Nigeria’s economy is entering a critical phase, moving from stabilisation into what the Federal Government describes as ‘growth acceleration’, according to the former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his keynote delivery at the Nigeria Business Summit convened by Stanbic IBTC.

In his keynote address, Edun said recent macroeconomic reforms had begun to stabilise the economy but cautioned that current growth levels remain inadequate to deliver broad‑based prosperity.

“For nearly a decade, our GDP averaged around two per cent,” Edun said. “We have now moved into a new phase where growth is closer to four per cent, supported by macroeconomic reforms. This is an important improvement, but it is still below the level required to move Nigerians out of poverty in their millions.”

Reforms have strengthened resilience

Edun noted that Nigeria is navigating a renewed global economic shock at a sensitive point in its reform journey. However, he argued that the effects have been softened by reforms introduced since May 2023.

“These shocks would have been far more severe without the comprehensive reforms that have been put in place,” he said, citing stronger external reserves, improved non‑oil revenue performance, and returning investor confidence across domestic and foreign markets.

According to the former Minister, Nigeria is now better positioned to absorb shocks “through price adjustments, investment reallocation, and expanded trade opportunities across Africa and globally”, creating a more predictable environment for business planning and capital deployment.

Enterprises across the value chain must drive inclusive growth

The central theme of the address was the role of enterprises across the value chain in driving inclusive growth. While Edun described small and medium‑scale enterprises (SMEs) as the backbone of the economy, accounting for over 90 per cent of businesses and the majority of employment, he also highlighted the importance of large corporates in building productive and resilient ecosystems.

“Their growth is central to inclusive development,” he said of SMEs. “If we want growth that creates jobs and reduces poverty, then SMEs must be supported deliberately.”

He stressed that this support must translate into practical outcomes, including access to appropriate financing, improved processes, and stronger integration into value chains. For large organisations, he noted, scaling productive capacity and strengthening supplier networks is equally critical.

Productivity and trade as growth enablers

Edun highlighted the National Single Window Initiative as a reform focused on execution and productivity. “Government revenue will increase, not because of higher charges, but because of increased volumes through productivity,” he said.

He emphasised that Nigeria’s long‑term growth will depend on its ability to compete beyond its borders, noting that trade will remain a key driver of diversification and foreign exchange earnings.

“Our true potential does not lie only in our large domestic market,” Edun said. “It lies in becoming a leading exporting economy.”

Partnership and shared responsibility

The former Minister was clear that the government cannot deliver transformation alone.

“Government cannot drive transformation alone,” Edun said. “Its role is to maintain stability, implement predictable policies, and remove structural and bureaucratic constraints to investment.”

Achieving Nigeria’s ambition of building a one‑trillion‑Dollar economy, he added, will require collaboration between government, large corporates, financial institutions, and SMEs.

In closing, Edun delivered a clear signal to investors and businesses.

“Nigeria is open for business. Nigeria is ready for investment, and Nigeria is committed to building an economy that works for all and delivers shared prosperity.”

As discussions continue at the summit, the message is clear. The next phase of growth will favour businesses that are well‑structured, productive, and positioned to scale. Stanbic IBTC continues to support SMEs and large corporates across key sectors, providing financing, advisory, transaction banking, and trade solutions aligned to different stages of business growth.

Businesses seeking to scale operations, strengthen value chains, or expand into regional and global markets are encouraged to engage with Stanbic IBTC to explore solutions aligned with their growth ambitions.

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited remitted a total of N2.89 trillion to the Federation Account in the first quarter of 2026.

The state-owned oil company also added that its revenue rose to N2.774 trillion (up by 3.51 per cent from the February 2026 report) and that it made a profit after tax of N276 billion (up by approximately 102.94 per cent from February 2026).

These were contained in the company’s latest operational performance summary for March 2026, released on Monday.

According to the report, the country’s official crude oil and condensate output rose to 1.56 million barrels of oil per day while gas production climbed to 7,731 million standard cubic feet per day, representing increases of approximately 3.31 per cent and 3.66 per cent respectively, compared with the February 2026 report.

It added that gas production for the month reached its highest level in the trailing 12-month period covered by the report.

According to the statement, its Upstream pipeline availability was 76 per cent. This measures the readiness as well as operational status of pipelines that transport raw natural gas or crude oil from production sites to terminals or transmission pipelines.

The report read in part: “We also highlight key milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule, as well as the completed welding of the 24″ spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing continuing as scheduled.”

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.

The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.

The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.

Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.

The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.

“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.

Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.

“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.

He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.

“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.