The Lagos Chamber of Commerce and Industry (LCCI) has projected that Nigeria’s economy could grow up to seven percent in 2026 on the back of a stabilising economy.
At the organisation’s annual economic outlook in Lagos, Leye Kupoluyi, the president told journalists that the “optimistic” outlook rides comes amid improving macroeconomic indicators and government-led reforms to stabilise the economy.
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“We are able to review that Nigeria has got a very good foundation in 2025 and for what we have gathered here, a better hope for 2026,” he said. “The measures the government has taken, especially on the stability of our foreign exchange, and the increase in our foreign reserve, have shown that the growth this year will be far, far above last year’s 4.2.”
Nigeria’s FX market moved from a period of high volatility in 2024 to a relatively stable band in early 2026, owing to the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in late 2024 which helped narrow the gap between official and parallel market rates. The data also shows a stabilising Naira and a $51bn target for foreign reserves.
But Nigeria’s economic strength, the LCCI President said, is measured less by its reserves but the strength of its weakest link. He advocated for better income distribution adding that reducing poverty remains central. “World poverty should not be in our dictionary. This year, we hope to cut the number of people, including non-Nigerians, often classified as poor.”
While government attention remains on the budget, the private sector is positioning itself as a critical partner in growth. The LCCI emphasised that sustainable economic expansion must be privately led, productivity-driven, and people-centred. “Collaboration between public institutions and private enterprises is no longer optional, it is essential,” Kupoluyi said.
The LCCI flagged policy consistency, regulatory clarity, and easier business conditions as key to sustaining momentum. Sectors poised for growth include agriculture, energy, telecommunications, construction, and the digital economy, particularly fintech and venture-backed innovation.
Challenges remain as global geopolitical tensions, oil price volatility, and security threaten the economy. Still, Kupoluyi described 2026 as a potential turning point. “Economies do not transform in moments of comfort but in periods of challenge,” he said.
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On the proposed budget, he said the LCCI takes on an advisory role. “Our job is to highlight areas that need attention and where business communities are performing well. At the end of the day, we are a partner in progress,” Kupoluyi said.
Infrastructure gaps and uneven income distribution, he said, remain the most immediate risks for investors. “If we work more on our infrastructure, Nigeria continues to be one of the most attractive countries in Africa for investment and growth,” Kupoluyi said.
