Nigeria's Economy Stabilizes, Says Finance Minister

At the 160th National Economic Council meeting, held on Thursday, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, declared that Nigeria's economy has stabilized. He highlighted several indicators of economic health, including a real GDP growth rate of 3.89% for Q1 of 2026, down from 3.13% the previous year, with projections suggesting over 4% growth for the year.

Headline inflation decreased to 15.43% in July from 24.94% a year prior, while food inflation remained high at 20.31%. External reserves reached $51.96 billion, the highest since January 2009, marking a 38% year-on-year increase.

The Naira appreciated by 13.5% year-on-year, with the exchange rate stabilizing under N1,400. Federation Account net revenues rose by 44% from N15.2 trillion in 2024 to N21.9 trillion in 2025, with expectations of a further 50% increase in 2026.

Oyedele noted Nigeria's exit from the Financial Action Task Force Grey List and the EU Anti-Money Laundering Deficiency List, which will lower costs for cross-border capital flows.