The Organisation of Petroleum Exporting Countries (OPEC) yesterday said Nigeria’s economic outlook remains positive based on oil production, infrastructure investment and stronger business activity. This was contained in its Monthly Oil Report released in its X handle.
The report said: “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges.”
The economy, according to the report, expanded by 3.9 per cent, year-on-year (y-o-y) in the First Quarter of 2026 (Q126), only slightly below the Q4 2025 pace of 4.0 per cent, confirming that growth remains close to recent highs.
OPEC disclosed that the non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign- exchange inflows and external buffers. The report added that Survey indicators also point to continued near-term momentum.
