Nigeria is set to reclaim its position as Africa’s third-largest economy in 2026, according to the International Monetary Fund (IMF).

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has admitted that Nigeria’s state-owned refineries were running at a “monumental loss,” forcing his team to halt operations to stop further financial damage.

The World Bank has described Nigeria as a growing global reference point for steady and credible economic reform leadership, citing the country’s consistency and resilience in implementing difficult but necessary policy changes.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has stated that Nigeria achieved a major investment breakthrough in 2025 with the signing of 28 new field development plans, valued at $18.2bn, which carry an estimated production potential of 1.4 billion barrels of oil.

President Bola Tinubu on Tuesday said Nigeria is ready to collaborate with African nations, global partners, and the private sector to deliver cleaner, affordable, inclusive, and more secure energy.

Lagos has been ranked the world’s fastest-growing emerging technology ecosystem, outperforming major innovation hubs across Asia.