Market News

By Justice Okamgba

Nigeria’s economy is showing early signs of stabilisation, but progress remains fragile, the Institute of Chartered Accountants of Nigeria said on Wednesday, emphasising that accountability will be critical to sustaining fiscal reforms and national development.

The event, ICAN’s 2026 Economic Outlook, part of its 60th anniversary celebrations in Lagos, brought together policymakers, industry leaders, regulators, and top professionals to examine how transparency and fiscal discipline can drive sustainable national development.

ICAN President and Council Chairman, Mallam Haruna Yahaya, described the event as both an opportunity to reflect on past achievements and a forum to propose actionable solutions to Nigeria’s economic challenges.

“This edition of our Economic Outlook holds special meaning. At 60, ICAN is not looking back in nostalgia; it is looking forward with purpose,” Yahaya said.

“Accountability is not merely a governance ideal; it is an economic imperative. Countries with strong institutions, credible oversight, and transparent systems consistently outperform those burdened by weak governance and impunity.”

According to Yahaya, Nigeria’s economy showed signs of stabilisation in 2025, with real GDP growth rising above four per cent in the second quarter, driven by gains in manufacturing, trade, and services. Inflation, though still elevated, eased towards the mid-14 per cent range by year-end, supported by tighter monetary policy and improving supply conditions.

External buffers strengthened as foreign exchange reserves reached multi-year highs, underpinned by stronger exports and foreign exchange reforms, while trade and current account balances returned to surplus.

Citing data from the Purchasing Managers’ Index, which hit 57.6 points, Yahaya noted improved business confidence but stressed that “progress remains fragile and must be safeguarded through discipline, transparency and accountability.”

The Vice President of ICAN and Chairman of the 60th Anniversary Planning Committee, Hajia Queensley Seghosime, also welcomed participants, noting the relevance of the Economic Outlook amid Nigeria’s ongoing fiscal and economic reforms.

She highlighted initiatives such as revenue mobilisation, tax system restructuring, and public financial management as critical steps towards macroeconomic stability and inclusive growth.

“Accountability is the anchor that gives credibility to fiscal reforms,” Seghosime said. “It ensures that tax policies translate into real public value, public resources are efficiently deployed, and citizens’ trust in economic governance is renewed. Without accountability, reforms lose legitimacy. With accountability, reforms endure.”

Chairman of the session and Chairman of Alpine Investment Service Limited, Mohammed Hayatu-Deen, addressed the gap between macroeconomic stabilisation and social outcomes. He warned that while inflation had moderated, growth remained uneven, real incomes were slowly recovering, and poverty and inequality persisted.

“The central question is whether stability can be sustained and translated into outcomes that Nigerians can feel,” Hayatu-Deen said. “Execution is key. How do we translate policy into tangible development that affects market indicators positively? Accountability shapes whether budgets are realistic, revenues are collected, and debt remains manageable.”

The forum also highlighted tax reforms enacted in 2025 as a defining structural shift for the nation. Panellists and participants emphasised that while the new laws signal greater transparency and rule-based governance, their success will depend on professional capacity and institutional compliance.

ICAN also used the platform to underline the evolving role of accountants in Nigeria’s economic landscape, noting that modern accountants are not just financial reporters but custodians of fiscal credibility, governance, and sustainability, with responsibilities spanning digital systems, ESG (Environmental, Social and Governance) compliance, and risk management.

The Economic Outlook brought together distinguished panellists, including Dr Abiodun Adedipe, Dr Chinyere Almona, FCA, Abimbola Ogundare, FCA, and Mr Segun Ajayi-Kadir, alongside keynote speaker, Prof Taiwo Oyedele, FCA, to discuss practical strategies for strengthening governance, enhancing accountability, and ensuring that Nigeria’s economic reforms deliver measurable outcomes.

Yahaya ended the session by urging participants to engage actively, share bold ideas, and commit to the principles of transparency and accountability as Nigeria navigates a crucial decade of economic transformation.

“ICAN’s role is not rhetoric; it is measurement, disclosure, and professional courage,” he said. “As we look ahead, our commitment to accountability will remain central to the nation’s prosperity and to our relevance as an institution.”