LAGOS, Nigeria — 21 August 2026
Nigeria’s external reserves could rise to approximately $53 billion by the end of 2026 if current macroeconomic reforms are sustained, according to the Nigerian Economic Summit Group (NESG) in its latest H2 2026 economic outlook.
The organisation said stronger oil production, improving non-oil exports, ongoing foreign exchange reforms and continued capital inflows are expected to support reserve growth during the second half of the year. According to the report, maintaining policy consistency will be essential to sustaining investor confidence and preserving recent macroeconomic gains.
NESG noted that while Nigeria has recorded progress through recent economic reforms, the focus should now shift towards expanding productive investment across key sectors of the economy. The group called for greater mobilisation of private capital rather than increased reliance on public expenditure, arguing that long-term economic growth will depend on attracting investment into manufacturing, agriculture, infrastructure and export-oriented industries.
The report also cautioned that recent improvements remain vulnerable if reforms are reversed or lose momentum. It urged policymakers to maintain fiscal discipline, strengthen structural reforms and continue measures that improve the business environment and foreign exchange market.
According to NESG, sustained implementation of these reforms would strengthen Nigeria’s external position while creating conditions for stronger economic growth and increased investor participation.
Catch up: https://www.theprojectherald.com/nigeria-reform-scorecard-oyedele-2026/