“Nigeria’s Economy Poised for 7–10% Growth in 2026 – FirstBank MD

By Emman Tochi ✔

Lagos, Jan. 6, 2026 (NAN) — Nigeria is entering 2026 with renewed economic momentum underpinned by ongoing reforms, structural adjustments, and rising investor confidence, Mr Olusegun Alebiosu, Managing Director of First Bank of Nigeria Ltd., has said. Speaking at the Nigeria Economic Outlook 2026 forum held in Lagos, Alebiosu outlined key drivers positioning the country for robust growth and resilient recovery.

The hybrid event, themed “The Great Calibration: Mastering Resilience in an Era of Asynchronous Growth,”brought together policymakers, private sector leaders, and financial experts to discuss strategies for sustaining stability and accelerating Nigeria’s economic trajectory.

According to Alebiosu, despite ongoing inflationary pressures, currency realignment, and global economic shocks, Nigeria has demonstrated resilience through policy discipline, structural reforms, and innovation in productive sectors, creating “much-needed momentum to unlock growth and opportunities for Nigerians.

“Nigeria’s competitiveness will increasingly depend on disciplined reforms, strategic investment in human capital, scalable infrastructure, and strong public-private collaboration,” Alebiosu said

Key Drivers of Nigeria’s Economic Recalibration

1. • “Banks now have more liquidity, and the environment is improving. Lending will naturally increase, provided we avoid reckless credit decisions,” he said.

     Monetary and Financial Sector Reforms

     Alebiosu highlighted that lower interest rates, increased liquidity, and ongoing bank recapitalisation have strengthened credit availability, allowing banks to lend more efficiently while safeguarding against reckless credit practices.

2. Industrial and Infrastructure Growth

   Rising manufacturing output, coupled with decentralisation of power generation, has enhanced productivity and industrial competitiveness. Key infrastructure projects, including transport and energy initiatives, are improving connectivity and reducing operational costs for businesses.

3. External Reserves and Currency Strength

   Alebiosu emphasised that stronger foreign reserves and higher foreign inflows have bolstered Nigeria’s buffers against volatile capital movements. He projected that if $10 billion in speculative funds were to leave the country, Nigeria could absorb the shock without destabilising the economy.

4. Consumer Prices and Cost of Living

   Easing food and fuel prices have reduced market distortions and improved purchasing power, which in turn supports domestic consumption and business confidence.

5. • “With an appreciating naira, keeping money abroad is a waste of time. Now is the moment to invest in Nigeria’s future,” he added.

     Investment Opportunities for Diaspora Nigerians

     Alebiosu urged Nigerians in the diaspora to redirect savings from foreign currencies to naira-denominated investments, citing improving returns and the appreciating naira.

Outlook for Growth

The FirstBank MD projected economic growth of between 7 and 10 per cent in 2026, including the election period. He also indicated that, under favourable conditions, post-election growth could accelerate further.

• Optimistic scenario: GDP growth could reach above 10 per cent, driven by robust private sector activity and continued reforms.

• Baseline scenario: Growth expected between 7 and 10 per cent.

• Cautionary scenario: If reforms weaken, growth may slow to below 5 per cent, underscoring the importance of policy continuity and structural adjustments.

Alebiosu noted that Nigeria’s gradual economic recalibration reflects both macroeconomic stability and structural transformation. He urged continued collaboration between the public and private sectors to translate growth into broad-based welfare gains for citizens.

“We are entering a new era of resilience. Structural reforms, investments in human capital, and strong fiscal discipline will ensure that economic gains benefit all Nigerians, not just a few,” Alebiosu said.

FirstBank’s Role in Driving National Development

Highlighting FirstBank’s contribution to the economy, Alebiosu pointed out that the bank’s 131-year legacy has been anchored on supporting national development, digital financial transformation, and effective capital intermediation.

• FirstBank continues to drive inclusive banking, expanding access to credit for small and medium enterprises (SMEs) and supporting key sectors such as agriculture, manufacturing, and technology.

• The bank remains committed to providing practical guidance on managing volatility, identifying growth-driving sectors, and supporting Nigeria’s path to macroeconomic stability

Implications for Nigerians and Investors

• Businesses: Improved liquidity and credit access will allow companies to expand operations and invest in new projects.

• Investors: Strengthening the naira and higher returns on domestic assets make Nigeria an attractive market for both local and diaspora investors.

• Consumers: Falling prices for fuel and staple goods will improve disposable income, supporting household consumption.

“Nigeria’s economy is racing. With disciplined reforms and strategic investment, 2026 will be a transformative year, setting the stage for sustained growth and long-term resilience,” Alebiosu concluded.

Emman Tochi ✔

Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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