By Adefolarin A. Olamiekan

There is no gainsaying the current macroeconomic realities confronting Nigeria, which have tempered the high expectations for economic growth in 2026.Ordinarily, economic growth should translate into improved living standards, price stability, job creation, reduced import dependence, increased productivity, and broader developmental outcomes. However, the Nigerian experience remains markedly different, as many households continue to grapple with rising living costs and persistent economic hardship.

Despite these challenges, several projections indicate that Nigeria’s economy may maintain an upward growth trajectory in 2026, even as the country enters a period of intense political activity ahead of the 2027 general elections.

The economy recorded a Gross Domestic Product (GDP) growth rate of 3.89 per cent in the first quarter of 2026, driven largely by the resilience of the non-oil sector. The services sector remained the principal driver of growth, while agriculture recorded a recovery, growing by 3.15 per cent after previous setbacks that many analysts attributed to widespread insecurity.

Nevertheless, preparations for the 2027 elections could affect economic activity by dampening investor confidence and slowing trade, investment, and other productive ventures.

Global developments also remain a factor. Ongoing geopolitical tensions in the Middle East, particularly involving the United States and Iran, have contributed to volatility in crude oil prices, increased energy costs, and disruptions in fertilizer supply chains. While these developments pose challenges, they may also boost government revenues through higher oil earnings.

Recent economic reforms introduced by the Federal Government are expected to yield stronger results in the coming years. These efforts have been complemented by the banking sector recapitalisation programme, while reforms in the insurance and capital market sectors continue.

Several sectors possess significant growth potential, including banking, capital markets, oil and gas, telecommunications, real estate, construction, agriculture, manufacturing, mining, the creative industry, and international trade.

Diaspora remittances also continue to play an important role in strengthening Nigeria’s foreign exchange position. Additionally, the implementation of the 2026 national budget, particularly through capital expenditure and infrastructure investments, is expected to stimulate economic activity and support growth.

Political campaign spending ahead of the 2027 elections may also provide short-term economic stimulus in sectors such as printing, advertising, transportation, hospitality, event management, and the production of campaign materials.

Taken together, these factors will influence the direction of Nigeria’s economic growth and development in 2026 and beyond. A critical element in this equation is electricity. The relationship between economic growth and a reliable power supply cannot be overstated. Stable electricity is the foundation of industrialisation and has been a key driver of economic advancement in many developed countries.Unfortunately, Nigeria continues to face persistent power sector challenges.

These difficulties are not recent but reflect decades of inadequate investment, policy inconsistencies, and a failure to fully recognise the strategic importance of reliable electricity to economic development. Despite an installed generation capacity of approximately 16,000 megawatts and access to hydro, thermal, and renewable energy sources, electricity supply remains insufficient to meet national demand.

For Nigeria to achieve sustainable economic growth and industrial development, significant improvements are required across the entire electricity value chain, including generation, transmission, and distribution.The ongoing reforms in the power sector are therefore critical.

Greater liberalisation, increased private-sector participation, improved financing, and stronger technical and managerial capacity are essential to unlocking the sector’s potential.The reforms must also address long-standing issues such as cost-reflective tariffs, metering deficits, and operational inefficiencies that continue to affect consumers and businesses.

From a political economy perspective, the success of Nigeria’s growth ambitions will depend largely on the ability of policymakers to sustain reforms, strengthen institutions, improve infrastructure, and deliver a reliable electricity supply capable of supporting industrialisation, productivity, and long-term competitiveness.

Adefolarin A. Olamiekan

Political Economist

Host, The Market Report

ADBN Television, Abuja

By Solomon Iliya Jeffrey

The global landscape is undergoing one of the most significant transformations in modern history. Economic power is no longer concentrated in a few traditional centers, and political influence isincreasingly shaped by emerging nations, technological innovation, and shifting alliances. The 21st century is not defined by stability, but by transition, a gradual reordering of how power isdistributed and exercised across the world.

For much of the 20th century, global dominance was largely held by Western economies,particularly the United States and its European allies. Their influence extended beyond economics into global governance, security, and cultural leadership. However, the rise of new economic powers has begun to challenge this long-standing structure.

Countries such as China, India, and Brazil have expanded their economic reach, driven byindustrial growth, population advantages, and strategic investments. This shift has contributed to a more multipolar world, where influence is shared among several key players rather than controlled by a single dominant force.At the heart of this transformation is globalization.

For decades, interconnected trade systems allowed goods, services, and capital to move across borders with increasing ease. This created opportunities for growth, lifted millions out of poverty, and integrated economies in unprecedented ways. Yet, globalization has also revealed its weaknesses.

Economic inequality, both within and between nations, has become more pronounced. Whilesome countries and individuals have benefited greatly, others have been left behind. Thisimbalance has fueled political dissatisfaction, leading to the rise of nationalism and protectionist policies in various parts of the world.

Trade tensions have become a defining feature of modern global politics. Nations are no longer justcompeting economically, they are competing strategically. Control over resources, supply chains, and technological dominance has become a central concern. Industries such as artificial intelligence, energy, and telecommunications are now deeply tied to national security.

