Policy makers, industry leaders, and top professionals have issued a strong call for enhanced accountability and transparency from both federal and state governments. This plea came during the Institute of Chartered Accountants of Nigeria (ICAN) 2026 Economic Outlook event held yesterday, where experts examined the nation's economic prospects.
Fragile Growth Demands Fiscal Discipline
In his address, the President of ICAN, Haruna Yahaya, presented a cautiously optimistic picture of the economy. He noted that Nigeria's real GDP growth rose above four per cent in the second quarter of 2025, driven by improvements in manufacturing, trade, and services. While inflation remained high, it eased to the mid-14 per cent range by the end of the year, a trend attributed to tighter monetary policies and better supply conditions.
Yahaya, however, warned that this progress is delicate. He argued that the economy's regained balance and credibility must be protected through unwavering discipline, transparency, and accountability. "These weaknesses create a cycle of distrust – and no economy can grow sustainably when trust is in short supply," the ICAN boss stated, highlighting the direct link between public trust and sustainable development.
Bridging the Accountability Gap for Sustainable Development
The keynote speaker, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, emphasized the urgent need to close the gaps in political, financial, and performance accountability. He urged leaders to keep the Sustainable Development Goals (SDGs) at the forefront of their agenda.
Oyedele acknowledged that due to government reforms, the economy is in a better position for growth in 2026 than in previous years. However, he advised for "cautious optimism" due to potential global headwinds from challenges in major economies like China, the United States, and Europe, coupled with Nigeria's own pre-election year dynamics.
He redefined national development, stating it goes beyond GDP figures. "It is not just about GDP growth but the ability of the citizens to access basic necessities of daily living," Oyedele said, stressing the importance of caring for vulnerable populations. He also clarified that the ongoing tax reforms are designed to relieve, not punish, the poor and low-income earners.
Stability Versus Prosperity: The Real Test for 2026
Other stakeholders echoed the sentiment that economic stability must translate into tangible prosperity for citizens. Mohammed Hayatu-Deen, Chairman of Alpine Investment Services Limited, pointed out that while growth is consolidating around four per cent, "stability is not the same thing as prosperity." The central question, he argued, is whether this stability can be sustained and turned into outcomes that ordinary Nigerians can feel in their daily lives.
Dr. Biodun Adedipe, Founder of B. Adedipe Associates Limited, called for deepening impactful government interventions like the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Corporation to ensure they significantly benefit the populace.
Adding a note from the productive sector, Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), lamented the persistent unemployment growth rate of four to six per cent and an alarming increase in unsold manufactured goods, underscoring the disconnect between macroeconomic indicators and ground-level realities.
The consensus from the forum was clear: for Nigeria's economic reforms to succeed and for growth to be meaningful in 2026, the government must prioritize accountability, fiscal discipline, and transparency to bridge the deep-seated distrust between the people and their leaders.
