The economy of Nigeria is beginning to stabilise, but the recovery remains delicate, according to the Institute of Chartered Accountants of Nigeria. The institute raised this concern during its 2026 Economic Outlook event held in Lagos as part of its 60th anniversary celebrations. Policymakers, regulators, and industry leaders gathered to examine how accountability and fiscal discipline can support long-term economic growth.
Speaking at the event, ICAN President, Mallam Haruna Yahaya, said the institute is focused on future-driven solutions rather than reflection. He stressed that accountability is not only a governance principle but an economic necessity. According to him, countries with strong institutions consistently achieve better economic outcomes.
Yahaya noted that Nigeria recorded improved GDP growth in 2025, driven by manufacturing, trade, and services. Inflation eased slightly due to tighter monetary policies and improved supply conditions. In addition, foreign exchange reserves strengthened, supported by export growth and foreign exchange reforms. Business confidence also improved as the Purchasing Managers’ Index rose to 57.6 points.
Despite these gains, Yahaya cautioned that progress remains fragile and requires sustained discipline and transparency. ICAN Vice President, Hajia Queensley Seghosime, highlighted ongoing tax and fiscal reforms, stressing that accountability strengthens public trust and ensures reforms deliver real public value.
Chairman of the session, Mohammed Hayatu-Deen, warned that economic stabilisation has not translated evenly into improved living standards. He noted that poverty and inequality remain concerns despite moderating inflation.
The forum also discussed tax reforms introduced in 2025 as a major structural shift. ICAN emphasised that accountants now play wider roles in governance, sustainability, and risk management. The institute urged stakeholders to uphold transparency to achieve lasting economic transformation.
