Nigeria's New Economic Strategy Poised to Boost GDP, Says IMPI

The Independent Media and Policy Initiative (IMPI), a policy advocacy group, has stated that the economic model recently adopted by President Bola Tinubu's administration is expected to significantly increase the country's Gross Domestic Product (GDP) in 2026 and subsequent years.

In a declaration made by its chairman, Dr. Omoniyi Akinsiju, IMPI anticipates that the Nigerian economy will achieve a growth rate of 5.5% in 2026. This figure is higher than the projections made by both the World Bank and the International Monetary Fund (IMF).

IMPI elaborated that the Nigerian economy has undergone a fundamental transformation, moving away from its traditional reliance on crude oil revenues towards a system driven by deliberate economic policies. This policy- driven approach involves the strategic use of government regulations and institutional frameworks to dismantle barriers, reduce operational costs, and accelerate economic activities, particularly in trade and investment.

The group highlighted that the objective of this economic facilitation is to cultivate sustainable and inclusive growth by enhancing efficiency and streamlining bureaucratic processes.

IMPI noted a significant shift in the IMF's outlook, observing that after an initial projection, the institution has revised its forecast upwards. The IMF now anticipates a 4.4% economic growth for Nigeria in 2026, a revision that IMPI interprets as a strong indication of renewed confidence in the Nigerian economy.

This revised projection by the IMF represents the highest GDP growth forecast for Nigeria by the institution in 17 years and is seen by IMPI as a tangible reflection of confidence in the nation's economic trajectory.

Furthermore, the policy think tank pointed to a widespread agreement among economic commentators and institutions regarding Nigeria's positive growth prospects, attributing this optimism to the economic strategy implemented by President Bola Tinubu's government.

Beyond the IMF's revised figures, IMPI observed that most economic analysts and public commentators anticipate Nigeria's economy to grow by over 4%. While the Nigerian government has projected a 4.68% growth for 2026, the Lagos Chamber of Commerce and Industry (LCCI) has put forth a more ambitious forecast of 7%, which is 1.5% higher than the Nigeria Economic Summit Group's projection of 5.5% for the same year.