roughly a third of its 5.9 per cent level in the 2000s. The forecast is based on tariffs in effect as of late May, including a 10 per cent U.S. tariff on imports from most countries. It excludes increases announced by Trump in April and then postponed until July 9 to allow for negotiations.
The bank said global inflation was expected to reach 2.9 per cent in 2025, remaining above pre-COVID levels, given tariff increases and tight labour markets.
“Risks to the global outlook remain tilted decidedly to the downside,” the bank wrote. It said its models showed that a further 10-percentage point increase in average U.S. tariffs, on top of the 10 per cent rate already implemented, and proportional retaliation by other countries, could shave another 0.5 percentage point off the outlook for 2025.
According to the World Bank, growth in Sub Saharan Africa is projected to strengthen to 3.7 per cent in 2025 and average 4.2 percent in 2026- 27, assuming the external environment does not deteriorate further, inflation declines as expected, and regional conflicts subside.
It said that despite weakening growth among emerging markets and developing economies (EMDEs) globally, SSA is one of two regions expected to see growth acceleration in the forecast period.
The World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill, said that outside of Asia, the developing world is becoming a development-free zone.
“It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades—from 6 percent annually in the 2000s to 5 percent in the 2010s—to less than 4 percent in the 2020s. That tracks the trajectory of growth in global trade, which has fallen from an average of 5 percent in the 2000s to about 4.5 percent in the 2010s—to less than three per cent in the 2020s. Investment growth has also slowed, but debt has climbed to record levels.”
The World Bank’s Deputy Chief Economist and Director of the Prospects Group, Ayhan Kose, said emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict.
“The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm. With trade barriers rising and uncertainty mounting, renewed global dialogue and cooperation can chart a more stable and prosperous path forward,” he said.
Air Peace Limited has agreed to refund affected Jamaica-bound passengers who were reportedly stranded in Barbados following a flight diversion, the Nigeria Civil Aviation Authority (NCAA) has affirmed.
Its Director of Public Affairs and Consumer Protection, Michael Achimugu confirmed in a post on his verified X handle (formerly Twitter), on Friday.
This is as Air Peace Limited strongly refuted the allegations, describing reports that it sold tickets to Jamaica and dumped passengers in Barbados as misleading and inaccurate.
Some of the affected passengers had claimed they purchased Air Peace tickets for a Lagos–Kingston, Jamaica flight, only to be informed at the airport that the airline would no longer fly directly to Jamaica but to Barbados instead.
The flight departed Lagos on December 21, 2025.
But in its explanation, a statement signed by its management on Monday, the airline said all tickets were sold in line with international airline sales practices and aviation regulations, insisting that it did not mislead passengers or engage in deceptive practices.
Air Peace explained that during pre-departure profiling and documentation checks at the Murtala Muhammed International Airport, it was discovered that some passengers lacked the required transit visas to travel via Antigua to their final destinations, including Jamaica, Trinidad and Tobago.
According to the airline, affected passengers were immediately offered full refunds, which some accepted, while others voluntarily requested rerouting through Barbados, noting that Nigerian passport holders do not require transit visas through Barbados.
“Based solely on this voluntary request, Air Peace facilitated the rerouting. In total, 42 passengers freely and expressly had their tickets rerouted through Barbados to their final destinations. No passenger was forced, coerced, or compelled to travel to Barbados,” the airline stated.
The Federal Government yesterday unveiled a major fiscal blueprint aimed at accelerating economic growth, mobilise investments and create more jobs this year, in a concerted effort to stimulate rapid economic development.
The strategy document indicated that the government would focus on key policies and priorities as the President Bola Ahmed Tinubu’s administration advances into the second wave of reforms focused squarely on unleashing accelerated economic growth, productivity, and capital formation.
Minister of State for Finance, Dr. Doris Uzoka-Anite, in a statement yesterday, said the Federal Ministry of Finance (FMF) would be the anchor for the comprehensive Growth Acceleration and Investment Mobilization Strategy aimed at strengthening macroeconomic stability, and positioning Nigeria as a premier destination for long-term foreign direct investment (FDI).
