FG should list airports, railway on stock exchange to fund budget – Economist

By Gboyega Oni

Envisaging a shortfall in crude oil receipts from imminent headwinds triggered by Venezuela’s oil production resurgence, a renowned economist, Dr. Ayo Teriba, has urged the Federal Government of Nigeria to list national airports, railways, electricity transmission and other key assets on the stock exchange to fund her N50 trillion 2026 budget.

Listing these key national assets on the stock exchange, according to the economist, will not only raise considerable equity for the Federal Government to fund her budget but the assets will be effectively managed and possibly end wastage in public funding.

Dr. Ayo Teriba, who is the CEO of  Economic Associates, made this observation and offered this counsel while presenting this paper, Policy Options for Government and Emerging Business Opportunities, at the 2026 Economic Review And Outlook Conference organized by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos recently.

Dr. Ayo Teriba noted that Nigeria could not rely on taxation to fix her national assets but exploring stock market to raise equity and attract foreign investors.

“Our records in attraction of foreign direct investment have been very, very poor. And future sustainability of the economy will be assured if we learn to attract foreign direct investment.  And where it starts is to come up with a list of capital projects that we want to finance with either domestic direct investment, or foreign direct investment, or PPP.

“None of Nigerian government’s public companies are listed there (stock market). So government must come up with a list of companies that you want to raise equity for.  Some markets just cross 1 trillion, 100 trillion. We’ve got complex issues. You have infrastructure.  Like, you know, the airports, 40% of revenue in aviation worldwide is generated from terminals.

“What companies are you taking to the market to raise equity? What real estates are you bringing to the market to raise equity? And what infrastructural assets, including, electricity, transmission, even rail transportation, or the airport and rail terminals, are you bringing to the market to raise equity? We can’t carry on proposing to re-issue 24 trillion in deficits and it will be entirely financed by debt. Let us finance the bulk of that with equity. If we can do that, I see the gains of 2025 impact and be multiplied,” he submitted.

On the national economy, the economist said “Yes, I’m grateful to God that Nigeria has witnessed one whole year of very significant improvements in economic outcomes. Improved results, stable exchange rate, the acceleration of inflation, and the global sectoral outcomes as well as the acceleration of growth, which is protected by the UN and the World Bank to keep accelerating.

“But I’m hoping that in 2026, those positives will become even stronger. And that’s how we get even more people stronger. So that results, you know, and if we don’t settle for it in two years, then we can do at least twofold or threefold in the next two years.

“So now I’m projecting, I said it when I had the opportunity to do so on Arise TV on the 2nd of January, that 2026 is most likely to be a peak of 2006 in which we saw a deepening of market liquidity across stock market, banks, bonds, namely people reserves. But that was paid at the time by commodity price block. This time, the trend that has been, that started in 2025 has paid by reforms, successful reforms, and I’m hoping that we can repeat 2026, you know, in 2023.

“So we saw the expansion, you know, the stock market exploded in two years. Banking decoupled and the bond market decoupled. Looking for the same, we’ve seen the stock market cross 100 trillion at the turn of the year.

“So I am expecting that it’s going to double more than once in the next few years. Currency circulating in two reserves and decelerating inflation.  And I’m expecting banking and bonds to equally decouple.

“I’m expecting to see single-digit inflation.  If MBS can resolve the confusion that we have, I was hoping that we could see a decrease in inflation by as early as next month. But, you know, regardless, we should see single-digit inflation in the course of the year.

“And we should see interest rates falling, inflation down. And Nigerians are most likely to enjoy very positive real returns on bank deposits, on bonds, and on capital gains.  That’s my take on the outlook for 2026.”

Earlier in his remarks, the LCCI President, Engineer Leye Kupoluyi, said Nigerian economy, in 2026, would witness moderate growth based on a productive private sector and government’s policy consistency, regulatory clarity, infrastructure delivery and disciplined budget execution.

Engineer Leye Kupoluyi maintained that the growth would be driven by agriculture, construction, energy, telecommunications, and the digital economy while interest rates would ease gradually as inflation moderates, creating space for private‑sector credit expansion.

Kupoluyi noted that the business community needs economic intelligence and industry insights to inform decisions and take action in the face of rising levels of uncertainty and disruption in supply chains and tariff wars.

He said the year 2026 stands at the intersection of reform, resilience, and renewed opportunity, pointing out that the financial sector is undergoing a necessary recalibration.

According to him, “In the face of rising levels of uncertainty and disruptions in supply chains, tariff wars, geopolitical tensions, and oil prices staying below expectations, as well as the threat of food security crises, the business community needs economic intelligence and industry insights to inform decisions and take action.

“We are meeting at a defining moment. The year 2026 stands at the intersection of reform, resilience, and renewed opportunity. The past few years have tested households, businesses, and institutions alike. Yet, history teaches us that economies do not transform in moments of comfort, but in periods of challenge, when difficult choices are made, reforms are sustained, and confidence is rebuilt deliberately.

“As we review economic performance and look ahead, it is essential to base our conversations on facts. Recent data confirms that Nigeria has begun to stabilize after a prolonged period of macroeconomic stress.

“Examining the major economic indicators from recent quarters of 2025 reveals a period of challenging reforms, including the removal of fuel subsidies, adjustments in the foreign exchange market, tighter monetary policy, and institutional restructuring. While these reforms imposed short-term costs, they are laying the foundation for a more transparent, market-driven, and resilient economy.” Adding “The anticipated listing of major national assets, including large energy and industrial players, alongside reforms such as the transition to T+2 settlement cycles, the enactment of the Investment and Securities Act, and Nigeria’s exit from the FATF grey list, have collectively strengthened market credibility and reduced systemic risk.

“The financial sector is undergoing a necessary recalibration. The banking and insurance sector recapitalization initiatives, though demanding, are designed to strengthen balance sheets, protect consumers, and position financial institutions to support larger-scale investments.”

On the outlook for the year, Kupoluyi said “As we look ahead, the outlook for 2026 is one of measured optimism. Growth is expected to improve moderately, driven by sectors such as agriculture, construction, energy, telecommunications, and the digital economy.”