U.S. hails Nigeria’s economic reforms

The Federal Government has been praised for its ambitious economic reforms.

Political and Economic Section Chief, United States Consulate-General, Lagos, Dr Michael Ervin, gave the commendation during the Nigerian-American Chamber of Commerce (NACC) Annual Breakfast Roundtable on Nigeria’s Economic Outlook in Lagos.

He described the reforms as positive and encouraging, although their full benefits were yet to be felt across the economy.

He said the reforms were reshaping investor’s perception, noting that foreign and local investors were watching with growing optimism.

He also said the designation of the country by the U.S. has opened fresh windows of opportunity for deeper bilateral collaboration, particularly in addressing insecurity challenges, which he described as a major obstacle to economic development and investment inflows.

Ervin said: “This designation creates new opportunities for Nigeria and the United States to collaborate more effectively in tackling insecurity, which remains a critical economic constraint. Improved security outcomes will unlock stronger investor confidence, trade flows, and economic growth.’’

He noted the commitment of the U.S. government to strengthening economic and commercial relations with Nigeria through platforms such as the U.S.–Nigeria Commercial and Investment Dialogue, the Bi-National Commission, among others.

Earlier, the National President/Chairman,NACC, Alhaji Sheriff Balogun, said the meeting was convened at a critical moment of economic transition, stressing that “investors seek clarity, businesses seek predictability, and policymakers seek credible feedback from the private sector, and this Chamber exists precisely to provide that bridge.”

Balogun added that sustained dialogue among policymakers, investors, and business leaders remained essential for building confidence, strengthening reforms, and unlocking new trade and investment opportunities.

Also, the Chief Executive Officer, Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju, projected a 5.5 per cent Gross Domestic Product (GDP) growth for Nigeria in the year, identifying private sector investment as a central pillar of the country’s economic outlook.

Aduloju said Nigeria’s medium-term growth prospects depend significantly on the scale, depth, and quality of private sector participation, supported by policy coherence, regulatory certainty, and sustained reforms.

“Achieving a 5.5 per cent GDP growth in 2026 will require more deliberate and ambitious private sector investments across key sectors of the economy. Beyond investment, the private sector must also shape policy conversations that influence trade, capital flows, and economic diplomacy,” he added.

He advised that stronger business voices must be inserted into bilateral economic engagements between Nigeria and the U.S., urging the NACC to deepen its role as a strategic bridge for business-to-business and policy-driven engagement.

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“We must rely on the NACC to do more in amplifying private sector participation in the Nigeria–U.S. economic conversation. The Chamber occupies a unique position to drive this engagement and convert policy dialogue into concrete investment outcomes,” Aduloju added.

The event, which attracted senior government officials, diplomats, business leaders, economists, and investors, provided a robust platform for discussions on Nigeria’s economic outlook, fiscal reforms, and evolving trade relations with the U.S.