Technology, in particular, has emerged as a powerful tool of both economic growth and political influence. Countries that lead in innovation are better positioned to shape global standards and control critical infrastructure. As a result, digital competition has become as important as traditional economic competition.

Another major factor shaping the global order is geopolitics. Alliances are evolving, and newpartnerships are being formed based on shared interests rather than historical ties. Regionalorganizations and economic blocs are playing a greater role in influencing global decisions,reflecting the growing importance of collective power.

At the same time, global challenges such as climate change, pandemics, and financial instability require cooperation. No single nation can address these issues alone. This creates a complex dynamic: while countries compete for influence, they must also collaborate to manage shared risks.

For developing nations, this changing environment presents both opportunities and challenges. On one hand, they can leverage new partnerships, attract investment, and participate more actively in global trade. On the other hand, they must navigate external pressures, avoid excessive dependence, and build resilient domestic economies.

Africa, for instance, is increasingly recognized as a region of strategic importance due to itspopulation growth, natural resources, and economic potential. Countries within the continent have the opportunity to shape their own development paths by strengthening regional integration, improving governance, and investing in human capital.

The future of the global economy will likely be defined by adaptability. Nations that can respond to change, by embracing innovation, diversifying their economies, and maintaining politicalstability, will be better positioned to thrive. Those that resist change risk being left behind.Ultimately, the world is moving toward a more interconnected yet competitive system.

Power is no longer static; it is constantly being negotiated through economic performance, political strategy, and technological advancement.The emerging global order is not about who dominates, but about who adapts best.

Solomon Iliya Jeffrey is a serving corper at Institute for Peace and Conflict Resolution and can bereached via solomonjefferey24@gmail.com

By Iorwuese Tyopev, PhD

Chief Michael Kaase Aondoakaa, SAN, is, in my experience, a transformational leader, and I can personally testify to this from years of direct engagement with him.

Although I initially knew him only casually as an elder brother from Ushongo, our relationship deepened when I approached him to patronise the business I managed as a hotel manager in Abuja. From that point, Siman Suites in Garki became his preferred accommodation whenever he was in the Federal Capital Territory.

Each time he was travelling to Abuja, his usual call would come: “Tyopev, my brother, please keep a room for me, I’m on my way.”

A defining moment in 2006

One of the most memorable moments in our relationship came in 2006 when he was conferred with the rank of Senior Advocate of Nigeria (SAN). For his swearing-in ceremony at the Supreme Court, he booked almost the entire hotel for family, friends, and well-wishers who travelled from far and near to celebrate with him.

Beyond the business value, his consistent patronage strengthened my professional standing at the time and positively influenced my performance evaluation at work.

Continued relationship in public service

Our relationship continued after his appointment as Attorney General of the Federation and Minister of Justice in July 2007 under the administration of President Umaru Musa Yar’Adua.

Coincidentally, around the same period, my late boss, Senator J.I. Akaagerger, was elected into office and invited me to serve as his Senior Legislative Aide at the National Assembly. Chief Aondoakaa also expressed interest in bringing me into the Ministry of Justice as an aide. Although I chose to remain with my principal at the National Assembly, he respected my decision and maintained a cordial, brotherly relationship with me.

Prison decongestion intervention

Shortly after assuming office as Minister, he launched a prison decongestion initiative. In September 2007, I submitted an application requesting allocation of prison decongestion cases. He immediately asked whether I had legal representation, and upon confirmation, he promptly assigned several cases to me.

That support continued throughout his tenure until 2010.

Career support and mentorship

By mid-2008, I expressed dissatisfaction with my role at the National Assembly. He advised patience and assured me of better opportunities.

True to his word, in January 2009, he informed me of an opportunity with Dr Paul Orhii, then Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), who agreed to engage me as Special Assistant.

Although I resumed duty, I was later informed—within 30 days—that my services were no longer required due to a change in preference. Chief Aondoakaa was abroad at the time, but upon his return, he reassured me, saying: “Don’t worry, another opportunity will come.”

New opportunity at NAPTIP

Shortly after, I was invited to his residence in Apo, where I met Barr. Simon Chuzi Egede, MON, who had just been appointed Executive Secretary of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP).

There, I was informed that I would serve as Special Assistant to the new Executive Secretary.

In a remarkable turn of events, I received my appointment letter the next day as Special Assistant at Grade Level 16 Step 5, along with an official vehicle and chauffeur. I was also integrated into top management committees and exposed to both national and international engagements.

End of an era and lasting gratitude

Following the death of President Yar’Adua in 2010 and subsequent political changes, Chief Aondoakaa left office as Minister, which also affected my position at NAPTIP due to its political nature.

Looking back, I remain deeply grateful to Chief Michael Kaase Aondoakaa, SAN, for his loyalty, mentorship, and willingness to uplift others.

Some leaders inspire with words; others transform lives through action. Chief Aondoakaa, in my experience, belongs firmly to the latter category.

NB: This is Part 1 of a series of reflections on my personal experience with MKA, highlighting his mentorship and support to those around him, shared in anticipation of his birthday on June 12.