According to her, in 2026, Nigeria’s economy will enter a transition phase from stabilization to expansion as the government focuses on scaling output, deepening domestic value creation, and placing the economy on a credible path toward a $1 trillion Gross Domestic Product (GDP) by 2036.
She highlighted that the $1 trillion economy target would be achieved by building an open, export-oriented economy with strong domestic aggregate demand while also domesticating key supply chains to use raw materials, a workforce, and intellectual property sourced competitively from Nigeria in line with the Nigeria First Policy launched by President Tinubu
She said: “Our focus is to move decisively from stabilization to growth. The reforms underway are designed to lower risk, unlock private capital, and ensure that Nigeria delivers sustainable returns for investors while expanding opportunity for our citizens”.
She outlined that the 2026 economic resurgence strategy was anchored on three principles critical to investor confidence including macroeconomic predictability, clear sectoral investment pathways and disciplined policy execution.
According to her, the strategy prioritises a stable and transparent economic environment where inflation, exchange rates, and fiscal policies are consistent enough to reduce uncertainty for investors and businesses as well as a well-defined priority sectors with articulated strategies, incentives, and regulations that guide investors on where and how to deploy capital effectively.
She added that additional focus would be on consistent and timely implementation of policies as designed, without abrupt reversals or weak enforcement, to build credibility and trust.
She explained that key policy and investment priorities for 2026 would include policy coordination to anchor stability and lower risk premiums, sector-led growth strategy to unlock private capital, capital formation, increase access to finance and financial inclusion and strategic role of development finance institutions (DFIs).
She said: “Federal Ministry of Finance (FMF) will maintain close, institutionalized coordination with the Central Bank of Nigeria (CBN) to support disinflation, exchange rate stability, and orderly credit conditions. Fiscal and monetary alignment will remain central to reducing macroeconomic volatility and restoring Nigeria’s investment-grade fundamentals over the medium term. FMF accepts as a baseline the macroeconomic forecast published by CBN on December 30, 2025, regarding the Nigeria Economy Outlook.
“The government’s objective is to lower inflation expectations, compress sovereign risk premiums, and reduce the cost of capital for both public and private investment. The coordinated approach is entailed in the Disinflation and Growth Acceleration Strategy (DGAS) document co-sponsored by the CBN, the Federal Ministry of Finance and the FIRS (now NRS)
“Nigeria will pursue a sector driven growth model that combines export expansion with rising domestic demand. Our work will focus on dismantling various barriers to growth and infusing a “willing buyer- willing seller” philosophy in sectoral policy frameworks and regulations. Price controls and restraints on volume or market access will be stripped away to enable the full potential of these sectors to emerge, and entrepreneurial capital to flourish. Priority sectors are catalytic anchors which include energy and gas-based industrialization, including associated infrastructure, agribusiness and food value chains, manufacturing and light industry, housing and urban infrastructure, healthcare and life sciences, digital services and technology-enabled trade, creative and tourism industry, logistics networks and distribution infrastructure to enable export trade and solid minerals and critical metals.
“Federal ministries, states, and development partners will align around a common investment thesis: policy clarity, bankable projects, and rapid removal of regulatory barriers. Sector-specific working groups will fast-track reforms and investment pipelines capable of absorbing large-scale domestic and foreign capital. For example, in partnership with key stakeholders, public and private, Nigeria will work to rebuild its cocoa growing, processing and export capabilities, allowing us to sharply boost non-oil commodity income while meeting end market requirements e.g., European Union rules over the coming years.
