Nigeria economy stabilizes with improved GDP and credit ratings

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has announced that the nation’s economy has stabilized. According to Oyedele, real GDP growth reached 3.89 percent in the first quarter of 2026, up from 3.13 percent the previous year, with projections suggesting growth will exceed 4 percent by the end of 2026.

Inflation has reportedly declined to 15.43 percent at the end of July, down from 24.94 percent a year prior. Additionally, the country’s trade surplus increased significantly to N34.7 trillion in the first quarter of 2026. Oyedele noted that public debt remains at 13.7 percent of GDP and that debt service as a percentage of revenue has dropped from nearly 100 percent in 2022 to less than 60 percent in 2025. These improvements have led to sovereign credit rating upgrades from Fitch Ratings, Moody’s, and S&P between April 2025 and May 2026.

To sustain this momentum, Oyedele emphasized the importance of investing in digital infrastructure as a core economic asset. During a visit to Galaxy Backbone Limited, he advocated for secure connectivity, data sovereignty, and the ‘Buy Nigeria’ initiative to strengthen indigenous technological capacity and reduce reliance on foreign providers.