The Manufacturers Association of Nigeria (MAN) says it expects a stronger naira, sustained moderation in inflation, and improved access to credit to drive an estimated 4 per cent Gross Domestic Product (GDP) growth in 2026.
Director, Research and Economic Policy Division, Mr. Oluwasegun Osidipe, stated this on Tuesday in Lagos during a news conference ahead of the 2025 MAN Think Tank Session.
Osidipe said the positive outlook is predicated on recovering global oil prices, increased foreign investment, stable energy costs and effective execution of major industrial and fiscal reforms.
“For manufacturers, the naira is projected to appreciate further to between N1,300 and N1,400 per dollar,” he said, attributing the expected gains to stronger foreign reserves, higher export earnings, greater investment inflows and growing diaspora remittances.
He noted that headline inflation is forecast to decline to around 14 per cent, driven by easing food prices and currency appreciation.
The Central Bank of Nigeria (CBN), he explained, is also expected to cut the benchmark interest rate to roughly 23 per cent in response to the disinflationary environment — a move he said would stimulate lending and boost production.
Osidipe revealed that real manufacturing output is projected to grow by 3.1 per cent in 2026, with the sector’s contribution to GDP rising to 10.2 per cent.
He linked the anticipated upturn to ongoing bank recapitalisation, reduced lending costs, effective implementation of tax incentives, activation of the National Single Window Project and the execution of the Nigeria Industrial Policy guided by the “Nigeria First” framework.
He added that the overall 4 per cent GDP growth expectation for 2026 will also be buoyed by higher crude oil output, stronger fiscal stability and increased consumption heading into the election season in the fourth quarter of the year.