“The Federal Government will advance targeted reforms to deepen Nigeria’s capital and insurance markets as engines of long-term investment and risk mitigation. Priority actions include expanding long-tenor local currency instruments, improving market liquidity and transparency, and strengthening investor protections to support infrastructure, housing, and productive sector financing. Emphasis will also be placed on expanding retail capital mobilization via growth in investment accounts to both draw in capital and ensure citizens participate in market upsides we anticipate will emerge. Regulatory reforms will encourage greater participation by pension funds, insurance companies, and institutional investors in capital markets.
“In parallel, insurance market reforms will focus on recapitalization, improved supervision, and expanded coverage to better manage economic and climate-related risks. A stronger insurance sector will enhance creditworthiness, reduce project risk, and improve the overall investment climate by providing reliable risk transfer mechanisms for domestic and foreign investors.
“Capital formation is central to Nigeria’s growth acceleration strategy and its ability to achieve the desired GDP growth in 2026. The Federal Government’s approach is focused on expanding the supply of long-term, patient capital, reducing investment risk, and ensuring efficient allocation to productive sectors of the economy. Also, deploying blended finance instruments, credit enhancements, and first-loss capital working in partnership with bilateral and multilateral development finance institutions to lower project risk and improve bankability. These mechanisms are designed to crowd in domestic institutional investors and foreign direct investment by aligning public capital with private return expectations.
“To ensure that growth is broad-based and that capital reaches the last mile of the economy, the Federal Government will prioritize the expansion of consumer credit and financial inclusion as a core pillar of its growth strategy. Deepening access to affordable credit for households, microenterprises, and informal sector participants will support domestic demand, improve productivity, and translate macroeconomic reforms into tangible welfare gains.
“We will deepen product design, regulatory and go to market partnerships with CBN, commercial banks, microfinance institutions, fintechs, and credit guarantee schemes. That will enable the market to deploy innovative, targeted risk-sharing instruments, wholesale funding lines, and digital credit infrastructure to expand responsible consumer lending on an industrial scale. Emphasis will be placed on enabling, qualifying and supporting responsible use of credit among first-time borrowers, women- and youth-led enterprises, and underserved communities. In partnership with well-regulated market participants, we will seek to build a non-inflationary, repayable rising tide.
“The Federal Ministry of Finance will take over the development finance quasi-fiscal responsibility of the CBN and will develop a comprehensive guideline for implementing a “go forward” development finance strategy. Development Finance Institutions (DFIs) will play a critical and catalytic role in the successful execution of Nigeria’s Growth Acceleration and Investment Mobilization Strategy.
“Given the scale of Nigeria’s growth ambition and the need to crowd in long-term, patient capital estimated at N246 trillion through 2036, the Federal Government recognizes DFIs as essential partners in de-risking priority sectors, anchoring private sector investor confidence, and mobilizing large volumes of private capital at scale.
“DFIs bring a unique combination of long-tenor financing, concessional instruments, technical expertise, and risk-sharing capacity that is critical to unlocking investment in sectors where market failures persist despite strong fundamentals. These include infrastructure, energy transition, agribusiness value chains, healthcare, climate-resilient industries, and digital public infrastructure.
“Strengthening Nigeria’s domestic development financial institutions will signal the country’s capacity and seriousness to investors. Domestic DFIs, including Bank of Industry (BOI) and Nigerian Export-Import Bank (NEXIM), will anchor financing and risk sharing frameworks across priority sectors and act as policy execution tools”.
She outlined that in order to support fiscal sustainability without distorting growth, the government would strengthen non-oil revenue performance through improved compliance, digital revenue systems, and enhanced transparency across federal agencies.
According to her, the Ministry of Finance would continue to review efforts to boost revenue generation in 2026 from a mix of sources.
She said: “We are optimistic that with the new Federal Tax Laws, effective as of January 1, 2026, royalties, taxes, tariffs, fees, and related line items will be vigorously collected and remitted to the Treasury Single Account.
