Nigeria's economy is beginning to rebound after years of stagnation, with GDP growth accelerating to 4.23% in the second quarter — the fastest pace in four years. Economist Dr. Ayo Teriba, described the improvement as a shift from instability to recovery but stressed that the real impact will be measured by how much ordinary Nigerians and small businesses benefit.
Teriba highlighted a drop in inflation to a 27-month low, improved foreign reserves, and greater exchange rate stability as signals that the economy is stabilising. He noted that while GDP is a lagging indicator, other leading markers — such as stronger company performance, increased investments in transport and infrastructure, and renewed hiring by states — point to rising opportunities for job creation and SME growth.
"The fact that companies like MTN, Airtel, and pharmaceuticals are rebounding after years of negative reports is good news for everyone," he said. "These improvements show that fundamentals are strengthening, even if it takes time to reach households and small enterprises."
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He, however, cautioned that challenges remain, including salary arrears to workers, unpaid obligations to contractors, and lingering infrastructure gaps that still affect businesses, especially SMEs.
Teriba urged Nigerians to be patient but proactive, saying that with risk levels down, the coming quarters could see entrepreneurs and small businesses benefit from a more stable operating environment.
"The key is sustaining this growth while keeping inflation down. If that balance is maintained, SMEs will have the stability they need to expand, create jobs, and improve livelihoods," he added.
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