Daily Trust Economists Urge Structural Economic Reforms

The Daily Trust Board of Economists has recommended that the Nigerian government focus on structural transformation to convert recent economic gains into job creation and improved living standards. This recommendation is part of their Review of Nigeria’s External Sector, which evaluates the country's economic performance since the reform program began in 2023.

The report indicates that Nigeria has made notable progress in restoring confidence in its external sector, particularly after implementing difficult policy changes, including the liberalization of the foreign exchange market and the removal of fuel subsidies. These reforms have led to a significant increase in foreign exchange reserves, which grew from approximately US$33 billion in mid-2023 to nearly US$50 billion by mid-2026.

The balance of payments returned to a surplus of US$6.8 billion, and capital importation surged to US$23.21 billion in 2025. However, the economists caution that Nigeria's economy remains heavily reliant on crude oil exports, with non-oil products contributing minimally to total exports.