“Enabling this effort will be the new federal Revenue Optimization Platform (RevOps) which will be rolled out across the federation and MDAs starting January 1, 2026. The system integrates across all revenue generating, and related mechanisms of the FGN. Integrated into RevOps platform are additional instruments such as the use of Electronic Receipts, which will now become the sole acceptable proof of payment for all federal services and products. From railway tickets to birth certificates to customs duties, only the electronic receipt template is legal as of January 1, 2026. As such, FMF expects sharper visibility on daily revenue collection, uses of cash, and overall effectiveness in managing federal resources.
“For better oil and gas revenue assurance and fiscal transparency, we will deepen our coordination with NNPC and NUPRC/NMDPRA to strengthen revenue mobilization, transparency and fiscal accountability across the oil and gas value chain. This collaboration will be anchored on a clear institutional framework that respects the autonomy of NNPC Ltd and the regulatory independence of NUPRC/NMDPRA, while reinforcing the FMF’s role as fiscal owner responsible for revenue assurance, cash visibility, and remittance discipline. FMF will also work with the line MDAs to review key constraints to further growth in oil and gas, including pricing and domestic supply obligations that are acting as restraints to capital expansion in gas supply. The fundamental principle of “willing buyer / willing seller” will guide our deliberations and policy stance”.
She outlined that beginning in early 2026, the government would intensify engagement with domestic and international investors, Development Finance Institutions, and multilateral partners through structured investment dialogues, co-financing platforms, and sector-specific initiatives.
She said: “The private sector, domestic and global, will be at the heart of our transformation; government’s role is to catalyze and solve problems.
“To deepen investor confidence, improve transparency, and ensure sustained engagement with domestic and international capital providers, the Federal Government will establish a central investor desk housed within FMF. This will serve as a single and coordinated interface between the government, existing and prospective investors, DFIs, credit rating agencies and market analysts. The core function will be to ensure consistent communication, timely disclosure and proactive engagement around the country’s macroeconomic outlook, policy reforms, investment priorities and execution progress.
“These engagements will focus on building robust investment pipelines, deploying blended finance solutions, and accelerating the execution of bankable projects across priority sectors.
“That desk will also coordinate closely with the DGAS team that is implementing our central investment thesis to build a private sector-led economy. We will operationalize DGAS implementation and launch the development finance strategy with the CBN and other partners in Q1 2026, to give greater clarity to the policy implementation pathways.
“This administration understands that leadership is measured by courage to reform and capacity to deliver results. Under the leadership of President Bola Ahmed Tinubu, Nigeria has chosen the path of difficult but necessary reforms to secure lasting economic stability and shared prosperity. In line with the Renewed Hope Agenda, these reforms are not ends in themselves, they are tools to expand opportunity, restore confidence, and improve the everyday lives of Nigerians. As investment is mobilized, jobs created, and growth broad-based, the Government remains accountable to the Nigerian people, confident that consistent delivery, transparent governance, and inclusive progress are the true foundations of democratic trust. This is the work of renewal, and it is being pursued with resolve, discipline, and an unwavering commitment to Nigeria’s future”.
The Alema of Warri Kingdom, Chief Emmanuel Oritsejolomi Uduaghan, has asked the Federal Ministry of Environment to discountenance the protests by the Udogun Okpe (Orode-in-Council) over the naming and location of the proposed Abigborodo oil field, insisting that the field rightly belongs to Abigborodo Community in Warri North Local Government Area of Delta State.
In a detailed rejoinder addressed to the Minister of Environment and the Permanent Secretary, Uduaghan said claims published by the Okpe leadership in relation to the Environmental Impact Assessment (EIA) public display for the proposed Abigborodo Field in PPL 220 by Navante Exploration and Production Limited were riddled with “half-truths and outright falsehoods” and required urgent correction in the interest of history and due process.
The Warri monarch, who administers Abigborodo, Ugbekoko and Utonyatserre under the overlordship of the Olu of Warri, Ogiame Atuwatse III, maintained that the Abigborodo oil field, as identified by Navante, was correctly named and located, noting that the field was previously operated by Chevron Nigeria Limited, which recognised Abigborodo community as the host and rightful landowners.
