Founder of Financial Derivatives Company Limited, Bismarck Rewane, has said that sustained policy reforms remain critical to improving corporate competitiveness and creating a conducive environment for business growth.

Speaking yesterday at the 2026 PEARL Awards Corporate Summit held in Lagos, Rewane described reform as a continuous process rather than a one-time event, stressing that long-term commitment is required to achieve meaningful economic transformation.

According to him, reforms help create an enabling environment for businesses, while strong institutions are just as important as sound government policies in driving economic growth and competitiveness.

“Reform is a process, not an event. Sustainable reforms are necessary for long-term corporate competitiveness. While reforms do not automatically guarantee successful companies, businesses are more likely to emerge, grow and thrive in a well-reformed environment,” he said.

Rewane also pointed out that companies operating in a stable and reform-driven economy stand a better chance of expanding and creating value for shareholders. He added that Nigeria’s future competitiveness would depend largely on the country’s ability to sustain and deepen ongoing economic reforms.

On the country’s economic outlook, he warned that rising poverty levels, food insecurity and election-related spending pressures could widen the country’s fiscal deficit and increase financing needs.

However, he noted that Nigeria remains at a moderate risk of debt distress, with public debt projected to remain around 35 per cent of Gross Domestic Product (GDP) over the medium term.

The economist further called for greater investment in transport infrastructure, electricity, security and governance reforms, saying these areas are essential for unlocking stronger economic growth.

According to him, economic growth must significantly outpace population growth if the country is to make meaningful progress in reducing poverty and unemployment.

Rewane also emphasised on the recommendations by the International Monetary Fund (IMF) for stronger regulation of cryptocurrencies and stablecoins to address consumer protection concerns and reduce illicit financial risks.

Also providing his economic projections, he said Nigeria’s real GDP growth is expected to reach four per cent by the end of 2026, while the Central Bank of Nigeria (CBN) is likely to maintain a relatively tight monetary policy stance, keeping the benchmark interest rate around 26.5 per cent throughout the year to contain inflationary pressures.

He added that meaningful interest rate cuts may not occur until 2027 after the conclusion of national elections.

On the foreign exchange market, Rewane projected that the naira would remain relatively stable, trading within the range of N1,390 and N1,420 to the dollar.

According to him, pre-election liquidity has historically supported stock market activity as investors seek capital gains ahead of major political transitions.

Rewane also projected that global oil prices would remain elevated for an extended period, trading between $85 and $90 per barrel, with an average of $95 per barrel in 2026 before moderating to about $83.2 per barrel in 2027.

He also stated that Nigeria’s current account surplus is expected to rise to 8.2 per cent of GDP, supported by stronger oil export earnings, while the country’s gross external reserves are likely to maintain an upward trajectory on the back of increased foreign portfolio investment inflows and sustained oil revenues.

President and Founder of Pearl Awards Nigeria, Tayo Orekoya called for stronger collaboration among policymakers, regulators, investors and corporate leaders to ensure that ongoing economic reforms translate into tangible benefits for businesses and the wider economy.

According to Orekoya, the Nigerian business environment is undergoing significant changes driven by economic reforms, technological advancement, shifting investment trends and evolving global trade dynamics.

“Policy reforms are essential instruments of economic transformation. When properly implemented, they stimulate investment, improve productivity, encourage innovation and enhance market efficiency, thereby strengthening the competitiveness of enterprises,” he said.

He pointed out that while reforms create opportunities for growth, they also present challenges that require businesses to demonstrate resilience, agility and strategic thinking.