Sambo Tasks FG On Translating Reforms Into Real Economic Gains For Nigerians

Former Vice President Arc. Mohammed Namadi Sambo has warned that Nigeria is at a critical economic crossroads and must urgently convert ongoing macroeconomic reforms into visible improvements in the lives of ordinary citizens.

Speaking yesterday in Abuja at the formal launch of the Ignite Nigeria Economic Outlook 2026, Sambo said the transition from 2025 to 2026 presents “no better time to reflect on Nigeria’s economic future,” noting that the country is navigating global volatility while implementing some of the most sweeping domestic reforms in over a decade.

He commended President Bola Ahmed Tinubu for approving 10 additional mobile transmission substations, following Siemens’ briefing on completed transmission facilities, describing the intervention as vital to stabilising power supply and boosting investor confidence.

The event, organised by Ignite Capital Ltd in partnership with the Abuja Economic Dialogue, brought together policymakers, development partners, economists, private-sector leaders and international institutions under the theme: “Navigating Growth, Capital and Reform.” The forum provided one of the most comprehensive assessments yet of Nigeria’s economic direction heading into 2026.

Sambo cautioned that reforms must now “shift from announcements to implementation, monitoring and strategising,” insisting that the country needs results, not policy headlines.

He said the Outlook identifies three likely scenarios for 2026: an upside scenario with GDP growth between 4.7 and 5.1 per cent; a baseline scenario of cautious relief; and a downside scenario where policy slippages or external shocks derail progress.

Also speaking, former Senate President Dr. Abubakar Bukola Saraki said Nigerians must begin to feel the impact of difficult reforms.

“The question is not whether reform was necessary. The real test is whether subsidy removal, FX reforms and fiscal adjustments can translate into inclusive growth that improves daily life,” he said.

Saraki argued that growth without jobs is “merely arithmetic,” calling for urgent expansion of labour-intensive sectors such as agriculture, manufacturing, energy, digital technologies and the creative industries.

He stressed that reforms must be measured by outcomes stable prices, jobs created, incomes protected and access to quality services.

Convener of the Abuja Economic Dialogue and Chairman of Ignite Capital, Kyari Abba Bukar, said the Dialogue was created to ensure that policy decisions are guided by data, evidence and sustained engagement between government and businesses.

He noted that Abuja has become a hub for economic policy conversations, adding that monthly Dialogue sessions would continue to interrogate emerging economic themes and their implications for institutions and households.

Bukar said Nigeria must deepen privatisation, market reforms and structural adjustments to fully unlock private-sector potential, warning that past overreliance on government-driven economic activity slowed productivity and innovation.

Delivering the technical presentation, President of Pedestal Africa, Dr. Paul Arinze, reviewed Nigeria’s 2025 economic performance and modelled three possible outcomes for 2026.

He said Nigeria is shifting from macroeconomic stabilisation to early signs of structural recovery, but stressed that progress will depend on consistent reform execution, stable power supply, improved security in food-producing regions and stronger investor confidence.

Panelists—including Dr. Sarah Alade, former CBN Deputy Governor; Dr. Umaru Kwairanga, Chairman of NGX Group; Dr. Nurudeen Zauro, Technical Adviser to the President on Economic & Financial Inclusion; and Bamboo COO, Yanmo Omorogbe—highlighted key priorities for 2026.

These include strengthening transmission and last-mile infrastructure, enhancing digital inclusion and fintech regulation, expanding SME financing, deepening capital markets and investing in human capital for an AI-driven economy.