The World Bank has approved a $1.25 billion Development Policy Financing (DPF) loan for Nigeria despite growing public concerns over the country’s rising debt profile, while unveiling a new six-year partnership framework aimed at accelerating private sector-led economic growth and job creation.

The approval was announced on Wednesday following a meeting of the World Bank Board, which endorsed both the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing operation and a new Country Partnership Framework (CPF) covering 2026 to 2032.

The latest facility comes amid widespread criticism from many Nigerians over the government’s increasing reliance on external borrowing and calls for greater accountability in the utilisation of previous World Bank loans.

According to the World Bank, the $1.25 billion loan will support reforms designed to strengthen Nigeria’s economic competitiveness, improve the investment climate, and stimulate private sector-led growth.

The institution said the financing would help deepen Nigeria’s capital markets, modernise regulations governing the digital economy and e-governance, advance power sector reforms, reduce trade barriers under the ECOWAS and African Continental Free Trade Area (AfCFTA) frameworks, improve access to quality agricultural inputs, and strengthen domestic revenue mobilisation.

The bank noted that the financing forms part of a broader package of support combining policy-based lending with investments in energy, digital infrastructure, agriculture, social protection, and private sector development.

Alongside the loan approval, the World Bank launched its new Country Partnership Framework for Nigeria, which will guide its engagement with the country between 2026 and 2032.

Under the strategy, the bank aims to support programmes expected to provide electricity access to 32 million Nigerians, broadband connectivity to 58 million people, improved health and nutrition services for 40 million citizens, and increased agricultural productivity for 9.5 million farmers through better access to quality inputs.

The framework also seeks to strengthen human capital development while expanding investments in digital infrastructure and energy to stimulate economic growth.

World Bank Country Director for Nigeria, Mathew Verghis, said the new partnership framework would focus on creating sustainable employment by enabling private sector investment.

According to him, recent macroeconomic reforms have helped stabilise Nigeria’s economy, but sustained improvements in living standards would require addressing structural constraints limiting business growth and investment.

The World Bank also disclosed that its private sector financing arm, the International Finance Corporation, and its political risk insurance agency, Multilateral Investment Guarantee Agency, would play key roles in mobilising private investment under the new framework.

IFC Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s long-term economic prospects depend on its ability to attract investment, improve productivity and unlock private sector job creation.

Similarly, MIGA Vice President and Chief Financial Officer, Ed Mountfield, said the agency would expand the use of guarantees and political risk insurance to encourage investments in critical sectors, including infrastructure and financial services.

The newly approved facility is the second-largest World Bank loan granted to Nigeria under the administration of Bola Ahmed Tinubu, following the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

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Governor of Niger State, Dr. Mohammed Bago, has officially handed over 500 hectares of land to Abuja Steel Mills Limited for the development of a large-scale Solar Farm and the AIG Industrial Park, a move expected to accelerate industrialisation, attract investments, and create thousands of jobs in the state.

The handover took place during a groundbreaking ceremony held in Sabon Wuse, Tafa Local Government Area, where government officials, investors, and industry stakeholders gathered to mark the commencement of the project.

Bago: Project Will Transform Niger State’s Economy

Speaking at the event, Governor Bago described the initiative as a landmark investment that would significantly reshape the economic and industrial landscape of Niger State.

According to him, the project reflects the state’s commitment to becoming a leading destination for investment and sustainable economic growth.

“What we are witnessing today is more than a ceremony. It is a clear declaration of our commitment to transforming Niger State into a preferred investment destination and building a New Niger that delivers opportunities for our people,” Bago said.

The governor noted that the project would leverage the state’s strategic advantages, including access to gas resources from the Ajaokuta-Kaduna-Kano (AKK) Pipeline, vast land resources, and existing power infrastructure.

He highlighted Niger State’s status as home to four major hydropower stations—Kainji, Jebba, Zungeru, and Shiroro Dams—which provide a strong foundation for industrial expansion and renewable energy development.

