*Outlook 2026 offers a balanced reflection of Nigeria’s economic reality – Gbenga Omotoso
*WorldStage President advocates Executive Order for Nigerian firms to commit 80% of advertising budget to local media
Stakeholders in Nigeria’s economy including the President of the Nigerian Association of Chamber of Commerce Industry, Mines and Agriculture (NACCIMA), Engr Jani Ibrahim, have made a case for policy consistency that must anchor investor confidence, as credibility and predictability remain fundamental to economic growth.
In his presentation on the theme “Nigeria’s Economy: Getting it right” as the Guest Speaker at the public presentation of the WorldStage Nigeria’s Macroeconomic Outlook 2026 titled “Turning the Corner” in Lagos on Thursday, Engr. Ibrahim said “Getting it right requires moving beyond stabilisation to structural transformation. Policy consistency must anchor investor confidence, as credibility and predictability remain fundamental to economic growth.”
The NACCIMA president who was represented by Dr. Abina Praise said, “Nigeria is at a critical transition point from reform to results, and from stabilisation to sustainable prosperity. Recent economic reforms, including exchange rate liberalisation and subsidy removal, have begun to stabilise key indicators. Growth is strengthening, with projections in the range of 4 to 5 percent, while inflation, though easing, remains elevated at approximately 15 percent, continuing to exert pressure on households.”
He said while the recent economic reforms underscore a clear reality as stability is emerging, it was clear that prosperity is yet to be fully realised.
“Stakeholders now expect greater fiscal clarity, particularly around the evolving tax regime, exchange rate management, and the broader policy direction shaping the 2026 macroeconomic outlook,” he said.
Mr Segun Adeleye, President/CEO, World Stage Limited, Miss Nike Popoola, a journalist and Insurance Expert; Dr. Abina Praise representing Engr. (Dr.) Jani Ibrahim, President of NACCIMA and Chairman of OPSN; Captain Badamasi M.S, a Pilot and Mr Segun Koiki, a journalist and Aviation Expert at the public presentation of WorldStage Nigeria’s Macroeconomic Outlook 2026 on Thursday, March 26, 2026 at the LCCI-BOI Innovation Hub, Nurudeen Olowpopo Street, Alausa Ikeja Lagos.
With the current development within the economy, he said Nigeria must pivot from a consumption-driven model to a production-led economy.
“While the non-oil sector contributes over 97 percent of GDP, productivity especially in manufacturing remains modest, highlighting a structural gap that must be addressed through industrialisation, value addition, and export competitiveness,” he said.
He also spoke about different sector of the economy saying the non-oil sector continues its resilient growth, with expanding export potential and increasing relevance in foreign exchange earnings; food security remains a pressing priority, as rising food costs continue to drive inflation and affect livelihoods; infrastructure development particularly in power, transport, and logistics must be prioritised, as no economy can outperform the quality of its infrastructure.
He acknowledged that the private sector remains the engine of growth and unlocking its full potential requires improved access to finance, a more enabling business environment, and stronger investment protection.
On the the new tax framework and regulatory environment, he said clarity will be critical in reducing uncertainty and supporting investment planning and business expansion.
“The trajectory of the Naira will remain central, with expectations of gradual movement towards a more stable equilibrium, supported by improved foreign exchange inflows and disciplined monetary management,” he said.
“Ultimately, the true test of success lies in inclusive growth. Economic progress must translate into jobs, opportunities, and improved living standards. Empowering MSMEs, investing in human capital, and strengthening social protection are therefore essential.
“Sectorally, agriculture must transition into a productivity-driven agribusiness model. Manufacturing must scale through industrial capacity and export orientation, while the services sector particularly digital services will play an increasingly strategic role in growth and job creation.
“One of the most critical pillars in getting it right is accountability. That is why we are gathered here today not merely as observers, but as stakeholders committed to transparency, performance measurement, and shared responsibility.
“Looking ahead, Nigeria must embrace a disciplined economic framework anchored on policy consistency, diversification, digitalisation, decentralisation, and effective execution. The focus must shift from intention to impact, and from reform to results.
“Nigeria’s potential remains undeniable, with an economy valued at approximately $350 billion. However, potential alone is not enough. It is execution, consistency, and collective commitment that will define outcomes.”
He therefore commended World Stage Limited “for its consistency in providing a credible platform for policy dialogue and economic introspection. Through initiatives such as the Nigeria Outlook and its broader thought leadership engagements, the organisation continues to bridge the gap between data, policy, and private sector realities. This kind of institutional commitment is essential in shaping informed discourse and guiding evidence-based decision-making. It is through platforms like this that we collectively sharpen our perspectives and align our national economic priorities.”
The Honourable Commissioner for Information and Strategy, Mr. Gbenga Omotoso in his review of the publication ,WorldStage Nigeria’s Macroeconomic Outlook 2026 said its title suggests, “Turning the Corner” captures a nation in transition, moving from economic strain toward recovery, stability, and sustainable growth.
Omotoso who was represented by Mrs Temilade Aruya, Public Affairs Director , Ministry of Information and Strategy, Lagos State, said the publication “is both a reflection and a projection. It reflects on where we stand as a nation economically, and more importantly, it projects where we are headed—if the right decisions are sustained with discipline, courage, and collective responsibility.
