Nigeria may be entering a long-awaited phase of economic recovery, as fresh data points to a decisive shift away from years of instability and oil dependence. According to the EnterpriseNGR 2026 Macroeconomic Outlook Report, unveiled in Lagos in partnership with EY, the country has reached what experts describe as a “post-adjustment inflection point,” where tough reforms are beginning to translate into visible economic stability.
One of the most encouraging signs is the moderation in inflation, which eased to 15.15 percent by December 2025 — its lowest level in five years. This slowdown offers relief to households and businesses battered by rising prices and shrinking purchasing power. Analysts say the easing inflation reflects the early impact of coordinated monetary and fiscal reforms aimed at restoring confidence and stabilizing the economy.
Investor sentiment has also strengthened markedly, particularly in the foreign exchange market. The report notes a 56 percent year-on-year surge in forex market turnover, driven by improved liquidity, transparency, and participation. These gains have helped rebuild trust in a market long plagued by distortions and backlogs, creating a more credible environment for both local and foreign investors.
Capital inflows have followed suit. Nigeria attracted nearly $21 billion in foreign investment in the first ten months of 2025, while external reserves climbed to $45.5 billion by the fourth quarter. EnterpriseNGR Chief Executive Officer, Obi Ibekwe, attributes much of this momentum to the Financial and Professional Services sector, which continues to mobilise capital and support enterprise growth. Notably, the non-oil sector now accounts for 96 percent of GDP, underlining Nigeria’s steady transition away from crude oil dependence.
Despite the optimism, experts warn that the gains remain fragile. EnterpriseNGR Director of Policy and Public Affairs, Oyelami Adekola, stresses that policy consistency and credibility will be critical to sustaining investor confidence. As initiatives such as the Lagos International Financial Centre advance and human-capital programmes expand, analysts say Nigeria’s ability to stay the reform course will determine whether this post-oil breakthrough delivers lasting prosperity.
source: The Sun