Bago also commended the management of Abuja Steel Mills and its parent company, African Industries Group (AIG), for choosing Niger State as the location for the ambitious project.

AIG Chairman Describes Land Allocation as Historic

The Group Chairman of African Industries Group, Raj Gupta, described the allocation of 500 hectares as a historic milestone that goes beyond industrial development.

According to Gupta, the project is designed to drive economic empowerment, community development, and employment generation.

“This is not just an opportunity to build industries and create jobs. It is about development, upliftment, and empowering people,” he stated.

He revealed that the proposed solar farm is expected to become the largest solar power installation in Sub-Saharan Africa, further positioning Nigeria as a major player in renewable energy and steel production.

“This project will put Nigeria not only on the global steel map but also on the renewable energy map,” Gupta added.

Power Minister Hails Bago’s Industrial Vision

Minister of Power, Joseph Tegbe, praised Governor Bago for demonstrating what he described as “industrial statesmanship” through the allocation of land for the project.

Tegbe said the initiative would serve as a lasting legacy by attracting significant private-sector investments and stimulating economic activities in Niger State.

“The most enduring legacy of governance is not just physical infrastructure but the industries, investments, and jobs created through strategic decisions,” he said.

The minister assured investors of the Federal Government’s commitment to addressing challenges within the power sector to support industrial growth nationwide.

Steel Development Minister Applauds Investment

Also speaking, Minister of Steel Development, Prince Shuaibu Abubakar, commended the governor’s foresight in making the land available for industrial use.

He praised Raj Gupta for transforming African Industries Group into one of the largest steel manufacturers in Nigeria and West Africa.

According to him, the company has grown from a small enterprise into a major industrial player employing over 10,000 workers and contributing significantly to Nigeria’s steel sector.

Abubakar expressed confidence that the solar farm and industrial park would revolutionise industrial development in Niger State while supporting President Bola Tinubu’s economic growth agenda.

Project Expected to Boost Jobs and Productivity

Minister of State for Industry, Trade and Investment, Senator John Enoh, described the project as a major catalyst for industrialisation and productivity.

He noted that the planned solar farm and industrial park would create new employment opportunities, reduce Nigeria’s dependence on imported industrial products, and strengthen local manufacturing capacity.

“The missing link in our economy is productivity. Projects like this create jobs, stimulate industrial growth, and reduce the nation’s import burden,” Enoh said.

The minister added that collaboration between government and private investors remains essential to unlocking Nigeria’s economic potential and driving sustainable development.

Industrial Hub Set to Drive Economic Growth

The 500-hectare allocation is expected to pave the way for the establishment of one of Nigeria’s largest renewable energy and industrial infrastructure projects.

Stakeholders believe the development will attract additional investments into Niger State, expand manufacturing activities, create thousands of direct and indirect jobs, and strengthen Nigeria’s position in both the steel and renewable energy sectors.

With construction activities set to commence, the Solar Farm and AIG Industrial Park are projected to become key drivers of industrial transformation and economic growth in the North-Central region and across Nigeria.

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Governor Abdullahi Sule of Nasarawa State says Nigeria possesses enough domestic liquidity to bridge its infrastructure deficit if transparent structures are put in place to attract investors.

Sule made the statement on Thursday in Abuja while delivering the keynote address at the 2026 Infrastructure Dialogue themed “Building Nigeria’s Future: The Strategic Role of DFIs and Capital Markets in Infrastructure Financing and Economic Development.”

He argued that Nigeria’s challenge is not lack of funds, but the absence of trust-driven systems capable of mobilising and securing available capital.

Dangote Refinery Cited as Proof of Local Capital Strength

Drawing from his experience as former Group Managing Director of Dangote Refinery, the governor said Nigeria’s private sector holds significant untapped liquidity.

He pointed to the refinery as evidence that large-scale investments could be easily financed domestically if structured transparently.

“Nigeria has so much money. If they decide to sell 30 per cent of a 20-billion-dollar enterprise, that capital will be oversubscribed,” he said.

