Kayode Tokede
Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, yesterday projected that Nigeria’s Gross Domestic Product (GDP) might reach four per cent by the end of 2026.
Rewane also projected that Central Bank of Nigeria (CBN) might likely maintain its benchmark monetary policy rate around 26.5 per cent throughout 2026 as it continued efforts to contain inflationary pressures.
Rewane, who spoke at the 2026 PEARL Awards Corporate Summit in Lagos, said meaningful monetary policy rate cuts might not occur until 2027, after the conclusion of national elections.
According to him, pre-election liquidity has historically supported stock market activity as investors seek capital gains ahead of major political transitions.
Rewane spoke on the theme, “Policy Reform and Corporate Competitiveness: Navigating Towards a Sustainable Edge.”
He said sustained policy reforms were critical to improving corporate competitiveness and creating an environment that supported business growth.
Rewane stated, “Reform is a process, not an event. Sustainable reforms are necessary for long-term corporate competitiveness.
“While reforms do not automatically guarantee successful companies, businesses are more likely to emerge, grow and thrive in a well-reformed environment.”
He stated that reforms helped create an enabling environment for businesses, while strong institutions were equally important in driving economic growth and competitiveness.
According to him, companies operating in stable and reform-driven economies are better positioned to expand and create value for shareholders.
H said Nigeria’s future competitiveness would depend largely on its ability to sustain and deepen ongoing economic reforms.
On the broader economy, Rewane warned that rising poverty levels, food insecurity, and election-related spending pressures could widen the country’s fiscal deficit and increase financing needs.
Despite the challenges, he said Nigeria remained at a moderate risk of debt distress, with public debt projected to remain around 35 per cent of GDP over the medium term.
He also called for greater investment in transport infrastructure, electricity, security, and governance reforms, describing them as critical to unlocking stronger economic growth.
He emphasised that economic growth must significantly outpace population growth if Nigeria was to make meaningful progress in reducing poverty and unemployment.
Rewane highlighted recommendations by International Monetary Fund (IMF) for stronger regulation of cryptocurrencies and stablecoins to address consumer protection concerns and reduce illicit financial risks.
On the external sector, he projected that Nigeria’s current account surplus would rise to 8.2 per cent of GDP, supported by stronger oil export earnings, while gross external reserves would continue to increase on the back of foreign portfolio investment inflows and sustained oil revenues.
He also forecasted that global oil prices would remain elevated, trading between $85 and $90 per barrel, with an average of $95 per barrel in 2026, before moderating to about $83.2 per barrel in 2027.
Speaking earlier, Chairman, Board of Directors, PEARL Awards, Nigeria, Dr. Faruk Umar, stated that organisations were operating in an environment characterised by significant global competition, stressing that this development underscores the importance of the summit.
Umar said throughout history, nations had achieved sustainable economic growth through deliberate reforms that strengthened institutions and improved market efficiency.
He emphasised the importance of policy reforms in fostering corporate competitiveness, particularly in a globally competitive environment.
In his opening remarks, President and Founder of Pearl Awards Nigeria, Mr. Tayo Orekoya, said the theme of the summit reflected the realities facing businesses as economic reforms reshaped the operating environment.
Orekoya added that while policy reforms remained important tools for economic transformation, businesses must demonstrate resilience, innovation, and adaptability to remain competitive and achieve sustainable growth.
He said reforms could stimulate investment, improve productivity, encourage innovation, and enhance market efficiency when effectively implemented.
Orekoya also said stakeholders across the public and private sectors had a collective responsibility to ensure that reforms translated into tangible economic benefits.
He stated, “The central question before us today is therefore not whether reforms are necessary, but how businesses can successfully navigate a reform-driven environment while building sustainable competitive advantages that endure over time.”
Orekoya also stressed the need for policy consistency, institutional effectiveness, and collaboration among corporate leaders, regulators, investors, and policymakers to support enterprise growth and long-term value creation.
He stated that sustainable competitiveness increasingly depended on innovation, corporate governance, operational efficiency, human capital development, technological capability, and commitment to environmental and social responsibility.