He traced the dispute to colonial-era records, stressing that the Udogun Okpe never administered the Okpe-Sobo Forest Reserve.
According to him, documentary evidence from 1931 shows that Okpe authorities themselves informed colonial administrators that they had no land to contribute to the proposed forest reserve, a position backed by certified records from the National Archives in Ibadan.
Uduaghan further explained that when the Okpe-Sobo Forest Reserve was being constituted, representatives of the Olu of Warri wrote to the colonial government in July 1932, asserting that the land in question belonged to the Itsekiri nation and requesting the cancellation of the reserve.
Although the request was ignored and the reserve constituted, Abigborodo indigenes continued to farm on the land, leading to arrests and a landmark court case in Sapele in March 1940, where a magistrate discharged and acquitted the farmers after affirming Abigborodo ownership.
He added that subsequent petitions by the then Alema of Warri, Okenedo, prompted investigations by colonial authorities, which upheld Abigborodo’s claims, produced sketch maps of excised Abigborodo lands, and led to formal recommendations and legal instruments redefining forest reserve boundaries under the Forest Ordinance.
The Alema disclosed that the Delta State Government later released additional land to Abigborodo community in 1996, while security investigations, judicial panels and state-led probes, including one ordered by former Governor Ifeanyi Okowa, confirmed cases of encroachment and upheld Abigborodo’s ownership of the disputed land.
He also dismissed arguments that natural features such as “Hole in the Creek” separate Abigborodo from the area, insisting that Abigborodo land extends into parts of Sapele Local Government Area and that historical records affirm Sapele as Itsekiri territory. Court decisions, he added, have equally rejected claims of a “Sapele Okpe Community land.”
Uduaghan stressed that the EIA public display by the Federal Ministry of Environment was strictly an environmental assessment exercise and not a platform to reopen settled land ownership issues, noting that the naming of Abigborodo Field PPL 220 followed established industry and historical practice.
He concluded that all demands and objections raised by the Udogun Okpe were unfounded, reiterating that the land belongs to Abigborodo community and assuring the Federal Government and stakeholders that the community would guarantee a peaceful and seamless operational environment for Navante Exploration and Production Limited.
The Director-General of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, has praised President Bola Ahmed Tinubu for what he described as well-conceived energy reforms under the Renewed Hope Agenda, urging Nigerians to support the President to ensure their full implementation.
Dr Abdullahi said the initiatives have continued to positively impact Nigerians and reposition the country on the path of sustainable development.
In his New Year message to Nigerians, the ECN boss stated that President Bola Ahmed Tinubu’s visionary Renewed Hope Agenda aims to reposition Nigeria and restore its glory and bring it back to its enviable position as a country of destination to both local and international investors and the investment community.
He added that the agenda is gradually becoming the driving point for Nigerians seeking a better country and society.
Dr Abdullahi noted that President Tinubu’s commitment to ensuring access to renewable and sustainable energy across the country has led to the revival of the Energy Commission of Nigeria, which he said had previously been neglected.
According to him, “President Tinubu’s well thought-out plans to ensure that all Nigerians get access to renewable energy and sustainable energy supply to their homes and offices birthed the reawakening of the Energy Commission of Nigeria, ECN, which had been pushed to a near comatose state.”
He further said the President’s strong belief in his policies is driving wide-ranging reforms in the energy sector.
“His ambitious and unshaken belief in his policies is spearheading transformative reforms and innovative initiatives to advance the nation’s energy transition,” he said.
He added that the reforms are aimed at unlocking economic growth, promoting sustainable development and improving energy access nationwide.
Dr Abdullahi also highlighted President Tinubu’s role as Chairman of the ECN, noting that President Tinubu remains deeply committed to driving the Energy Transition Plan, a core component of his Renewed Hope Agenda.
He explained that the President’s leadership underscores the importance of clean energy and strategic reforms in building a resilient energy sector.
