The Nigerian Economic Summit Group (NESG) has presented a nuanced evaluation of Nigeria's economic reforms, indicating that while there have been some positive developments, significant challenges remain. Speaking at the 32nd Nigeria Economic Summit held in Abuja, NESG Chairman Niyi Yusuf emphasized that the outcomes of the reforms, which have been in place for over three years, reveal a landscape marked by both progress and substantial hurdles.

Yusuf pointed out that while the reforms have contributed to a degree of stability in the economy, this stabilization alone does not guarantee economic advancement. He noted that Nigeria's real GDP grew by 4.43% year-on-year in the second quarter of 2026, an improvement from 3.89% in the first quarter. Additionally, headline inflation has decreased to 14.63% in September, down from 34.8% in 2024, and gross external reserves have reached approximately US$55.1 billion.

Despite these positive indicators, Yusuf cautioned that the benefits of these improvements are not being felt equally across the population. Food inflation remains high at 19.59%, indicating that while inflation rates may be slowing, the cost of living continues to strain household budgets. He highlighted that the productive economy is still grappling with significant constraints, particularly in the energy sector, where output has contracted by 11.6% in the first half of 2026.

The NESG report also noted that maximum lending rates are around 29.2%, and private-sector credit has declined to 18.1% of GDP, further complicating the economic landscape. Although Nigeria attracted approximately US$23.2 billion in foreign capital inflows in 2026, the majority came from portfolio investments rather than foreign direct investment, which is crucial for long-term economic growth.

Yusuf stressed the need for the next phase of reforms to focus on lowering production costs, enhancing infrastructure, and improving public expenditure. He pointed out that the current reforms, including the removal of petrol subsidies and foreign exchange liberalization, were necessary to address previous economic distortions but must now translate into tangible benefits for the populace.

The NESG's theme for this year's summit, "Growth that Works: Delivering Jobs, Productivity and Shared Prosperity," encapsulates its vision for a more inclusive economy. Yusuf articulated that economic growth should not only be measured by GDP but also by the quality of jobs and the extent to which prosperity reaches all Nigerians. He outlined three key priorities for achieving this vision: productivity, human capital development, and resilience.

He emphasized that skilled workers are more productive when supported by reliable infrastructure and access to technology, and that competitive businesses can thrive in an environment of fair regulations and effective public services. The NESG's call to action urges stakeholders to focus on creating better job opportunities, securing livelihoods, and fostering inclusive prosperity across the nation.

In conclusion, the NESG's assessment serves as both a reflection on the progress made and a call for renewed efforts to address the challenges that continue to hinder Nigeria's economic potential. As the country navigates these complex issues, the emphasis on collaboration between the government and the private sector will be crucial for fostering a more resilient and productive economy.