The Chartered Institute of Directors of Nigeria says the country needs to keep spending in check, boost local production, and improve governance to drive growth in 2026.

Taiwo Nolas-Alausa, director-general of CIoDN, gave the advice on Friday in Lagos via the institute’s New Year Economic Report.

He said that with multilateral forecasts pointing to only modest expansion in advanced economies, emerging markets such as Nigeria bear greater responsibility for driving growth through internal reforms and productivity gains.

Mr Nolas-Alausa acknowledged the economic and structural reforms undertaken by the current administration since assuming office in May 2023, describing 2025 as a transition year in Nigeria’s historic reform journey.

He said the reforms had contributed to economic stabilisation, accelerated the digitalisation of public services, and laid a stronger foundation for the transformation of Nigeria’s macroeconomic framework.

Mr Nolas-Alausa also lauded the overhaul of Nigeria’s fiscal framework through the enactment of key tax reform Acts.

According to him, complementary policies such as foreign exchange management reforms, GDP rebasing, and broader financial sector transformation have further strengthened the economy.

He said the ongoing bank recapitalisation exercise, which has attracted over N2.5 trillion in fresh capital, was enhancing the resilience of the financial system against global shocks.

“In parallel, the enactment of the Nigerian Insurance Industry Reform Act 2025 further reinforces financial stability and positions the economy on a sustainable path towards the aspiration of a one-trillion-dollar economy,” he said.

Mr Nolas-Alausa noted that as Nigeria moves into 2026, the global economy remains constrained by subdued growth, tightening financial conditions and persistent cost pressures.

He said these challenges were being driven by geopolitical tensions, rising protectionism, and climate-related disruptions.

According to him, Nigeria must consolidate ongoing structural reforms and decisively address its security challenges to unlock its full potential and attract stronger domestic and foreign direct investment.

He said the priorities outlined in President Bola Tinubu’s New Year message provided a rallying call for national renewal and a pathway towards sustainable economic growth and resilience.

Mr Nolas-Alausa added that achieving these ambitions would require deeper coordination across fiscal, monetary, and trade policies to ensure coherence, predictability, and confidence in economic management.

“Such alignment is essential for translating macroeconomic gains into tangible outcomes, higher productivity, job creation, and improved living standards,” he said.

The CIoDN director-general identified three priority areas for directors, captains of industry, and government officials in response to the president’s call for unity and responsibility.

He listed them as strategic alignment with national priorities such as stability, food security, energy sufficiency, and financial inclusion; fiduciary responsibility; tax compliance; and sustainability.

Mr Nolas-Alausa urged Nigerians to entrench a culture of discipline, ethical leadership, and accountability, starting from the boardroom.

“The economic signals are improving, and our policy direction is clear. However, policy alone is not enough.

“With collective commitment and responsible leadership, we can harness these gains to reposition Nigeria for sustainable growth and long-term prosperity,” he said.

(NAN)