By Taiye Olayemi
Nigerian Financial Summit Group (NESG) has urged policymakers to deepen reforms, strengthen establishments and maintain macroeconomic self-discipline to transform current stabilisation good points into sturdy, inclusive development from 2026.
Chief Economist, NESG, Dr Olusegun Omisakin, made the decision on Thursday in Lagos whereas presenting the NESG Macroeconomic Outlook Report for 2026.
The theme of the presentation is “Consolidating Financial Stabilisation Good points: Pathway to Sustainable Progress in Nigeria”.
He mentioned Nigeria was not in an emergency part, however in a consolidation interval that required self-discipline, coverage consistency and strategic focus to keep away from a reversal of good points.
Omisakin, additionally the Director of Analysis and Improvement, mentioned that the nation now had a possibility to optimise the good points recorded from current financial reforms.
“We’re completely satisfied as a result of we’re not in a state of disaster. The current state of affairs offers us the chance to check optimise the good points thus far and use them as a launchpad to realize our long-term financial objectives,” he mentioned.
Omisakin defined that whereas the nation skilled extreme macroeconomic instability between 2023 and 2024, coverage measures carried out throughout that interval started to yield ends in 2025.
He mentioned this was notably in inflation administration, overseas reserve accretion and improved productive capability.
In accordance with him, though progress had been recorded, Nigeria was not but utterly out of macroeconomic instability, emphasising that consolidation doesn’t indicate the absence of dangers.
“We have now registered good points in productive capability, inflation management, overseas reserves and our capacity to handle volatility.
“These good points are value celebrating, however the larger query is how we maintain and construct on them,” Omisakin mentioned.
He described 2026 as a strategic yr for presidency, policymakers and the personal sector.
He famous that the nation should tackle key gaps to fast-track development between 2026 and 2030.
Certainly one of such gaps, he mentioned, was the expansion deficit, as Nigeria’s actual GDP development of about 3.8 per cent remained under the 5 to five.6 per cent required to considerably elevate financial outcomes.
Omisakin additionally highlighted structural weaknesses within the economic system.
He mentioned that manufacturing and agriculture sectors have been nonetheless underperforming relative to their potential, whereas warning of the chance of coverage reversal forward of the 2027 political transition.
Drawing classes from nations resembling Ghana and Brazil, he warned that many economies relapsed after preliminary stabilisation resulting from reform fatigue and weak institutional consolidation.
“We have now recognized a vital 18-month window after stabilisation reforms. If we’re distracted by the good points and fail to deepen reforms, we danger reversing the progress now we have made,” he mentioned.
Omisakin outlined 4 pillars for financial consolidation: improved macroeconomic outcomes, structural transformation, institutional deepening, and social safety with job creation.
On macroeconomic outcomes, he mentioned Nigeria should goal single-digit inflation and construct overseas reserves above $50 billion to sign sturdy financial stability, whereas sustaining optimistic actual rates of interest.
He emphasised the necessity for structural transformation, notably by means of agriculture, manufacturing and export diversification, to drive inclusive development, job creation and better productiveness.
He additionally underscored the significance of strengthening establishments, particularly in income mobilisation and environment friendly public spending, noting that fiscal self-discipline could be key to sustaining consolidation.
On social safety, Omisakin mentioned programmes should transfer past welfare to empowering residents to take part productively within the economic system.
He additional emphasised the necessity for stronger coordination between financial and monetary authorities, sectoral rebalancing in favour of producing and agriculture, and deeper personal sector participation by means of credit score enlargement, fintech partnerships and risk-sharing mechanisms.
In accordance with him, efficient consolidation may allow the manufacturing sector to develop by between six and eight per cent, whereas agriculture may contribute extra considerably to GDP development.
Omisakin recognized main dangers to consolidation as coverage inconsistency, sectoral constraints resembling insecurity, exterior shocks from international financial volatility, and capability gaps in tax administration and public establishments.
He mentioned the NESG’s macroeconomic projection for 2026 was anchored on consolidation, with an anticipated GDP development of 5.5 per cent, inflation of about six per cent, and overseas reserves rising to 52 billion {dollars}.
“This projection is pushed by the urgency of consolidation. If we obtain our 2026 targets, it turns into simpler to construct momentum for 2027, 2028 and 2029,” he mentioned.
Omisakin referred to as on authorities to implement the consolidation agenda with self-discipline and transparency.
He additionally urged the personal sector to accomplice with and maintain authorities accountable for reforms, and appealed to worldwide companions to maintain technical and monetary assist to Nigeria’s reform efforts.
