Nigeria eyes faster growth as oil production recovers

Nigeria is aiming for quicker economic expansion in 2026 as rising crude oil production, structural reforms, and enhanced macroeconomic conditions bolster growth prospects, despite existing risks. The country's real GDP growth for 2026 is projected to be between 4.1% and 7%, fueled by stronger economic momentum driven by structural reforms and an oil sector rebound.

Following a 4.43% GDP growth in the second quarter, analysts anticipate continued growth influenced by domestic and external risks. Projections from the World Bank, IMF, and PwC Nigeria range from 4.4% to 4.2%, while the Federal Government targets around 4.68%. The oil sector remains pivotal for economic performance, with crude oil exports accounting for over 80% of Nigeria's foreign exchange earnings.

The Nigerian Upstream Petroleum Regulatory Commission is striving to achieve a 2.5 million barrels per day production target, while efforts to secure oil assets and infrastructure are crucial for boosting production and strengthening reserves.