Consumer Confidence in Nigeria’s Economy Rising — Bismarck Rewane

The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has stated that Nigeria’s business outlook for 2026 reflects rising consumer confidence and improving economic expectations.

Rewane disclosed this during an economic roundtable titled “Building with Resilience in the Nigerian Economic Environment.”

He stated that consumer confidence is improving, reflecting optimism about household income prospects and financial conditions.

According to him, positive expectations about income levels and economic conditions could drive increased consumer spending and economic activity.

Rewane noted that consumer behaviour remains a key driver of economic performance, adding that market dynamics often influence pricing and competition across sectors.

He also stated that Nigeria is gradually transitioning from a command-style economic structure to a more market-driven system.

According to the economist, policy makers are increasingly focusing on interventions designed to stabilise the economy while allowing market forces to determine outcomes.

Rewane also discussed the relationship between natural resource discoveries and political instability in some African countries.

He cited examples including Liberia, Sierra Leone, and the Democratic Republic of the Congo, where conflicts have been linked to competition over mineral resources.

He noted that the discovery of natural resources can sometimes intensify political tensions and resource nationalism.

The economist also referenced Nigeria’s history of oil discovery in Oloibiri in 1958, noting that resource-related tensions have historically influenced political developments in the country.

Global financial institutions have also highlighted Nigeria’s economic reforms in recent policy discussions.

The World Bank recently described Nigeria as a reference point for economic reform implementation following policy changes introduced under the administration of Bola Ahmed Tinubu.

Officials from the World Bank noted that reforms including fuel subsidy removal and foreign exchange market adjustments are being closely monitored by global policy makers and investors.

The Federal Government has outlined plans to transform Nigeria into a $1 trillion economy by 2030 through economic and financial reforms aimed at improving growth and investment.