President Bola Tinubu has declared that his administration is steadily rewriting Nigeria’s decades-long history of economic underperformance.
Tinubu insists that the difficult reforms undertaken since he assumed office are beginning to yield results in economic growth, investment inflows, manufacturing and diversification.
The President says his administration had begun the difficult task of dismantling longstanding structural barriers that prevented Nigeria from realising its enormous economic potential.
He stresses that the reforms were restoring investor confidence, strengthening the country’s economic foundations, and creating opportunities for sustainable growth, productive employment, and shared prosperity.
Speaking at the opening of the 32nd Nigerian Economic Summit in Abuja, where he spoke through Vice President Kashim Shettima.
Tinubu maintained that the administration’s decision to undertake far-reaching economic reforms was informed by the understanding that Nigeria could not achieve sustainable prosperity without first addressing the structural weaknesses that had constrained its development for decades.
He acknowledged that the reforms began with difficult decisions but insisted that there was no shortcut to economic recovery, explaining that stabilising the economy was a necessary foundation for creating jobs, attracting investment and improving the livelihoods of Nigerians.
“Distinguished ladies and gentlemen, we came to rewrite the story of a nation that has performed below its potential for far too long. But there is no shortcut to economic growth. This is why we began with a difficult reset. For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.
“We cannot harness the immense opportunities offered by our growing population without first stabilising the economy. We must also create the conditions for the public and private sectors to invest, expand and generate productive employment”, he said.
The President noted that the summit’s theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity”, reflected his administration’s determination to translate economic reforms into tangible improvements in the living conditions of Nigerians.
According to him, the government had initiated reforms to remove structural impediments that had prevented the country’s abundant human and natural resources from producing commensurate economic prosperity.
“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth”, Tinubu declared.
Assessing the administration’s economic performance, the President cited figures from the National Bureau of Statistics showing that Nigeria’s inflation-adjusted Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the corresponding period of 2025.
He said the non-oil sector accounted for 96.08 per cent of GDP during the period, while manufacturing expanded by 3.29 per cent and the oil sector recorded 2.57 per cent growth, describing the figures as evidence of progress in the administration’s economic recovery and diversification efforts.
Tinubu also disclosed that capital importation into Nigeria rose significantly to $10.37 billion in the first quarter of 2026, up 83.83 per cent from the same period last year.
He said the inflows, comprising portfolio investments and foreign direct investment, demonstrated renewed confidence in the Nigerian economy and the government’s policy direction.
“In the first quarter of 2026, our capital importation reached $10.37 billion, an increase of 83.83% over the corresponding period in 2025. This comprised both portfolio and foreign direct investment. We will, therefore, continue to ease regulatory burdens, strengthen transparency and policy predictability, and expand access to finance”, he said.
The President, however, cautioned that the administration’s economic programme must ultimately be measured beyond favourable economic statistics, stressing that growth must translate into better jobs, increased productivity and improved living standards.
He observed that creating employment opportunities was only part of the challenge, noting that Nigeria must also improve job quality, reduce underemployment, and fully harness the potential of its largely underutilised workforce.
“Our pursuit of prosperity demands greater productivity from every worker, enterprise and investment. We must judge infrastructure by the economic activity it generates and education by the skills and productivity it delivers.
“We must judge industrial policy by the competitiveness of our firms and investment incentives by the capital, technology, exports and jobs they attract”, he stated.
Tinubu explained that the administration’s tax reforms were designed to establish a modern, equitable, and predictable system that can finance development while giving businesses the certainty needed for long-term investment.
He said the same policy discipline was guiding interventions in critical sectors, including electricity, agriculture, energy and solid minerals.
In the electricity sector, the President said the government was restructuring the market to improve power supply and attract investment across generation, transmission, distribution and alternative energy.
On agriculture, he said efforts were intensifying to connect farms with storage facilities, processing centres, and markets, while expanding irrigation, mechanisation, agricultural financing, and rural infrastructure.
He added that the administration was equally determined to transform the solid minerals sector from its traditional dependence on raw material extraction into a competitive industry driven by domestic processing, manufacturing and exports.
Tinubu acknowledged that considerable work remained despite the progress recorded, expressing confidence that young Nigerians’ creativity and global competitiveness in technology, financial services, and the creative industries could be harnessed to accelerate national development.
Speaking at the summit, United Nations Deputy Secretary-General, Dr. Amina Mohammed, acknowledged the gains recorded under the administration’s economic reforms but urged the government to consolidate and stabilise the progress while effectively managing public expectations.
She also commended the African Development Bank for its emerging development financing architecture, particularly its emphasis on programmes capable of producing measurable development outcomes across the continent.
In his presentation, the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, unveiled the proposed Nigerian Economic Policy Framework, describing it as a national economic doctrine intended to guide economic decision-making and establish credible standards for measuring progress.
Oyedele invited members of the Nigerian Economic Summit Group and other private sector experts to rigorously scrutinise the proposed framework, using facts and evidence to strengthen its provisions.
He identified enterprise development, open but fair markets, and whole-of-government policy coherence as guiding principles, while listing economic stability, human capital development, and productivity among its major priorities.
Earlier, the Chairman of the Nigerian Economic Summit Group, Olaniyi Yusuf, commended the Federal Government’s efforts to improve the business environment, noting that the administration’s reforms had fundamentally altered important aspects of the country’s economic structure.
He argued that the priority should now be to stabilise and consolidate the reforms rather than reverse them, challenging participants to develop practical solutions that would translate policy consensus into employment creation, higher productivity and shared prosperity.
Also speaking, BUA Group Chairman and Founder Abdul Samad Rabiu praised Tinubu’s economic reforms, saying they were beginning to resolve longstanding difficulties businesses in Nigeria face.
While acknowledging the economic hardship ordinary Nigerians face, Rabiu highlighted improvements in access to foreign exchange, which he said have brought greater predictability to business operations.
“For many years, one of the greatest challenges facing businesses was access to foreign exchange. You could have all the naira but be unable to obtain the foreign exchange needed to buy raw materials and machinery,” he recalled.
The summit attracted prominent government officials, development partners and private sector leaders, including Governors Chukwuma Soludo of Anambra State and Babajide Sanwo-Olu of Lagos State; Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Livestock Development, Idi Mukhtar Maiha; and Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite.
The 32nd Nigerian Economic Summit focuses on practical strategies to translate economic growth and policy reforms into productive employment, greater national competitiveness, and shared prosperity for Nigerians.
