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By Uche Usim
Nigeria may finally be emerging from years of economic turbulence, as new data suggests the country has reached a critical turning point in its reform journey.
The EnterpriseNGR 2026 Macroeconomic Outlook Report, unveiled recently in Lagos in partnership with EY, describes the moment as a “post-adjustment inflection point,” marking a shift from painful restructuring to visible stabilisation.
After half a decade of persistent price pressures, inflation eased to 15.15 percent by December 2025, its lowest level in five years. This moderation offers welcome relief to consumers and businesses that have struggled with rising costs, shrinking purchasing power, and volatile operating conditions. The slowdown in inflation is also being interpreted as an early sign that recent monetary and fiscal reforms are beginning to yield tangible results.
One of the clearest indicators of renewed confidence is the transformation of Nigeria’s foreign exchange market. The report reveals a 56 percent year-on-year increase in forex market turnover, reflecting improved liquidity, greater transparency, and stronger investor participation. This recovery has helped rebuild credibility in the market after years of distortions, backlogs, and uncertainty.
Capital inflows are following the improved sentiment. Nigeria attracted nearly 21 billion dollars in foreign investment within the first ten months of 2025, underscoring a growing belief among global investors that the country is once again investable. At the same time, external reserves strengthened significantly, rising to 45.5 billion dollars by the fourth quarter of the year, reinforcing the nation’s ability to manage external shocks and stabilize its currency.
The Financial and Professional Services sector is playing a central role in this resurgence. EnterpriseNGR Chief Executive Officer, Obi Ibekwe, identifies the sector as a key engine for mobilizing capital, supporting enterprise growth, and channeling funding to productive areas of the economy. According to the report, Nigeria’s non-oil sector now accounts for an impressive 96 percent of gross domestic product, highlighting the country’s gradual but meaningful shift away from crude oil dependence.
Services, financial intermediation, and telecommunications continue to drive growth, while emerging opportunities in solid minerals such as gold and lithium are opening new frontiers. With rising global demand for critical minerals, Nigeria is positioning itself as a potential supplier in strategic value chains that extend far beyond traditional hydrocarbons.
Despite the optimism, the report urges caution. Stakeholders warn that the progress remains fragile and could easily be reversed if policy momentum falters.
Oyelami Adekola, Director of Policy and Public Affairs at EnterpriseNGR, stresses that credibility and consistency are essential to sustaining investor trust. In his view, disciplined implementation and stable policy direction will determine whether Nigeria can convert short-term gains into long-term prosperity.
Beyond macroeconomic reforms, EnterpriseNGR is also pushing initiatives aimed at building human capital and ensuring inclusive growth. The Youth of Enterprise Internship Programme has already trained and placed more than 2,000 young professionals, strengthening the talent pipeline and supporting the evolving needs of the financial and professional services ecosystem.
As plans for the Lagos International Financial Centre progress toward full operational status, Nigeria’s broader ambition is becoming clearer: to establish itself as Africa’s leading financial hub and a magnet for regional and global capital.
The 2026 Outlook suggests the foundations for a more resilient, diversified, and reform-driven economy are now in place. Whether Nigeria can sustain this momentum will depend on continued transparency, policy discipline, and the political will to stay the course.
