The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says economic reforms have delivered meaningful macroeconomic stabilisation, with Nigeria now entering a consolidation phase.
He stated this at the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos.
According to the Minister, Nigeria has transitioned from a period of stabilisation to the threshold of consolidation.
“Inflation has moderated, foreign exchange volatility has eased, reserves have strengthened, and investor confidence has improved. The emphasis now is on sustaining reforms and converting stability into growth and shared prosperity,” Edun said.
He disclosed that inflation declined from 33.18 percent in 2024 to 14.45 percent by November 2025, while GDP growth averaged 3.78 percent by the third quarter of 2025, with 27 sectors recording expansion. External reserves rose to 45.5 billion dollars, the exchange rate stabilised below ₦1,500 to the dollar, and trade surplus reached ₦19.33 trillion in the first nine months of 2025. He added that market capitalisation on the Nigerian Exchange increased by nearly 60 percent year on year.
Edun stressed that Nigeria must remain committed to reforms, warning against policy reversals.
“Nigeria cannot afford to pause or retreat. Success in consolidation will determine whether stability becomes sustained growth and productive jobs,” he said.
Addressing public concerns over Nigeria’s public debt profile, the Minister explained that the ₦152 trillion debt figure largely reflects improved transparency and exchange rate adjustments rather than excessive new borrowing.
“About ₦30 trillion reflects previously unrecognised Ways and Means advances now formally recorded. Nearly ₦49 trillion resulted from the revaluation of foreign debt following foreign exchange reforms. Nigeria’s debt-to-GDP ratio declined to 36.1 percent, one of the lowest in Africa and well below the global average,” he noted.
Edun said fiscal performance in 2025 demonstrated discipline despite revenue pressures, particularly in the oil and gas sector. He stated that the government maintained a fiscal deficit of about 3.4 percent of GDP, improved non-oil revenue mobilisation, strengthened fiscal federalism by increasing allocations to states, and achieved 84 percent capital budget execution for 2024 projects during the transition period.
Looking ahead, the Minister projected GDP growth of 4.68 percent in 2026, with inflation averaging 16.5 percent and the exchange rate stabilising around ₦1,400 to the dollar.
He also highlighted reforms aimed at improving efficiency and protecting vulnerable Nigerians, including the full digitalisation of government revenue collection, enhanced treasury transparency and central billing reforms, elimination of opaque deductions and leakages, and the implementation of a pro-poor tax law that exempts essential food items and small businesses while broadening the tax base.
Edun reiterated the government’s commitment to translating current economic gains into sustained growth, productive jobs, poverty reduction, and improved living standards for Nigerians.