The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that Nigeria’s economy has stabilised, saying the priority of government must now shift towards translating improving macroeconomic indicators into shared prosperity and better living conditions for Nigerians.
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Oyedele, who spoke on Thursday while briefing State House correspondents after the 160th meeting of the National Economic Council, cited improved economic growth, declining inflation, rising external reserves, naira appreciation, higher Federation Account revenues and a reduction in the proportion of government revenue devoted to debt servicing as evidence of stabilisation.
“The Nigerian economy has stabilised, and the task ahead of us now is to convert stability to shared prosperity,” he said.
According to the minister, Nigeria’s real Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of the previous year, while economic growth for the full year is projected to exceed four per cent.
He said headline inflation had fallen to 15.43 per cent at the end of July from 24.94 per cent a year earlier, although food inflation remained elevated at 20.31 per cent, compared with 26.2 per cent during the same period last year.
Oyedele further disclosed that the country’s external reserves had risen to $51.96 billion, which he described as the highest level since January 2009 and a 38 per cent year-on-year increase.
He added that the naira had appreciated by 13.5 per cent year-on-year as of the end of the first half of 2026, with the exchange rate now below ₦1,400 to the dollar.
The minister also highlighted increased government revenues, saying net Federation Account revenues rose by 44 per cent from ₦15.2 trillion in 2024 to ₦21.9 trillion in 2025 and were projected to increase by at least 50 per cent in 2026.
On trade, Oyedele said Nigeria’s trade surplus had increased significantly, while total public debt remained below 37 per cent of GDP at about ₦150.8 trillion.
He said the ratio of debt servicing to government revenue had also declined from nearly 100 per cent in 2022 to less than 60 per cent in 2025.
Oyedele cited improvements in Nigeria’s sovereign credit ratings, saying Fitch, Moody’s and S&P had all taken positive rating actions between April 2025 and May 2026, describing the development as the first coordinated alignment by the three major agencies in more than a decade.
He also noted Nigeria’s exit from the Financial Action Task Force grey list in October 2025 and the European Union’s anti-money laundering and counter-terrorism financing deficiency list in January 2026, saying the developments had reduced the cost and friction associated with cross-border capital flows.
According to him, the spread between United States Treasury bonds and Nigeria’s Eurobonds had narrowed to a historic low of below 200 basis points, while Nigeria’s capital market had recorded significant growth, with market capitalisation almost doubling within a year.
He also disclosed that FTSE Russell had reclassified Nigeria as a frontier market, describing the development as positive for the country’s investment outlook.
“We see opportunities ahead for the country, especially how we accelerate growth and lift our people out of poverty,” he said.
Oyedele said NEC resolved to accelerate economic growth in critical sectors including agriculture, energy, manufacturing, mining and the digital economy.
The Council, however, expressed concern about high interest rates confronting businesses and directed officials to examine fiscal and monetary policy measures capable of moderating borrowing costs.
The minister warned that the economic gains recorded so far could be lost if government abandoned ongoing reforms or yielded to political pressure as the 2027 election season intensifies.
“The gains on inflation, reserves, the exchange rate and credit rating are the direct result of sustained consistent policy. They are reversible if we waver,” he said.
According to him, governments at the federal, state and local levels agreed on the need to maintain fiscal discipline and avoid what he described as “reform fatigue,” populist policy reversals or election-cycle slippages.
“We need to prevent reform fatigue, avoid populist reversal or election-cycle slippage that could forfeit the credibility we have spent the past three years rebuilding,” he said.
Akwa Ibom State Governor Umo Eno also disclosed that NEC received an update on key government accounts as of August 26, 2026.
According to him, the Excess Crude Account stood at $535,823, while the Stabilisation Account was put at approximately ₦90.95 million and the Natural Resources Account at about ₦256.4 million.
Eno said the figures represented an improvement compared with the previous year, while acknowledging that more work remained to be done to ensure that economic stabilisation translates into tangible benefits for citizens.
Ondo State Governor Lucky Aiyedatiwa also informed the Council that about 80 per cent of contractors selected for the rehabilitation of 13 police training institutions had received their contract letters.
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