Midstream and Downstream Petroleum The report showed that GDP growth Regulatory Authority (NMDPRA). increased from 2.74 per cent in 2023 to The report further stated that 3.89 per cent by the first quarter of 2026, Nigeria’s trade balance improved while headline inflation, which stood at 22.2 per cent in April 2023 and later billion in 2023 to a ₦7.55 trillion peaked at 34.8 per cent in December surplus in the first quarter of 2026. 2024, declined to 15.9 per cent in 2026. It noted that while crude oil remains The NRS also reported that the coun- the country’s dominant export, exports try’s balance of payments moved from of refined petroleum products increased a $3.34 billion deficit at the beginning by 51 per cent year-on-year to ₦6.78 of the administration to a $2.38 billion trillion during the period under review. surplus in the first quarter of 2026. im- The report also highlighted re- It attributed the turnaround to the provements in foreign investment moval of fuel subsidy, exchange-rate uni- and the capital market, attributing fication and tight monetary policy main - them to increased investor confidence tained by the Central Bank of Nigeria. following macroeconomic reforms. Nige- According to the report, impor- According to the NRS, capital ria’s external reserves rose from tation rose sharply from $1.03 billion $3.99 billion to $50.11 billion, the in the third quarter of 2023 to $10.37 highest level recorded in 17 years, billion in the first quarter of 2026, providing import cover well above with portfolio investment accounting international adequacy thresholds. for the largest share of inflows. The On public finance, the report stated report noted that while foreign direct that although total public debt in- investment remained below four per creased from ₦87.4 trillion in 2023 cent of total capital inflows, Nigeria’s to ₦159.28 trillion, the country’s improved foreign exchange liquidity debt-to-GDP ratio declined from 38 and tighter monetary policy helped per cent to 32.3 per cent, marking attract increased foreign capital. sus- what it described as the first On the Nigerian Exchange (NGX), tained decline in more than a decade. the report said the All-Share Index The report explained that the in- climbed from 55,738 points in May crease in the naira value of public debt 2023 to 242,278 points by mid-2026, largely reflected the revaluation of while market capitalisation expanded • Peter Obi external debt following exchange-rate from ₦30.36 trillion to ₦155 trillion. reforms rather than fresh borrowing. The report attributed the rally to It also noted that the share of stabil- improved macroeconomic government revenue used for debt ity, foreign exchange reforms, the servicing dropped from 68 per cent to influence could be seen behind ment was not only targeting him but By TolUlope oKe Central Bank’s bank recapitalisation a projected 53 per cent, while caution- - many of the challenges he faces. also denying him benefits and privi programme between 2024 and 2026 frican Democratic Con- ing that reducing debt-service costs and continued growth in pension fund leges he said he was entitled to receive. “Everything, so there’s even a further remains an important priority. gress (ADC) presidential