Describing the reforms as a clear signal of Nigeria’s global ambitions, he said, “This commitment is a firm exposition of Nigeria’s ambition to become a global leader in sustainable energy solutions while fostering economic progress and environmental stewardship.”
He however called on Nigerians to rally behind the President.
He said, “For this enviable and laudable project to be fully realised, Nigerians need to ensure that President Bola Ahmed Tinubu enjoys their total support to see it actualised.”
Investors in Nigerian equities closed 2025 with a net capital gain of N32.13 trillion, sustaining the country as one of the world’s five best-performing stock markets.
The benchmark index for the Nigerian stock market, the All Share Index (ASI) of the Nigerian Exchange (NGX) ended yesterday with a full-year return of 51.19 per cent, equivalent to net capital gain of N32.13 trillion.
The performance at the Nigerian market more than doubled returns across several advanced and emerging markets, including the United States (U.S.), United Kingdom, Germany, France and China where average indexed returns were below 25 per cent.
The MSCI All Country World Index- a global index that tracks large-cap stocks across developed and emerging markets, closed the year with average return of about 20 per cent.
Group Managing Director, Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, said the sustained rally at the stock market underscored investors’ confidence in the country’s macroeconomic outlook.
He said: “The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds.
“This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.
“During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market”.
The ASI closed the year at 155,613.03 points as against the year’s opening index of 102,926.40 points. Aggregate market value of all quoted equities rose from 2025’s opening value of N62.763 trillion to close the year at N99.376 trillion, representing an increase of 58.34 per cent or N36.61 trillion. The difference between the ASI and aggregate market value was due to additional listings recorded during the year.
Popoola said the NGX would remain focused on deepening partnerships with regulators, issuers, market operators, policymakers, and the wider financial ecosystem to sustain the bullish momentum.
“We are optimistic about the opportunities ahead and committed to positioning the Nigerian capital market as a key driver of economic growth and wealth creation, while advancing NGX Group’s vision as Africa’s preferred exchange hub.”
Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sehinde Adenagbe, said the market performance has strong correlation with the economic reforms of the current government.
Adenagbe said: “There is no gain saying that since President Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest.
“The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening”.
He added that further digitisation of the economy and the capital market has smoothen the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group, which has tremendously increased inclusiveness in the market.
According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.
He said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration”.
He highlighted the enactment of the Investment and Securities Act (ISA) 2025 signed into law by President Tinubu, removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list” and the reforms in the foreign exchange (forex) market as major impetus for the market.
According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.
“Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.
He, however, called for more supportive policies that encourage new listings, including moribund state-owned-enterprises that can be turned around as well as incentives for long-term institutional investment.
Adenagbe said: “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development.
“The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment.”
Managing Director, GTI Capital, Mr. Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.
He noted that the stock market is the closest reflection of a country’s global economic rating as investors are sensitive to risks.
The double-digit 51.19 per cent return in 2025 marked the sixth consecutive bullish run for the Nigerian market. The ASI had made the top global chart in 2024 with average return of 37.65 per cent, equivalent to net capital gain of N15.4 trillion.
The ASI had closed 2023 as one of the three best-performing markets globally. Average return for Nigerian equities in 2023 stood at 45.90 per cent, equivalent to net capital gains of N12.81 trillion.
The market had broken its well-known previous cycle of decline in pre-election year to record its third consecutive positive performance in 2022, with full-year average return of 19.98 per cent, equivalent to net capital gain of N4.455 trillion. It had closed 2021 with average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion.
In the throes of the outbreak of COVID-19 pandemic in 2020, it had recorded average return of 50.03 per cent, representing net capital gains of N6.483 trillion.
ASI closed 2023 at 74,773.77 points as against its opening index of 51,251.06 points for the year. It had opened 2022 at 42,716.44 points.
Aggregate market value of all quoted equities had also risen from 2023’s opening value of N27.915 trillion to close the year at N40.918 trillion. It had recorded N22.297 trillion as opening value for 2022.
