Economy
PwC Projects 4.3% GDP Growth for Nigeria in 2026
By Adedapo Adesanya
PwC Nigeria has projected that Nigeria’s real Gross Domestic Product (GDP) would grow at about 4.3 per cent this year, supported by higher crude oil production and stronger performance in dominant sectors.
The consultancy firm gave this projection in its Economic Outlook 2026 released on Wednesday.
It also said the Naira is expected to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows.
Headline inflation is also projected to moderately ease, supported by the CBN’s tight monetary policy stance, rebasing effects, and improved stability in the foreign exchange market.
With regards to interest rate, the PwC report said with inflation trending down, the apex bank may cautiously ease its monetary policy stance this year.
The report, however, said fiscal sustainability risks are expected to persist, driven by low revenue to GDP, fiscal leakages, higher spending and elevated debt service obligations.
PwC Nigeria said with fiscal constraints persisting, they reinforce the importance of capital efficiency and balance-sheet discipline.
Against this backdrop, PwC Nigeria highlights practical imperatives for business leaders in 2026: making selective investment bets in attractive sectors and regions, and scenario-planning for macroeconomic and geopolitical shocks.
Other imperatives for business leaders include adapting business models and cost structures for resilience, accelerating digital transformation and responsible AI adoption, and strengthening regulatory and tax compliance as reforms move from design to execution.
The firm noted that Nigeria recorded improvements in macroeconomic stability in 2025 following key monetary and foreign-exchange reforms, with inflation easing, exchange-rate conditions stabilising, and external reserves strengthening.
Speaking on this, the Country Senior Partner, PwC Nigeria, Mr Sam Abu, said: “PwC Nigeria’s Economic Outlook 2026 provides forward-looking analysis of key macroeconomic indicators and what they signal for the economy and for business leaders.
“Nigeria has achieved improved macroeconomic stability over the past year. The focus now is how that stability is translated into sustainable economic growth, and how businesses position for 2026. For companies, this stability provides a more predictable operating environment for planning, investment, and growth decisions.”
On his part, the Partner and Chief Economist, PwC Nigeria, Mr Olusegun Zaccheaus, said, “Globally, growth is projected at around 3.1 per cent, while merchandise trade growth slows to about 0.5 per cent, keeping oil prices, capital flows, and access to foreign inflows as key channels influencing Nigeria’s growth and FX liquidity.
“Domestically, improved monetary effectiveness has reduced volatility and clarified pricing, cost, and funding signals, even as fiscal pressures, security challenges, and weak household purchasing power continue to shape sector outcomes.”
According to Mr Zaccheaus, “growth is more likely to remain concentrated in services and selected capital-intensive sectors, placing a premium on disciplined capital allocation and sector selection.”
By Aduragbemi Omiyale
To reinforce its commitment to Nigeria’s industrial growth, one of the leading cement manufacturers in the country, Lafarge Africa Plc, has unveiled a new corporate identity, rebranding to HBM Nigeria Plc.
According to the chief executive of the organisation, Mr Lolu Alade-Akinyemi, the new identity signals a forward-looking phase for the company, driven by operational excellence, innovation, sustainability, and long-term value creation.
He noted that the transition marks a significant milestone in the company’s transformation journey and strategic alignment with its new shareholder structure, reflecting the company’s continued evolution as one of Nigeria’s leading building solutions providers, combining strong local roots with enhanced global industrial collaboration.
He reaffirmed that the name change will not affect its operations, workforce, customers, shareholders, or its unwavering commitment to Nigeria’s economic growth and infrastructure development.
“HBM Nigeria Plc represents an exciting new chapter in our journey as a leading building solutions company. While our corporate identity is evolving, our commitment to Nigeria remains unwavering.
“We remain focused on delivering quality cement, concrete, aggregates, and innovative building solutions that support infrastructure development, housing growth, and industrialisation.
“This transition positions us for the future while reinforcing the values of excellence, sustainability, customer satisfaction, and responsible business practices that have defined our legacy for decades,” he stated.
Mr Alade-Akinyemi explained that the transition to HBM Nigeria Plc will be implemented through a structured, phased process across the company’s nationwide operations, adding that employees, customers, shareholders, investors, host communities, and other stakeholders should expect seamless business continuity, sustained investments across the country, and an even stronger focus on creating long-term economic and social value.
In his remarks, the Chairman of HBM Nigeria Plc, Mr Gbenga Oyebode, said the transition is designed to position the company for enduring success while remaining true to the values and principles that have shaped its legacy over the decades.
