According to an internal assessment by the Nigeria Revenue Service (NRS), the nation is moving away from severe economic instability toward a period of resilience and growth. These improvements are attributed to strategic policy shifts initiated by President Bola Tinubu, which addressed significant structural issues like fuel subsidies, opaque foreign exchange practices, an underperforming oil sector, and an underdeveloped tax base.
Key economic indicators support this upward trend. Inflation is easing, the balance of payments has improved, and tax revenues have seen a significant increase. Between 2023 and 2026, annual tax collections jumped from N12.3 trillion to N27.1 trillion, aided by digitized systems and new tax legislation. Similarly, the Nigerian Exchange (NGX) market capitalization climbed from N30.36 trillion to N161 trillion in the same period.
Energy sector changes have also proven vital. Nigeria has transitioned into a net exporter of petroleum products, supported by the naira-for-crude deal with the Dangote Refinery. Oil output increased from roughly 1.2 million barrels per day in 2023 to 1.73 million by July 2026. Furthermore, the country’s external reserves reached $51.9 billion as of July 2026, marking a substantial rise from $3.99 billion in 2023.
Other areas showing progress include the compressed natural gas (CNG) initiative and agricultural support. Over 100,000 vehicles have been converted to CNG, while federal agricultural spending has surged to bolster food security. While the total debt stock has increased in nominal terms, the debt-to-GDP ratio has declined to 32.3 percent, signaling a reversal of long-term trends in debt management.
