Lagos: Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, announced that Nigeria’s economy is projected to grow by 4.68% in 2026 as the government focuses on investment-led growth aimed at job creation and enhancing citizens’ welfare. Edun shared these insights during his keynote address at the launch of the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook Report for 2026.
According to News Agency of Nigeria, Edun emphasized that the growth projection aligns with the government’s medium-term objective of achieving a 7% annual growth rate and constructing a one-trillion-dollar economy by the decade’s end. He projected an average inflation rate of 16.5% and an exchange rate of approximately N1,400 per dollar for 2026.
Edun highlighted that the 2026 budget, named ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity,’ aligns with President Bola Tinubu’s vision of ensuring that macroeconomic advances translate into tangible improvements in Nigerians’ daily lives. He also noted that the budget deficit, estimated at about 4% of GDP, reflects Nigeria’s development needs and the ambition to accelerate growth.
He stressed that economic policy is now focused on driving growth through increased investment, citing ongoing projects like the rollout of over 90,000 kilometers of fiber optic cables as part of efforts to empower young Nigerians and support technology-driven growth.
Edun outlined a reform programme anchored on four objectives: consolidating macroeconomic stability, enhancing the business and investment climate, strengthening human capital while protecting the vulnerable through social protection, and fostering broad-based economic growth. He also highlighted fiscal performance, noting that despite shortfalls in oil and gas revenues, the Federal Government maintained fiscal federalism, transparency, and accountability.
The minister added that many states recorded budget surpluses, enabling increased spending on critical areas like health and education. He also pointed out the Federal Government’s fiscal discipline in extending the 2024 budget to ensure the completion of priority capital projects, with aggregate capital expenditure in 2024 reaching about N11.1 trillion.
Edun explained the government’s long-term growth target of 7% is aimed at outpacing population growth and alleviating poverty. He emphasized reducing reliance on debt and enhancing government revenue through digitalisation and improved reconciliation processes.
Additionally, he discussed the implementation of a new tax law designed to broaden the tax base and exempt essential goods and small businesses. Edun underscored President Tinubu’s vision to build a resilient, diversified, and globally competitive economy, leveraging exchange rate stability and expanded trade opportunities under ECOWAS and the African Continental Free Trade Area.
He identified key priorities for 2026, including improving competitiveness through sound governance, boosting agricultural productivity, accelerating infrastructure and energy development, and investing in human capital. Edun urged Nigerians to leverage improved macroeconomic conditions to invest in the economy, emphasizing the private sector’s crucial role in sustaining growth.
In conclusion, Edun acknowledged the challenges ahead but reaffirmed the Federal Government’s commitment to translating economic stability into inclusive, job-rich growth and delivering tangible benefits to the average Nigerian.