Sule explained that investors focus more on transparency, trust and returns on investment than physical assets.

Nasarawa’s Economic Transformation Strategy

The governor said Nasarawa State has applied this investment-driven model to reposition its economy from a civil service base to an emerging industrial hub.

He disclosed that an executive order requiring solid mineral companies to process raw materials locally has attracted major lithium processing investments into the state.

According to him, these policies have significantly boosted internally generated revenue, which rose from ₦7 billion in 2019 to about ₦36 billion currently.

Sule also noted that the state avoided foreign loans to reduce exposure to exchange rate risks, focusing instead on blocking leakages and expanding infrastructure to support mining and agriculture.

Experts Highlight $30 Trillion Infrastructure Gap

Convener of the dialogue and Managing Partner of Deutsche Partners Holdings, Dr Onuoha Nnachi, said Nigeria faces an estimated $30.1 trillion infrastructure deficit as of 2024.

He explained that 62 per cent of the gap lies in economic infrastructure, which can be financed by the private sector due to its commercial viability.

Nnachi stressed that government budgets alone are insufficient and recommended that the public sector prioritise social infrastructure such as education and healthcare.

Call for Private Sector-Driven Infrastructure Financing

Participants at the dialogue called for a shift toward blended finance models, green bonds and capital market instruments to close Africa’s infrastructure gap, estimated at $100 billion annually.

Governor Agbu Kefas of Taraba State, represented by Commissioner for Agriculture Prof. Nicholas Namessan, described infrastructure as the backbone of economic and social development.

He emphasized the need for stronger collaboration between government and private investors.

Security Key to Sustainable Development

The Inspector-General of Police, Olatunji Disu, represented by CP Justin Obiora, said insecurity remains a major threat to infrastructure development.

He noted that the Nigeria Police Force is adopting technology-driven policing, including surveillance systems along critical infrastructure corridors, to prevent vandalism and sabotage.

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The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) regulatory forbearance to invest in the planned $50 billion Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.

The approval provides a special dispensation allowing pension operators to participate in what is expected to become one of Africa’s largest public offerings.

According to PenCom, the decision followed a detailed review of requests seeking permission to invest pension fund assets in the proposed listing.

Dangote Refinery Targets Landmark $50 Billion Valuation

The Dangote Petroleum Refinery is preparing to float about 10 percent equity of its operations to the public in a deal expected to value the refinery at up to $50 billion.

The refinery, located in Lagos with a capacity of 650,000 barrels per day, is already regarded as one of Africa’s most significant industrial assets.

The IPO is also expected to include dollar-denominated dividends, making it attractive to institutional investors, including pension funds.

PenCom Cites Economic Importance and Strong Fundamentals

In its circular to PFAs, PenCom said the refinery’s strategic importance to Nigeria’s economy and its strong growth prospects influenced its decision.

The regulator also referenced the track record of Dangote Industries Limited as a key factor in granting the approval.

PenCom noted that the investment could generate broad economic benefits, particularly in energy security, industrial growth and capital market development.

Regulatory Waiver Comes With Strict Conditions

The circular, signed by A.M. Saleem, Director of the Surveillance Department, stated that PFAs may proceed under a special dispensation from Section 6.2.7.1 (iii) of the investment regulation framework.

This waiver temporarily removes certain restrictions, including profitability and dividend history requirements, but maintains all other regulatory safeguards.

However, PenCom stressed that PFAs must still comply with internal risk management rules and fiduciary responsibilities to pension contributors.

Waiver Described as Exceptional and Non-Precedent Setting

PenCom emphasized that the approval is strictly case-specific and applies only to the Dangote Refinery IPO.

“The regulatory forbearance granted under this Circular is exceptional, one-off, and strictly case-specific,” the commission stated.

It added that the decision should not be interpreted as a precedent for future IPOs or investment transactions.

The circular took immediate effect, with PFAs directed to seek clarification from the Surveillance Department where necessary.

