Follow Us on Google
By Chukwuma Umeorah
The Central Bank of Nigeria (CBN) is likely to maintain its benchmark interest rate at about 26.5 per cent throughout 2026 as it continues efforts to contain inflationary pressures, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has said.
Speaking at the 2026 PEARL Awards Corporate Summit in Lagos on Tuesday, Rewane said meaningful interest rate cuts may not occur until 2027 after the conclusion of national elections. He also projected that Nigeria’s real Gross Domestic Product (GDP) growth would reach four per cent by the end of 2026, while the naira would remain relatively stable, trading between N1,390 and N1,420 to the dollar.
According to him, pre-election liquidity has historically supported stock market activity as investors seek capital gains ahead of major political transitions. Rewane, who spoke on the theme, “Policy Reform and Corporate Competitiveness: Navigating Towards a Sustainable Edge,” said sustained policy reforms remain critical to improving corporate competitiveness and creating an environment that supports business growth. “Reform is a process, not an event.
Sustainable reforms are necessary for long-term corporate competitiveness.
While reforms do not automatically guarantee successful companies, businesses are more likely to emerge, grow and thrive in a well-reformed environment,” he said.
He noted that reforms help create an enabling environment for businesses, while strong institutions are equally important in driving economic growth and competitiveness. According to him, companies operating in stable and reform-driven economies are better positioned to expand and create value for shareholders, adding that Nigeria’s future competitiveness would depend largely on its ability to sustain and deepen ongoing economic reforms.
On the broader economy, Rewane warned that rising poverty levels, food insecurity and election-related spending pressures could widen the country’s fiscal deficit and increase financing needs.
Despite these challenges, he said Nigeria remains at a moderate risk of debt distress, with public debt projected to remain around 35 per cent of GDP over the medium term.
Other News
He also called for greater investment in transport infrastructure, electricity, security and governance reforms, describing them as critical to unlocking stronger economic growth. He emphasized economic growth must significantly outpace population growth if Nigeria is to make meaningful progress in reducing poverty and unemployment.
Rewane further highlighted recommendations by the International Monetary Fund (IMF) for stronger regulation of cryptocurrencies and stablecoins to address consumer protection concerns and reduce illicit financial risks. On the external sector, he projected that Nigeria’s current account surplus would rise to 8.2 per cent of GDP, supported by stronger oil export earnings, while gross external reserves would continue to increase on the back of foreign portfolio investment inflows and sustained oil revenues.
He also forecast that global oil prices would remain elevated, trading between $85 and $90 per barrel, with an average of $95 per barrel in 2026 before moderating to about $83.2 per barrel in 2027.
Speaking earlier, President and Founder of Pearl Awards Nigeria, Tayo Orekoya, said the theme of the summit reflects the realities facing businesses as economic reforms reshape the operating environment. He added that while policy reforms remain important tools for economic transformation, businesses must demonstrate resilience, innovation and adaptability to remain competitive and achieve sustainable growth.
Orekoya said reforms can stimulate investment, improve productivity, encourage innovation and enhance market efficiency when effectively implemented, adding that stakeholders across the public and private sectors have a collective responsibility to ensure that reforms translate into tangible economic benefits.
“The central question before us today is therefore not whether reforms are necessary, but how businesses can successfully navigate a reform-driven environment while building sustainable competitive advantages that endure over time,” he said.
Orekoya also stressed the need for policy consistency, institutional effectiveness and collaboration among corporate leaders, regulators, investors and policymakers to support enterprise growth and long-term value creation.
He noted that sustainable competitiveness increasingly depends on innovation, corporate governance, operational efficiency, human capital development, technological capability and commitment to environmental and social responsibility.
