Stakeholders have urged the Federal Government to sustain economic reforms.
The stakeholders also said that stronger implementation could turn recent signs of stability into wider prosperity for Nigerians.
The stakeholders disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja, while assessing Nigeria’s economic reforms.
The experts noted that Nigeria’s economic reforms were beginning to strengthen stability, urging sustained implementation to ensure the benefits translated into improved livelihoods and inclusive growth.
The President-Elect, Abuja Chamber of Commerce and Industry (ACCI), Professor Adesoji Adesugba, said that Nigeria’s economic reforms were beginning to yield results, emphasising that sustained efforts were needed to translate stability into prosperity.
Adesugba said that Nigeria’s economy had moved from severe fiscal pressure towards greater stability, adding that reforms must now focus on lowering the cost of doing business.
He also noted that improved revenues, reserves, trade and investment confidence showed progress, but challenges around food prices and jobs remained.
“Nigeria’s economy has moved from severe pressure towards greater stability. The reforms introduced since May 2023 had been politically difficult but were beginning to produce measurable improvements across key economic indicators.
“Petrol subsidy removal and exchange-rate unification are painful but foundational decisions that addressed longstanding distortions in the economy,” he said.
Adesugba, also a development economist and investment promotion expert, said headline inflation fell to 15.39 per cent in August 2026 from 23.14 per cent in 2025.
He said that food inflation also declined to 19.57 per cent, while core inflation dropped to 13.29 per cent, adding that Nigeria’s external position had strengthened, with foreign reserves rising to 54.86 billion dollars by Sept. 24, 2026.
According to him, the naira has also strengthened to about N1,315 to the dollar in early September, its strongest level in two years.
“Real Gross Domestic Product (GDP) grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter,” he noted.
Adesugba said the tax reforms represented another major structural change, following the signing of four tax-related laws in June 2025.
He said the new laws simplified existing legislation, provided relief for low-income earners and small businesses and strengthened taxpayer protection.
According to him, tax revenue rose by 49 per cent year-on-year to N15.8 trillion in the first five months of 2026.
He said stronger revenue mobilisation, particularly from non-oil sources, could provide additional resources for infrastructure and development.
Adesugba said Nigeria’s removal from the Financial Action Task Force grey list in October 2025 also demonstrated progress in strengthening the financial system.
He said that improved sovereign credit ratings and Nigeria’s return to Frontier Market status had helped strengthen international investor confidence.
The former Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) said bank recapitalisation had further strengthened the financial sector, with 33 banks raising N4.65tn.
Also speaking, an economic expert, Dr Samuel Adedeji, said that strengthening domestic production remained important for reducing import dependence and expanding Nigeria’s export capacity.
Adedeji, also a civil servant, said increased domestic refining capacity had contributed to a 73 per cent year-on-year decline in petroleum-product imports in the second quarter of 2026.
He said Nigeria recorded a merchandise trade surplus of N12.60tn in the second quarter, while non-crude products accounted for 52.21 per cent of exports.
He said the solid minerals sector also showed strong potential, with federation revenue rising from N16bn in 2023 to more than N70bn in 2025.
On his part, an economist,
Dr Chinedu Amadi, said the first three years of President Bola Tinubu’s administration had been defined by economic reforms, hardship and emerging macroeconomic stability.
Amadi said the administration inherited fuel subsidy distortions, foreign exchange shortages, declining oil production, weak public revenue and rising debt, prompting reforms including subsidy removal and exchange-rate liberalisation.
He said naira’s depreciation from about N460 to the dollar in May 2023 to around N1,300 has reduced purchasing power and increased costs of imports, medicines and industrial inputs.
Amadi, also President, Organisation of Youths in International Trade and Commerce (OY-ITC), an NGO, noted that inflation also accelerated sharply, reaching exceptionally high levels in 2024, before moderating.
“However, slower price increases have not reversed the accumulated rise in living costs.
“Despite the hardship, foreign exchange liquidity and external reserves have improved, while inflation has moderated and oil production has increased, alongside renewed investment in refining and the petroleum sector.
“The administration has also prioritised infrastructure, agriculture, education, healthcare and domestic revenue mobilisation, including student loans and renewed investment in primary healthcare,” he said.
Amadi advised that the next phase required moving beyond stabilisation to production, employment and stronger purchasing power, with Nigerians expecting reforms to deliver tangible improvements in living standards.
The experts urged government to focus the next phase of reforms on reliable electricity, faster port clearance, affordable long-term finance and improved security.
They said sustaining disinflation and directing increased revenues towards infrastructure rather than recurrent expenditure would help Nigeria transform economic stability into prosperity.
