The Nigerian Economic Summit Group (NESG) has advised the Federal Government to avoid policy reversals in order to sustain the current economic progress in the country.
Mr. Olaniyi Yusuf, Chairman of NESG, who gave the advice at the launch of the Nigerian Private Sector Outlook 2026:”The Productivity Imperative for Nigerian Businesses.”
In a statement on Friday issued by Ayanyinka Ayanlowo,Head, Strategic Communication & Advocacy, NESG, Yusuf noted that while Nigeria has survived one of its most challenging economic adjustment periods in recent history.
According to him, economic stability is only the first phase of a broader transformation journey and does not automatically translate into large-scale prosperity.
He said despite positive macroeconomic signals, including a projected GDP growth of 5.5% in 2026 and improving external reserves, the gains remain uneven and must be deepened to deliver tangible impact.
He emphasised the need for a deliberate shift toward productive sectors, especially agriculture and manufacturing, highlighting that disciplined and transparent consolidation could unlock manufacturing growth of 6–8% through stronger sectoral linkages.
He urged stakeholders to remain committed to a clear and coordinated reform roadmap that drives inclusive and sustainable growth.
In his keynote address, the Minister for Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated that while the initial phase of reforms required significant political will, the next phase will demand discipline, focus, and effective execution.
He disclosed that Nigeria has entered a critical stage of stabilisation following difficult but necessary structural adjustments.
Achieving sustained and inclusive growth, he said, will depend on aligning policy intent with implementation, as well as strengthening collaboration between government and the private sector to build trust and unlock long-term prosperity.
Dr. Abdul B. Kamara, Director General of the Nigeria Country Department at the African Development Bank Group, advocated the urgency of consolidating recent reforms to ensure they become a durable foundation for long-term growth.
He noted that while reforms have created a window of opportunity, sustaining these gains will require policy consistency, strong institutions, and effective partnerships.
He further emphasised that stabilisation must translate into improved livelihoods, reaffirming AfDB’s commitment to supporting Nigeria through strategic collaboration focused on job creation and inclusive economic development.
In his keynote presentation, NESG Chief Economist and Director of Research, Dr. Olusegun Omisakin, emphasised the import of robust strategies that enable both businesses and policymakers to transition from defensive adaptation to sustained growth, competitiveness, and resilience.
The launch of the Nigerian Private Sector Outlook 2026 by the Nigerian Economic Summit Group marks a critical step in shaping Nigeria’s economic discourse and guiding action during a pivotal pre-election period.
The report provides a clear, evidence-based framework for transitioning from stabilisation to consolidation, with a strong focus on productivity, competitiveness, and private sector-led growth.
It introduces Strategic Agility as a framework for navigating Nigeria’s critical pre-election period while consolidating recent reform gains and accelerating productivity-driven growth.