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President Bola Ahmed Tinubu has revealed that Nigeria attracted nearly $20 billion in foreign direct investments (FDI) this year, attributing the inflow to reforms introduced by his administration to improve transparency, efficiency and investor confidence.

Speaking during a panel session at the ongoing Africa CEO Forum, President Tinubu said the government’s economic reforms are gradually positioning Nigeria as a more attractive and competitive destination for investors.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent and open for business,” the President said.

Tinubu Pushes Local Value Addition for Mineral Resources

The President stressed that Nigeria would no longer support the export of raw minerals without domestic value addition, noting that the country possesses the capacity to process mineral resources into finished products.

He specifically pointed to opportunities in electric vehicle manufacturing, stating that Nigeria has the resources required to produce batteries and support industrial growth.

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment,” he said.

Tinubu explained that stronger collaboration between government and investors remains critical to accelerating development across Africa.

President Calls for Full Implementation of AfCFTA

The President also urged African countries to move beyond discussions and fully activate the African Continental Free Trade Area (AfCFTA).

According to him, African nations must work together and maximise the continent’s resources rather than operating in isolation.

“We have the African Continental Free Trade Area—it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources,” Tinubu said.

He advocated an “Africa First” development strategy that prioritises local production, processing and manufacturing.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he added.

Dangote Refinery Shows Africa Can Deliver Large Projects

Tinubu cited the success of the Dangote Refinery as evidence that African nations can execute large-scale industrial projects when supported with the right policies.

According to him, Nigeria’s transition from dependence on imported petroleum products to becoming a net exporter demonstrates the impact of strategic government support.

“Today Nigeria is a net exporter of PMS, aviation fuel and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” he said.

Tinubu Calls for African Financial Reforms

The President also questioned Africa’s continued dependence on foreign currencies for trade transactions.

He argued that conducting trade using local currencies would reduce costs and improve economic stability across the continent.

“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” he said.

Tinubu proposed an African commodity exchange platform that would allow direct trade among African countries.

He further called for the establishment of an African credit rating agency, arguing that many international rating firms do not properly understand African economic realities.

“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he stated.

Nigeria Expands Digital Infrastructure

On digital development, Tinubu disclosed that Nigeria is currently laying 19,000 kilometres of fibre optic cables nationwide to improve connectivity and strengthen the digital economy.

He noted that Africa must move beyond basic telecommunications and begin investing in broader digital systems, including artificial intelligence, e-commerce, and data infrastructure.

“We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” he said.

The President expressed optimism that despite current challenges, stronger cooperation and commitment among African nations would eventually drive greater economic integration.

“Pan-Africanism can’t remain a slogan. It has to be lived,” he said.

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The Nigerian Institution of Estate Surveyors and Valuers has outlined strategic pathways for aligning real estate development with infrastructure investment corridors, as part of efforts to drive sustainable urban growth in Nigeria.

The recommendations were made during the institution’s 56th annual conference held in Abia State, where industry experts emphasised the need for data-driven planning, regulatory compliance, and stakeholder collaboration.

Participants noted that large-scale infrastructure projects such as highways, rail lines, airports, and industrial hubs play a critical role in shaping property values and urban expansion.

They stressed that early identification of growth corridors, combined with professional guidance on land acquisition and development timing, could unlock significant economic value while reducing investment risks.

President of NIESV, Victor Alonge, said estate surveyors must bridge the gap between infrastructure provision and real estate development to ensure inclusive and resilient growth.

He explained that the conference theme focused on rethinking real estate development within the context of ongoing infrastructure investments, particularly under the Federal Government’s Renewed Hope Agenda.

According to him, infrastructure corridors have the potential to stimulate economic growth, improve connectivity, and enhance regional integration across the country.

Experts at the conference warned, however, that corridor-based development must be supported by strong institutions and coordinated policy frameworks to prevent unregulated expansion and speculative land practices.

Second Vice President of NIESV, Emmanuel Mark, called for the establishment of a national corridor planning framework backed by legal and institutional support.