“The publication offers a balanced reflection of Nigeria’s economic reality. It acknowledges long-standing structural challenges while highlighting the resilience, innovation, and determination of the Nigerian people.
“More importantly, it provides a forward-looking perspective. With projections of GDP growth at 4.49% in 2026 and inflation easing to 12.94%, the outlook signals cautious optimism. However, it does not ignore persistent concerns such as infrastructure deficits, high cost of capital, and global economic uncertainties. This balance between optimism and realism is one of the book’s greatest strengths.”
One of the standout features of the publication, he said “ is its broad sectoral coverage, giving a comprehensive view of the economy. It examines key sectors including banking, capital markets, telecommunications, agriculture, manufacturing, maritime, aviation, health, education, and the creative economy.
“This approach reinforces an important message: Nigeria’s economic transformation must be holistic. No single sector can drive growth in isolation. Progress must be interconnected, inclusive, and sustained across multiple industries.”
He also acknowledged analysis of other sectors including banking sector , Capital Market, Oil and Gas, Telecommunications, Reform Agenda and Policy Direction among others.
“The common thread across these sectors is clear—growth will be driven by reforms, innovation, and investment,” he said.
He also said the “publication provides valuable insight into ongoing reforms, particularly in monetary policy, fiscal management, and external sector stability. Key policy measures—including exchange rate reforms, subsidy removal, and tax restructuring which are acknowledged as necessary steps toward long-term stability. While these reforms may present short-term challenges, they are essential for building a more resilient and competitive economy.
“The message is clear: consistency in policy implementation will determine the success of these reforms.”
He said a major strength of “Turning the Corner” is its honesty in addressing risks. These include Inflationary pressures, especially food inflation,Exchange rate volatility, High debt servicing costs, Infrastructure challenges, Pre-election fiscal risks.
“By acknowledging these realities, the publication strengthens its credibility and underscores the need for sustained vigilance,” he said.
Beyond macroeconomic indicators, he said the publication emphasises the importance of inclusive growth. Economic progress must translate into improved living standards, job creation, and expanded opportunities for citizens.
“This focus on human capital, skills development, workforce stability, and inclusion—is particularly important. Without it, economic growth may not deliver meaningful impact on the lives of Nigerians.”
In conclusion, he said, “Turning the Corner” is a significant contribution to Nigeria’s economic discourse. It provides not only analysis, but also direction. The book makes it clear that Nigeria is on a path of reform and recovery. However, turning the corner is only the beginning. Sustained progress will require discipline, strong institutions, policy consistency, and collective commitment.
“If these elements are maintained, Nigeria has a real opportunity to achieve long-term, inclusive, and sustainable growth. As stakeholders in this journey—government, private sector, and citizens alike—we all have a role to play in ensuring that Nigeria not only turns the corner but moves forward with confidence and purpose.”
In his opening address at the forum, Mr Segun Adeleye, President/CEO World Stage Limited said WorldStage Nigeria’s Macroeconomic Outlook 2026 was the company’s response to Nigeria’s aims to achieve a $1 trillion economy by 2030, driven by recent macroeconomic reforms, infrastructure investments, and growth in non-oil sectors.
He said the outlook offered a comprehensive and detailed analysis of Nigeria’s economy, identifies key trends, opportunities, and challenges that are likely to shape the country’s future.
He said the outlook was achieved through partnerships with stakeholders, including public and private organisations.
“I believe that corporate organisations need the media as much as the media need them to survive. Projects like this is also to contribute to the country’s economic development through comprehensive understanding of the business environment and identifying areas for growth and investment,” he said.
He used opportunity to raise the issue of what Nigeria’s media sector really needed to discharge it’s responsibility to the economy and the society at large.
“President Bola Ahmed Tinubu recently offered to reduce tariffs on inputs into media operations, including newsprint, plates, chemicals, and radio and television broadcast equipment. But with media houses now transforming to offer online products and services, the extent to which they will benefit from such tariffs cut may be very minimal,” he said.
“While the most reasonable revenue source to keep the media going is through advertising, the advertising window has been dwindling over the years. I will want us to examine a workable application of the Federal Government’s “Nigeria First” policy in the media sector. The policy can be explored to compel local businesses to prioritize the local media. This is important because many Nigeria’s blue chips spend millions of dollars to promote their businesses in foreign media with little regards for the local players. Even though, they make their profits locally, they spend the bulk of their advertising budget on foreign media to look good outside.
“The way forward, I think should be for President Bola Tinubu to issue an Executive Order mandating local firms to commit nothing less than 80% of their advertising budget to local media.”
He appreciated the partnership with Zenith Bank, NLNG, CBN, NNPC Limited, Linkage Assurance and Fidelity Bank that made the project possible while expressing belief that if most Nigerian firms can emulate NLNG in terms of social responsibility and commitment to local media, there will be no need of seeking for an Executive Order for them to do the needful.
He confirmed that WorldStage will be coming up with quarterly reports during the year as reliable business compasses for the country aiming to achieve a $1 trillion economy.
“Work is already at an advanced stage on our Q1 2026 report which will provide actionable insights for policymakers, businesses, and investors, informing strategies for growth and development. Specific metrics to expect include GDP growth rate, Inflation rate, Exchange rate, Oil production and prices, Non-oil revenue growth, Manufacturing PMI, and Foreign reserves.”
The event was attended by major stakeholders in the economy including regulators, operators and the media.
