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IMF Revises Nigeria’s 2026 Growth Forecast Downward to 4.1%

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The International Monetary Fund (IMF) has lowered Nigeria’s economic growth projection for 2026 to 4.1 per cent as the economic consequences of the ongoing conflict in the Middle East continue to take a toll.

The updated forecast was revealed during the IMF and World Bank Spring Meetings held in Washington, D.C., where officials cautioned that energy and supply chain disruptions caused by the war are weakening economic recovery across the region.

IMF Chief Economist Pierre-Olivier Gourinchas explained that the downgrade highlights the wider challenges confronting countries that rely heavily on imported energy.

“For Sub-Saharan Africa, we are observing a downward revision in growth and a rise in inflation in several countries within the region,” Gourinchas stated. “The effects are largely consistent with what we are witnessing globally, particularly for nations that depend on energy imports.”

He further noted that the Fund is actively engaging with several countries to assess their needs under the current circumstances and is working closely with the International Energy Agency and the World Bank to address disruptions in the energy market.

Also speaking on the issue, Denz Igan, Chief of the IMF Research Department’s World Economic Studies Division, said the 0.3 percentage point reduction reflects multiple economic pressures.

“Higher costs of fuel and fertiliser caused by the war, along with increased shipping expenses, are expected to slow non-oil economic activities in Nigeria,” Igan said. “Although rising oil prices provide some support, the overall outlook points to slower growth in 2026, with a projected improvement in 2027.”

The IMF also forecasts that median inflation across Sub-Saharan Africa will increase from 3.4 per cent in 2025 to 5 per cent in 2026, driven by elevated oil and fertiliser prices, possible fuel supply shortages, and rising operational costs.

Regarding Nigeria, she emphasised that maintaining a tight monetary policy will be essential for meeting the inflation target set by the central bank.

Additionally, the IMF pointed out that bilateral aid to Sub-Saharan Africa declined by 16 to 20 per cent in 2025, removing an important financial cushion at a time when commodity and shipping costs are surging.

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Seplat Energy appoints Effiong Okon as chief executive officer

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Seplat Energy Plc has appointed Effiong Okon as its chief executive officer, making him the first Akwa Ibom indigene to occupy the top executive position at the Nigerian energy company.

Mr Okon, an engineer with more than 35 years of experience in the oil and gas industry, was appointed by the company’s board of directors in June 2026 and assumed office on 1 August 2026, according to information published on Seplat Energy’s website.

Mr Effiong Okon, CEO of, Seplat Energy Plc
Mr Effiong Okon, CEO of, Seplat Energy Plc

Onofiok Luke, a former member of the House of Representatives and former speaker of the Akwa Ibom State House of Assembly, commended the appointment, describing it as a significant milestone for the state.

In a Facebook post, Mr Luke congratulated Mr Okon, saying his emergence reflected years of professional dedication, competence and service.

He said the appointment should inspire young people from Akwa Ibom to pursue leadership positions in the oil and gas industry and other globally competitive sectors.

“For years, we have consistently clamoured, advocated and hoped to see our sons and daughters rise to the apex of International Oil Companies, particularly those operating within our communities and drawing substantially from our natural endowments,” Mr Luke wrote.

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He also called for greater opportunities for local professionals and host communities, arguing that communities where oil and gas are extracted should participate not only in resource production but also in industry leadership, value creation and prosperity.

Mr Luke cited Udom Inoyo, a former vice chairman of ExxonMobil’s Nigerian affiliates, as one of the Akwa Ibom professionals who had previously attained senior leadership positions in the industry.

He wished Mr Okon a successful tenure and described the appointment as a source of inspiration to aspiring professionals from the state.

Career and industry experience

Mr Okon joined Seplat Energy in 2018 and has held several senior positions, including executive director of operations, director of new energy, and director of projects. He also served as managing director of ANOH Gas Processing Company Limited, a joint venture between Seplat Energy and Nigerian National Petroleum Company Limited (NNPC).

According to his biography, he oversaw the development of the 300-million-standard-cubic-feet-per-day ANOH Gas Processing Plant, which achieved its first gas in January 2026.