He urged the Federal Government to promote integrated planning that aligns transport, energy, and digital infrastructure within designated development corridors.

Mark also advocated for empowering state governments to implement corridor-specific land governance systems, noting that structured planning would help prevent land speculation and ensure orderly development.

On his part, Professor Bankole Awuzie highlighted the broader economic implications of infrastructure-led development, noting that such projects redefine land values and influence regional growth patterns.

He cautioned that while corridor development offers significant opportunities, it also poses risks such as inequality, fragmentation, and weak governance if not properly managed.

Also speaking, estate surveyor Christian Ifediora emphasised the need for sustainability in urban planning, urging governments to adopt green financing tools and strengthen institutional capacity.

He noted that cities like Lagos and Abuja are already experiencing the impact of infrastructure corridors on land use and real estate development.

Stakeholders agreed that integrating infrastructure planning with real estate development could drive inclusive economic growth, improve urban planning outcomes, and create more resilient cities.

However, they stressed that long-term success would depend on innovation, policy consistency, and effective collaboration between government and the private sector.

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One of Nigeria’s youngest corporate dealmakers, Folasope Babasola Aiyesimoju, is set for a major financial boost as UAC of Nigeria Plc (UACN) declared a total dividend payout of N2.93 billion for the 2025 financial year.

Aiyesimoju, who serves as the Chief Executive Officer and largest shareholder of the company, is expected to receive approximately N743.08 million from the payout, reflecting his 25.36 percent stake in the diversified conglomerate.

The dividend announcement underscores UAC’s commitment to rewarding investors, even as the company navigates a complex economic environment marked by inflationary pressures and currency volatility.

Dividend Growth Signals Investor Confidence

The board of UACN recommended a dividend of N1 per share for the 2025 financial year, representing a significant increase from the N0.22 per share paid in the previous year.

The payout, scheduled for June 26, 2026, highlights improved cash flow and operational resilience across the company’s core business segments.

Analysts say the sharp rise in dividend signals strong investor confidence and reflects the company’s ability to generate consistent value despite macroeconomic headwinds.

Strong Revenue Performance Amid Profit Decline

UAC of Nigeria posted mixed financial results for the year, with revenue surging significantly while profitability declined.

The company recorded a 73 percent increase in gross revenue, rising to N340.47 billion from N196.90 billion in the previous year. The growth was driven by strong performance across its key sectors, including food and beverages, logistics, paints, and real estate.

However, profit after tax dropped by 39 percent to N9.91 billion, down from N16.31 billion recorded in the prior year, reflecting rising operational costs and economic pressures.

Diversified Portfolio Driving Growth

UACN operates as a holding company with interests across multiple sectors of the Nigerian economy.

Its portfolio includes:
• UAC Foods Limited, producers of popular products like Gala sausage rolls and fruit juices
• UAC Restaurants Limited, operator of the well-known Mr Bigg’s fast-food chain
• MDS Logistics, a major player in healthcare distribution
• Strategic stakes in Livestock Feeds Plc and Portland Paints Nigeria

This diversified structure has helped the company maintain stability while expanding into high-growth sectors.

Balance Sheet Expansion Signals Aggressive Growth

UAC’s balance sheet showed significant expansion during the period under review.

Total assets rose sharply by 278.5 percent to N597.06 billion, driven by strategic investments and acquisitions aimed at strengthening its market position.

Retained earnings increased to N53.38 billion, while total equity rose modestly by 5 percent to N69.77 billion, indicating sustained value creation for shareholders.

Aiyesimoju’s Leadership Under Spotlight

Under Aiyesimoju’s leadership, UAC has undergone a strategic transformation, focusing on efficiency, diversification, and long-term growth.

His significant equity position—equivalent to over 743 million shares—places him as the largest beneficiary of the company’s dividend payout.

Industry observers say his approach reflects a broader trend of younger executives reshaping legacy companies through innovation and strategic investment.

