Nigeria’s Economic Management Team (EMT) has reviewed the country’s latest economic performance, including the 4.43 per cent real Gross Domestic Product (GDP) growth recorded in the second quarter of 2026 and the rise in external reserves above $54 billion.
The review was conducted during the EMT’s meeting in Abuja, where members assessed key economic indicators and considered measures to strengthen coordination among fiscal and monetary institutions.
The team noted that Nigeria recorded approximately 17 per cent growth in US dollar terms in the first half of 2026, alongside continued improvement in the country’s external reserves.
External reserves have now exceeded $54 billion, the highest level recorded in 18 years.
The EMT described the latest economic indicators as important developments in the country’s ongoing efforts to strengthen macroeconomic stability, attract investment and improve economic performance.
The team also considered Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, a development that could improve the country’s visibility among international investors.
The reclassification is expected to support Nigeria’s efforts to deepen its financial markets and attract greater foreign investment.
A major decision reached at the meeting was the approval of a committee to harmonise macroeconomic assumptions across fiscal and monetary institutions.
The committee is expected to improve coordination among government agencies and ensure greater consistency in the assumptions used for economic planning, budgeting and monetary policy.
The team said the move would strengthen policy coordination and contribute to improved budget implementation and economic outcomes.
The decision also reflects the government’s recognition of the importance of having fiscal and monetary authorities operate with a more coordinated understanding of key economic variables.
The EMT further reviewed the role of agriculture in achieving Nigeria’s ambition of building a $1 trillion economy.
The team assessed the sector’s potential to contribute to economic expansion through increased production, job creation, exports, value addition and investment.
Agriculture is also expected to play a critical role in supporting food security and expanding opportunities across Nigeria’s productive sectors.
The meeting also reviewed preparations for Nigeria’s hosting of CANEX 2026 and IATF 2027.
The two major trade and investment events are expected to provide platforms for Nigerian businesses to access international markets, attract investors and strengthen trade relationships.
The EMT noted that preparations for the events formed part of broader efforts to position Nigeria as a competitive destination for trade and investment.
The team stressed the importance of sustained coordination among government institutions in delivering the administration’s economic objectives.
It also emphasised the need to build on the gains recorded in key economic indicators while addressing existing challenges affecting businesses, investment and household welfare.
The team’s position is that stronger coordination between fiscal and monetary institutions will help ensure that economic policies are implemented more effectively and that government resources are deployed in line with national priorities.
The EMT further maintained that the latest economic developments should be viewed alongside ongoing reforms aimed at improving the country’s fiscal position, strengthening investor confidence and expanding productive capacity.
The team said continued attention would be given to sectors with the potential to drive faster and more inclusive economic growth.
With agriculture, trade, investment and financial market development remaining key areas of focus, the government is seeking to strengthen the foundations for sustained economic expansion.
The EMT’s review of the 4.43 per cent Q2 GDP growth, $54 billion-plus external reserves, 17 per cent H1 growth in US dollar terms and Nigeria’s new Frontier Market status comes as the administration continues to pursue its broader economic transformation agenda.
The team reaffirmed its focus on coordinated economic management, sustainable growth, investment attraction and improved competitiveness.
The meeting also underscored the importance of ensuring that positive macroeconomic indicators translate into stronger economic opportunities and improved outcomes for Nigerians.
The EMT is expected to continue monitoring developments across the economy while working with relevant institutions to strengthen policy implementation and advance Nigeria’s long-term economic objectives.