Nigeria’s economic indicators are showing signs of stabilisation as the country moves forward with a new sovereign green bond issue and ongoing reforms aimed at boosting investor confidence and sustainable development.
Dr Patience Oniha, Director-General of the Debt Management Office (DMO), made the comments during an investor engagement session in Lagos on Monday ahead of the launch of Series III of Nigeria’s Sovereign Green Bond.
She said the country had begun to record modest improvements across various economic indices, including stabilised inflation rates, slow but consistent GDP growth, and a rebound in crude oil production levels.
“Nigeria’s reform efforts are beginning to show tangible progress. Our improved credit outlooks from Fitch and Moody’s suggest that investor sentiment is gradually shifting in a positive direction,” Oniha stated.
While inflation had previously surged to 30%, it is now holding between 23% and 24%—a trend that, according to Oniha, signals that the economy is starting to respond to fiscal tightening and central bank interventions.
In addition, she noted that oil production had climbed back up to between 1.5 and 1.6 million barrels per day, following structural reforms, including the commercialisation of the NNPC.
She also stressed that the government’s three-year National Development Plan is focused on infrastructure development, largely driven by private-sector participation, which she believes will accelerate economic growth over the medium term.
Turning to climate action, Oniha announced a new ₦50 billion green bond, intended to support environmentally friendly projects as part of Nigeria’s national climate strategy. This marks the third such issuance, following successful green bonds floated in 2017 and 2019.
“This green bond is part of our broader approach to climate financing. We are not only rebuilding our economy—we are also ensuring that it’s future-proof and environmentally sustainable,” she concluded.