Outlook for Investors

Despite the dip in profit, UAC’s strong revenue growth and increased dividend payout suggest a positive outlook for investors.

The company’s ability to balance expansion with shareholder returns positions it as one of Nigeria’s more resilient conglomerates in a challenging economic climate.

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Lagos State has been ranked as the best state for doing business in Nigeria, reaffirming its position as the country’s economic powerhouse, according to a new nationwide assessment of business environments.

The report was unveiled in Abuja on March 28 during the Reform and Diplomatic Roundtable 2026, organised by the Presidential Enabling Business Environment Council in collaboration with UK International Development and the Nigeria Economic Stability and Transformation Programme.

Top-performing states

Lagos secured the top position due to its strong regulatory framework, infrastructure, and institutional transparency. It was followed by Kaduna State, Oyo State, the Federal Capital Territory, Ogun State, Enugu State, Plateau State, Ekiti State, Kano State, and Nasarawa State.

State-level reforms now critical

The report emphasised that Nigeria’s economic growth is increasingly influenced by how well state governments tackle local business challenges.

With over 39 million Micro, Small and Medium-sized Enterprises (MSMEs) operating nationwide, subnational performance is now a key determinant of economic resilience and long-term growth.

It noted that while federal reforms remain important, the real business climate is shaped at the state level, where companies interact daily with regulatory systems and infrastructure.

How the ranking was determined

The assessment used 16 key indicators, including electricity access, infrastructure, digital connectivity, land administration, taxation, trade logistics, and workforce development.

These were further broken down into 36 sub-indicators tied to administrative data, ensuring that rankings reflect both policy frameworks and actual service delivery.

Why Lagos ranked first

Lagos stood out due to its relatively stable electricity supply, efficient land administration, and functional commercial courts.

The state also benefits from strong market access, a skilled workforce, and critical infrastructure such as airports and rail networks, which support business operations.

However, the report identified areas for improvement, including issues like touting, weak investor aftercare systems, and uneven digital connectivity in less urbanised areas.

Regional performance gaps

A regional breakdown showed uneven performance across Nigeria’s geopolitical zones.

The South-West dominated the top 10 with four states, followed by the North-Central with three. The North-West had two states, while the South-East had only one entry.

Notably, no state from the North-East or South-South regions made the top 10 list.

Spotlight on Enugu

Enugu State, the only South-East state ranked, placed sixth with strengths in digital infrastructure, electricity access, and workforce development.

However, it continues to face challenges related to access to credit and investor support systems.

Key challenges and recommendations

The report highlighted persistent barriers such as slow business registration processes and limited transparency, which discourage many MSMEs from formalising their operations.

To address these issues, it outlined key reforms including digitising land administration, improving access to credit, expanding commercial courts, and strengthening dispute resolution systems.

Other recommendations include improving logistics infrastructure, enhancing digital connectivity, removing interstate trade barriers, and establishing one-stop investment centres.

Outlook

The findings underscore the growing importance of subnational reforms in shaping Nigeria’s business environment.

Analysts say sustained improvements at the state level will be critical to unlocking economic growth, attracting investment, and supporting millions of businesses across the country.

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The (SEC) has called for stronger participation of women in Nigeria’s capital market, stressing that increased female involvement will help strengthen financial institutions and boost investor confidence.

The call was made during the celebration held at the commission’s headquarters in , where regulators and financial experts highlighted the need for more female leadership and financial inclusion in the investment ecosystem.

Women critical to capital market growth

The Director-General of the SEC, , said women have played significant roles in the development of Nigeria’s financial system and should be given greater opportunities to contribute to the growth of the capital market.

According to him, female professionals have consistently demonstrated resilience, dedication, and leadership across various roles within the commission and the broader financial sector.

Agama noted that women have served as pillars of the Nigerian capital market, helping to strengthen institutional credibility and deepen investor trust.

He also revealed that one of the most influential mentors during his more than two decades at the commission was a woman who helped shape his professional journey.

