Nigeria's economic summit shifts focus from reform to results
Stabilisation has brought better headline numbers, but the 32nd Nigerian Economic Summit opened with warnings that households and firms are yet to feel them.
Nigeria's 32nd Nigerian Economic Summit (NES #32) began on October 26th in Abuja with a focus on delivering the benefits of economic reforms. NESG chairman Olaniyi Yusuf highlighted the government's recent reforms, including petrol subsidy removal, foreign-exchange liberalization, tax overhaul, and bank recapitalization. However, he cautioned that stabilization alone does not guarantee progress.
Real GDP growth was 4.43% year-on-year in Q2, up from 3.89% in Q1, but headline inflation remained high at 14.63%. Electricity and gas output fell by 11.6% in the first half of 2026, and private-sector credit slipped to 18.1% of GDP. Yusuf emphasized the need for patient capital to drive transformation. Vice-President Kashim Shettima, representing President Tinubu, emphasized the importance of quality work and productivity.
Investor sentiment improved, with capital imports reaching $10.37 billion in Q1, up 83.83% from Q1 2025. The summit also discussed progress on trade, customs reform, and the draft Nigeria Economic Policy Framework presented by Finance Minister Taiwo Oyedele.
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