ANOH is an acronym for Assa North-Ohaji South, a major natural gas development project located in Imo State, Nigeria

Before joining Seplat, Mr Okon spent 26 years at Shell, where he held senior positions in Nigeria, Europe, the Middle East and the Americas. His assignments included vice president of cost leadership and continuous improvement in the Netherlands, general manager of deepwater and offshore assets in Nigeria, and deputy vice president technical and manager of the North Field at Qatar Shell.

He also participated in the commissioning and early production phases of Qatar’s Pearl gas-to-liquids project and QatarGas LNG Trains 7 and 8, according to his biography.

Mr Okon studied at the University of Benin and attended IMD Business School in Lausanne, Switzerland, and Harvard Business School in Boston, United States. He is a fellow of the Nigerian Society of Engineers and the UK Energy Institute, and a registered engineer in Nigeria.

He is married to Bertha Okon, and they have four children.

Seplat’s growth and acquisition of Mobil’s Nigeria business

Seplat Energy was established in 2009 through a partnership between Shebah Petroleum Development Company and Platform Petroleum Joint Ventures. The company has since expanded its operations in Nigeria’s oil and gas industry, with interests spanning hydrocarbon production, gas processing, and energy transition initiatives.

A major turning point came in December 2024, when Seplat completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU), the Nigerian shallow-water oil and gas business formerly owned by ExxonMobil. The transaction followed an agreement announced in February 2022 and regulatory approvals for the deal.

Following the acquisition, Seplat renamed the business Seplat Energy Producing Nigeria Unlimited (SEPNU). The acquired assets include interests in four oil mining leases — OMLs 67, 68, 70 and 104 — operated under a joint venture with NNPC, as well as associated infrastructure, including the Qua Iboe Terminal and interests in the Bonny River Terminal and gas processing facilities.

READ ALSO: AFC appoints Cardoso as board chairman

Seplat said the acquisition more than doubled its production and expanded its portfolio across onshore and shallow-water operations. The enlarged business has interests in oil and gas fields, gas processing facilities and export terminals, strengthening its position among Nigeria’s indigenous energy producers.

The company is listed on both the Nigerian Exchange and the London Stock Exchange. Its operations contribute to Nigeria’s oil production and domestic gas supply, with gas serving as an important fuel for electricity generation and industrial activity. The company has also identified gas-led growth and the development of cleaner energy solutions as priorities in its strategy.

Mr Okon takes over the leadership of the enlarged company following this expansion, with responsibility for overseeing its operations, project delivery, production growth, and gas development strategy.


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Ebola: Keyamo orders 46 contacts of infected woman placed on 21-day no-fly list

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has directed the Nigeria Civil Aviation Authority (NCAA) to notify local and international airlines to place 46 people who had contact with Nigeria’s confirmed Ebola patient on a no-fly list for at least 21 days.

Mr Keyamo disclosed this on Wednesday after a virtual meeting with the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, to discuss measures to contain the outbreak.

He said the list comprised 44 people who came into contact with the infected woman at a hospital after she developed symptoms, as well as two members of her domestic staff.

The minister said efforts were ongoing to isolate the individuals while health authorities determined whether they had contracted the virus.

He said he had directed the NCAA to notify all domestic and international airlines of the restriction immediately.

Airport surveillance intensified

Mr Keyamo also directed the Federal Airports Authority of Nigeria (FAAN) to strengthen Ebola surveillance and response measures at all international airports in the country.

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According to him, measures being implemented include enhanced health screening, temperature checks, tracking of travellers’ histories, digital health declarations and coordination with the Nigeria Centre for Disease Control and Prevention (NCDC).

He said the measures followed earlier alerts about Ebola outbreaks in the region.

ALSO READ: Ebola: Nigerian govt assures citizens of containment strategies

Nigeria confirmed its first Ebola case in the Federal Capital Territory on Tuesday, prompting contact tracing and other containment measures.

The patient, a woman who recently arrived in Nigeria on an international flight from Uganda, is receiving treatment in isolation at a private hospital in Abuja.

PREMIUM TIMES reported that health authorities identified 44 close contacts of the patient and began tracing people who may have been exposed to the virus.

The 21-day restriction ordered by Mr Keyamo is intended to prevent the identified contacts from travelling by air during the period in which symptoms may develop.

Ebola virus disease can cause severe illness and is transmitted through direct contact with the blood or other bodily fluids of an infected person, or contaminated materials. Its incubation period typically ranges from 2 to 21 days.


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