Recognising female leaders in the SEC

The SEC Director-General highlighted the contributions of several women who have held top leadership positions within the commission, including former Director-General and former Acting Director-General .

He urged organisations and society at large to recognise the critical role women play in shaping institutions and promoting economic development.

Experts urge women to invest more

Also speaking at the event, the Founder and Chief Executive Officer of , , encouraged women to strengthen their financial decision-making and actively participate in investment opportunities.

She noted that despite working in financial institutions and related sectors, many women still lack adequate financial empowerment.

According to Alabi, building financial independence requires discipline in saving, investing, and long-term wealth creation.

She also cautioned women against fraudulent investment schemes and urged them to make informed financial decisions.

SEC officials emphasise mentorship and inclusion

In her remarks, the Executive Commissioner for Legal and Enforcement at the SEC, , said women within the commission have continued to demonstrate professionalism, resilience, and integrity in their duties.

Similarly, the Executive Commissioner for Operations, , stressed that women bring unique perspectives and thoughtful analysis to leadership and decision-making processes.

He added that the commission is creating more opportunities to ensure women thrive within the organisation and the broader capital market.

Promoting financial inclusion

Participants at the event emphasised the importance of financial literacy, mentorship, and leadership opportunities for women, noting that increased inclusion would strengthen the Nigerian capital market and support broader economic growth.

The event formed part of activities marking the 2026 International Women’s Day celebration, with stakeholders calling for sustained efforts to empower women within Nigeria’s financial system.

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More than half of Nigeria’s top chief executives are optimistic about revenue growth in 2026, reflecting improving economic conditions and stronger business confidence. According to the PwC 29th Global CEO Survey, 56% of Nigerian CEOs are very confident their revenues will increase over the next 12 months, significantly higher than the global average of 30%.

Sam Abu, regional senior partner for PwC West Market Area and country senior partner for PwC Nigeria, highlighted this optimism during the PwC & BusinessDay economic outlook event in Lagos. He noted that Nigeria is leading the pack in CEO confidence, driven by several macroeconomic and market improvements.

Among the factors boosting CEO sentiment is the easing of inflation, which fell to 15.15% in December 2025 following a revised calculation methodology. The Nigerian naira has also stabilized, strengthening by over 7% after earlier losing more than 40% of its value. This currency recovery has supported companies in mitigating foreign exchange-related losses and improving profit margins.

Foreign exchange reserves have climbed to about $46 billion, providing a solid buffer against external shocks and giving businesses greater confidence in financial planning. Many Nigerian-listed companies have reported full-year 2025 earnings that turned positive, reversing FX-related setbacks experienced in previous years.

The survey also found that 90% of Nigerian CEOs expect the economy to improve over the next year, up from 64% last year. This optimism extends beyond revenue expectations, reflecting confidence in the country’s monetary, forex, and fiscal reforms. These reforms, implemented over nearly three years, have aimed to stabilize the economy, restore investor confidence, and reduce volatility.

Abu noted, “Nigeria seems to be standing on solid ground even against the backdrop of surging uncertainty at home and globally.” This sentiment is echoed by CEOs across sectors, who are now more willing to pursue strategic investments, mergers, and expansions in the domestic market.

Sector-wise, the survey highlights that financial services, energy, and technology are attracting significant attention. Improved liquidity in the banking sector, ongoing energy sector reforms, and digital adoption are creating opportunities for growth and investment. CEOs are increasingly adopting a risk-aware approach, balancing growth ambitions with operational resilience.

Looking ahead, Nigerian businesses are expected to maintain cautious optimism, focusing on both revenue generation and sustainable growth strategies. Improved macroeconomic indicators, including controlled inflation, forex stability, and rising foreign reserves, are likely to underpin business confidence throughout 2026.

Overall, the survey paints a positive picture for Nigeria’s corporate sector. With continued reforms and a stable economic environment, CEOs are positioned to capitalize on opportunities and drive revenue growth, reinforcing Nigeria’s status as a leading market for investment in Africa.

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