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Nigeria’s inflation picture strengthened modestly in August 2026, with headline inflation easing marginally to 15.39% year-on-year from 15.43% in July. Month-on-month inflation slowed sharply to 0.71%, while annual food inflation dropped to 19.57%. Core inflation moderated to 13.29% YoY and entered slight monthly deflation at -0.06%, highlighting a broader slowing in price momentum across key economic sectors.

Nigeria’s total merchandise trade reached ₦41,444.89 billion in Q2 2026, marking a 5.61% year-on-year increase driven by strong domestic exports and reduced import costs. The country’s merchandise trade surplus doubled to ₦12,596.86 billion. Increased local refining capacity significantly lowered fuel import reliance, though agricultural trade deficits and persistent inflationary risks remain key macroeconomic concerns.

The G20 Finance Ministers and Central Bank Governors meeting in Asheville focused on boosting global potential growth, managing public debt, and strengthening fiscal resilience. With disinflation stalling and economic fragmentation growing, key discussions centered on debt restructuring frameworks, non-market trade policies, cross-border payment integration, and regulatory frameworks for emerging financial innovations such as artificial intelligence and digital assets.

Nigeria’s real GDP grew by 4.43% year-on-year in Q2 2026, up from 3.89% in Q1, driven by non-oil sector strength in agriculture and services alongside higher crude output. However, persistent contractions in electricity supply and sluggish manufacturing performance underscore ongoing structural challenges, highlighting the need for sustained industrial policy support to secure long-term stability.