Strategic Policy Shifts Now Stabilising Key Macroeconomic Indicators, Say Economists

Experts and economists have said that strategic fiscal and monetary policies are now beginning to stabilise key macroeconomic indicators in the country.

The experts, who spoke at a two-day Premium Times Academy’s intensive training for journalists, sponsored by the Central Bank of Nigeria (CBN) and focused on strengthening capacity in business, financial and economic reporting, noted that, the economy  was gradually showing signs of progress and transition.

On his part, founder of BAA Consult, Prof. Biodun Adedipe said, Nigeria’s economy has demonstrated notable resilience in the face of continued global uncertainty, with recent data showing a trade surplus of N7.463 trillion in the second quarter of 2025, a significant rise from N5.172 trillion in the preceding quarter.

He disclosed that, the reports drawn on data from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), underscored several recent policy interventions as critical to Nigeria’s improved performance. He used these policy reforms as growth levers which include the removal of fuel subsidies, bank recapitalisation, unification of exchange rates, and ongoing tax reforms.

“These are real game changers, they are creating fiscal space, enhancing competition, and attracting foreign investment,” Adedipe stated.

He highlighted that the unified exchange rate regime in particular, has reduced arbitrage opportunities and improved transparency in the forex market. As of November 25, 2025, the official exchange rate stood at N1,446.32/$, with a narrow parallel market premium of 1.29 per cent.

Meanwhile, there was a non-oil export surge. Just as a standout performance was recorded in the non-oil export sector, which rose to $3.05 billion in Q2 2025, with a 70.29 per cent increase from the previous quarter.

Worth noting is that agricultural exports alone contributed N1.256 trillion, representing a 29 per cent year-on-year growth.

Adedipe, however, cautioned that, official figures likely underestimate the true volume of non-oil exports due to unrecorded informal cross-border trade.

Meanwhile, he said,global economy remains in a state of Brittle, Anxious, Nonlinear, and Incomprehensible (BANI) with persistent risks from geopolitical tensions, climate change, and disruptive technologies.

Despite this, Nigeria’s external reserves, he said, rose to $44.46 billion as of late November 2025, the highest level since September 2019, providing a buffer against external shocks.

Adedipe urged businesses and policymakers to remain agile, innovate continuously, and leverage data-driven analysis.

“The strength of economic analysis lies in the integrity of data and orthodox interpretation, not primordial sentiments,” he emphasised.

Reacting on the training, The CEO of the Centre for Financial Journalism, Dr. Ray Echebiri emphasised the importance of deep understanding of the financial system when covering business and economic issues.

Echebiri urged journalists to produce fact-driven, well-analysed stories capable of educating the public and enhancing the quality of economic debates. His session also examined monetary policy, banking regulation and the role of financial regulators in stabilising the economy.

Premium Times’ editor-in-chief, Musikilu Mojeed, trained participants on the use of open-source data for business and economic reporting. He stressed that credibility in financial journalism depends on accuracy, transparency and data-backed analysis.

He encouraged journalists to always trace data to original sources, analyse long-term trends and avoid relying solely on secondary information, warning that such shortcuts can easily result in misinformation.

On Ethical reporting, Mojeed reminded journalists of the profession’s core values, including truthfulness, fairness, accuracy and impartiality. He noted that, many practitioners are unfamiliar with the Code of Ethics for Nigerian Journalists, which weakens public trust. Upholding global ethical standards, he said, is essential for restoring confidence in the media and ensuring responsible economic reporting.

Another facilitator who is the CEO of Graeme Blaque Advisory, Zeal Akaraiwe, focused on data interpretation and presentation.

He advised journalists to present financial reforms and economic developments in balanced, contextualised ways that avoid misleading the public. According to him, the media plays a crucial role in shaping public understanding of economic policy, making it essential for reporters to use data responsibly.

Participants also received exposure to fact-checking approaches from David Ajikobi, the Nigeria editor at Africa Check. He warned journalists about the rising threat of disinformation—particularly in economic and political reporting—and encouraged them to interrogate claims, verify sources and minimise bias in their work. Any gap in a financial or economic story, he noted, can easily be exploited for misinformation.

In a presentation representing the deputy director, Banking Supervision Department,

CBN, Fidelis Odia discussed the central bank’s regulatory duties, including monetary policy implementation, financial stability oversight, risk management and foreign exchange supervision.

He explained the ongoing banking recapitalisation initiative aimed at strengthening the sector in support of Nigeria’s ambition to build a $1 trillion economy. He described capital as the lifeline of financial institutions, enabling them to absorb losses and remain resilient.