“I would like to express my sincere appreciation to our shareholders for their continued trust, to the Board and Management for their leadership, and to our employees whose dedication and commitment continue to drive the company forward.
“We are confident that HBM Nigeria Plc will continue to create sustainable value for shareholders, strengthen stakeholder trust, and deliver on its long-term ambitions,” Mr Oyebode said.
Also speaking at the event, the Minister of Works, Mr David Umahi, commended HBM Nigeria Plc for its significant contributions to Nigeria’s infrastructure development by delivering landmark projects across the country.
Highlighting the company’s role in supporting the federal government’s infrastructure agenda, he said, “I can talk about Lafarge for a whole day because we have come a long way. Though the company is very strict and of high integrity, I can say that their products are impeccable.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.70 per cent on Monday, June 22, buoyed by four price gainers led by MRS Oil Plc, which gained N7.77 to sell at N150.00 per share compared with the previous session’s N142.33 per share.
Further, Central Securities Clearing System (CSCS) Plc appreciated by N2.05 to trade at N79.82 per unit versus last Friday’s N77.77 per unit, FrieslandCampina Wamco Nigeria Plc added N2.14 to close at N172.14 per share compared with the previous N170.00 per share, and First Trust Mortgage Bank Plc grew by 22 Kobo to N2.49 per unit from N2.27 per unit.
As a result of the gains by these four securities, the market capitalisation of the platform increased by 17.87 billion to N2.570 trillion from N2.552 trillion, and the NASD Unlisted Security Index (NSI) improved by 27.98 points to 4,282.51 points from 4,252.73 points.
The volume of securities transacted by market participants during the session decreased by 65.4 per cent to 330,034 units from the previous 954,106 units, the value of securities depleted by 23.4 per cent to N32.7 million from the preceding session’s N42.7 million, and the number of deals retreated by 45.7 per cent to 19 deals from the 35 deals recorded in the previous trading session.
At the close of business, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 68.1 million units exchanged for N4.7 billion.
GNI Plc also ended the trading day as the most traded stock by volume on a year-to-date basis, with the sale of 3.4 billion units worth N8.4 billion, the second spot was taken by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and the third spot was occupied by Resourcery Plc with a turnover of 1.1 billion units worth N415.7 million.
By Adedapo Adesanya
The Naira started the new week on a positive note after its value was strengthened against the United States Dollar by N1.35 or 0.09 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 22, to N1,369.11/$1 from last Friday’s N1,370.46/$1.
Against the Euro, it appreciated at the official market by N5.11 to sell at N1,566.39/€1 compared with the preceding session’s price of N1,571.50/€1, but against the Pound Sterling, the local currency declined by 68 Kobo to trade at N1,815.44/£1 versus the previous trading day’s rate of N1,814.76/£1.
At the parallel market, the Naira weakened against the US Dollar yesterday by N5 to quote at N1,395/$1 versus the previous rate of N1,390/$1, and at the GTBank forex counter, it lost N4 to exchange at N1,380/$1 versus N1,376/$1.
The Nigerian currency witnessed an easing in FX pressure during the session amid a surge in the country’s foreign reserves to $51.060 billion, its highest since 2009, according to data from the Central Bank of Nigeria (CBN).
FX reserves gained traction as a result of lower oil imports, high crude oil prices in the global commodity market, and a surge in the nation’s production output. This is expected to bolster investor confidence in the Nigerian economy and support exchange rate stability.
Interbank FX turnover increased sharply to $65.206 million, up by more than 63 per cent from the previous close of $39.897 million, according to data published by the apex bank on Monday.
Meanwhile, the cryptocurrency market was down on Monday as a result of sell-offs triggered by risk as investors pulled out of the technology stocks that have led markets all year. A rotation out of this year’s best-performing technology and chip shares sank global equities.
Bitcoin (BTC) fell by 1.3 per cent to $63,352.91, Ethereum (ETH) lost 1.4 per cent to trade at $1,712.35, Solana (SOL) shrank by 4.0 per cent to $70.98, Dogecoin (DOGE) crashed by 2.4 per cent to $0.0814, Ripple (XRP) declined by 1.9 per cent to $1.11, Cardano (ADA) slid by 1.6 per cent to $0.1574, and Binance Coin (BNB) slumped by 1.0 per cent to $585.34.
However, TRON (TRX) added 1.0 per cent to sell at $0.3314, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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