The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that Nigeria’s economy has stabilised, with the administration now shifting focus to converting macroeconomic gains into shared prosperity for citizens.
Speaking to journalists on Thursday after the 160th National Economic Council (NEC) meeting at the State House in Abuja, Oyedele presented a positive assessment of key economic indicators.
“The Nigerian economy has stabilised, and the task ahead of us now is to convert stability to shared prosperity,” the Minister stated.
He highlighted that real Gross Domestic Product (GDP) growth reached 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the corresponding period of 2025. Full-year GDP growth for 2026 is projected to exceed 4 per cent.
Headline inflation declined to 15.43 per cent at the end of July 2026, from 24.94 per cent a year earlier. Food inflation, though still elevated, moderated to 20.31 per cent from 26.2 per cent over the same period.
External reserves rose to $51.96 billion the highest level since January 2009 and a 38 per cent year-on-year increase. The naira appreciated by 13.5 per cent year-on-year by mid-2026, with the exchange rate remaining stable and under ₦1,400 to the dollar.
Oyedele further noted that Nigeria’s trade surplus nearly doubled from ₦17.7 trillion in 2025 to ₦34.7 trillion by the first quarter of 2026. Total public debt remained moderate at under 37 per cent of GDP (approximately ₦150–159 trillion), while the debt service-to-revenue ratio improved significantly, falling from nearly 100 per cent in 2022 to less than 60 per cent in 2025.
He also pointed to improved international recognition, with coordinated sovereign credit rating upgrades by Fitch, Moody’s, and S&P Global between April 2025 and May 2026 the first such alignment in over a decade. Nigeria exited the FATF grey list in October 2025 and the European Union’s anti-money laundering deficiency list in January 2026.
The National Economic Council, while acknowledging the stabilisation, urged both federal and state governments to avoid policy reversals as political activities intensify ahead of the 2027 general elections.
Oyedele emphasised that the hard-won stability must now translate into tangible benefits, including higher investment, job creation, and improved living standards for ordinary Nigerians.