A professor of economics and data analysis at Lagos Business School, Prof. Bongo Adi, has advised the federal government to shift focus from macroeconomic stability to stimulating growth, a move that could potentially improve the living standards of Nigerians.

This is as the MD/CEO of CFG Africa, Babajide Lawani, stated that the economic reforms are paying off, with significant improvements in the foreign exchange situation and inflation.
They spoke at the weekend during the launch of CFG Africa’s Ethical Fund and the organisation’s clients and engagement forum, tagged: “2026 in focus: opportunities for growth, navigating uncharted terrains,” to provide insights into the market outlook for 2026, held in Lagos.
According to Adi, the government can trigger growth by reducing the monetary policy rate to encourage investment and job creation.
Reducing interest rates, Adi noted, would help the manufacturing sector, which has high employment elasticity, and lead to economic growth.
Adi noted that despite the country’s current growth trajectory, there are underlying issues that could undermine progress.
According to Adi, these contradictions include the problem of forecasting, FX contradiction, GDP deflator weight gap, growth trap, and debt trap.
He explained that the GDP deflator weight gap shows a huge discrepancy between nominal GDP and real GDP, with businesses paying more than what consumers are experiencing.
Adi also noted the growth trap, where the economy is growing at 4.2 per cent, but this growth has not translated to meaningful development, considering the population growth.
Lawani advised the government to sustain the reforms and focus on transforming the economy to achieve sustainable growth and better living standards for Nigerians.
He said: “We have noted that Nigeria’s economy is growing, and the reforms by the current administration are actually paying off. A lot of the economic reforms have actually started gaining traction, particularly things around improvements in the foreign exchange situation of Nigeria, particularly things around the demand-supply dynamics around foreign exchange, as well as we are seeing improvements in terms of inflation. We have seen inflation dropping significantly, we have seen FX improve significantly, and generally, there’s been growth that has become more robust.
“However, there are concerns. We need to now move from growth to transformation because that transformation is what is really going to bring about sustainable growth and a better life for Nigerians.
“We urge the government to sustain the reforms and keep focus on sustaining the reforms to ensure that we can translate this elegance into sustainable growth that will now bring about transformation into the Nigerian economy.”
On her part, CFG Africa’s Chief Investment Officer, Adedoyin Wilson-Diamond, noted that there have been improvements in the economy, particularly in the foreign exchange space and inflation.
She attributed these improvements to the current administration’s policies, which have brought down exchange rates and inflation.
According to her, the financial market is expected to continue improving in 2026, making it easier for corporates and individuals to get involved.
When asked about areas for improvement, Wilson-Diamond emphasised the need for consistency in policy implementation to attract foreign investment and promote economic growth.
She advised the government to continue curbing volatility in the foreign exchange space and renewing global interest in the Nigerian market.
In a question about cryptocurrency investments, Wilson-Diamond clarified that CFG Africa is not involved in such investments, instead focusing on alternatives such as trading in the US stock market, oil, and gold.