FG targets 7% growth on naira stability, lower food prices

The Federal Government is banking on sustained naira stability, lower food inflation and reduced business costs to push Nigeria’s economic growth to 7 per cent. That target is above the International Monetary Fund’s projections of 4.3 per cent for 2026 and 4.4 per cent for 2027.

FX and inflation

Oyedele identified developments in the foreign exchange market as one of the factors supporting the improved economic outlook. He argued that the naira’s performance had helped ease some pressures on inflation.

Borrowing costs

He noted that the high cost of borrowing remained a major constraint on private-sector growth. He also highlighted the disparity between the expansion of some individual businesses and the broader economy.

Opportunity

“Everywhere you look, there’s an opportunity. But you need to look for the opportunity,” he said.

For businesses and consumers, the 7 per cent target rests on naira stability holding and food prices easing. Lower borrowing costs would also matter for private-sector expansion.