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Nigeria Outlook: FX Stability Critical to Growth as Fiscal Revenue Surges
Abstract：Market leaders in Nigeria emphasize foreign exchange stability over interest rates as the primary driver for sustainable growth, bolstering the outlook for the Naira. Meanwhile, fiscal data reveals a 26% jump in VAT allocations, alongside new World Bank-backed infrastructure deals.
Nigeria's macroeconomic landscape in 2026 shows signs of structural adjustment as financial leaders prioritize FX predictability and fiscal revenues hit record levels to drive long-term infrastructure investment.
FX Stability Prioritized Over Rate Levels
Babatunde Folawiyo of Coronation Merchant Bank emphasizes that FX market predictability is more vital than interest rates for FDI. A stable NGN is considered the linchpin for corporate expansion.
Fiscal Consolidation & Infrastructure Support
Recent fiscal data indicates a shift toward non-oil revenue strength, reducing the reliance on domestic borrowing and providing a buffer for the Naira.
- VAT allocations: N7.73 trillion in 2025
- Year-on-year growth: 26.46% increase from 2024
- Previous revenue: N6.11 trillion
- Strategic Partner: IFC (International Finance Corporation)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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