Founder of Financial Derivatives Company Limited, Bismarck Rewane, has emphasized that sustained policy reforms are vital for improving corporate competitiveness and fostering a business-friendly environment in Nigeria.
Reforms as a continuous process
Speaking at the 2026 PEARL Awards Corporate Summit in Lagos, Rewane described reform as a continuous process, not a one-time event. He stressed that long-term commitment is essential for meaningful economic transformation. According to him, reforms create an enabling environment for businesses, and strong institutions are equally important as sound policies in driving economic growth.
“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 said.
Impact on businesses and competitiveness
Rewane noted that companies in a stable, reform-driven economy have better chances of expanding and creating shareholder value. He added that Nigeria’s future competitiveness depends on its ability to sustain and deepen ongoing reforms.
Regarding the economic outlook, he warned that rising poverty, food insecurity, and election-related spending pressures could widen the fiscal deficit and increase financing needs. However, Nigeria remains at moderate risk of debt distress, with public debt projected at around 35% of GDP over the medium term.
Key areas for investment
The economist called for greater investment in transport infrastructure, electricity, security, and governance reforms, describing these as essential for unlocking stronger economic growth. He stressed that economic growth must significantly outpace population growth to reduce poverty and unemployment.
IMF recommendations and economic projections
Rewane also highlighted IMF recommendations for stronger regulation of cryptocurrencies and stablecoins to address consumer protection and illicit financial risks.
He projected Nigeria’s real GDP growth to reach 4% by end of 2026, with the Central Bank of Nigeria maintaining a tight monetary policy, keeping the benchmark interest rate around 26.5% to contain inflation. Meaningful rate cuts are unlikely until 2027 after national elections.
On the foreign exchange market, Rewane projected the naira to trade between N1,390 and N1,420 per dollar. He noted that pre-election liquidity typically boosts stock market activity as investors seek capital gains ahead of political transitions.
Global oil prices are expected to remain elevated, trading between $85 and $90 per barrel, averaging $95 in 2026 before moderating to $83.2 in 2027. Nigeria’s current account surplus is projected to rise to 8.2% of GDP, supported by stronger oil exports, while gross external reserves are likely to increase due to foreign portfolio investment inflows and sustained oil revenues.
Call for collaboration
President and Founder of Pearl Awards Nigeria, Tayo Orekoya, called for stronger collaboration among policymakers, regulators, investors, and corporate leaders to ensure reforms translate into tangible benefits for businesses and the wider economy.
“Policy reforms are essential instruments of economic transformation. When properly implemented, they stimulate investment, improve productivity, encourage innovation and enhance market efficiency, thereby strengthening the competitiveness of enterprises,” he said.
Orekoya noted that while reforms create opportunities, they also present challenges requiring businesses to demonstrate resilience, agility, and strategic thinking.
