Economic Reforms Restoring Confidence, Ensuring Sustainable Growth

President Bola Tinubu has said his administration’s economic reforms are restoring confidence among investors and businesses, strengthening Nigeria’s economic foundations and creating conditions for sustainable growth.

Tinubu stated this on Monday, October 26, while declaring open the 32nd Nigerian Economic Summit in Abuja. He was represented at the event by Vice-President Kashim Shettima.

The summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” brought together government officials, business leaders and other stakeholders to discuss strategies for improving productivity, creating jobs and expanding economic opportunities.

According to the President, the administration began with difficult economic adjustments because Nigeria could not achieve lasting growth without addressing longstanding structural problems.

He said the reforms were designed to remove barriers that had prevented the country from fully benefiting from its human and natural resources.

“Rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators,” Tinubu said.

He stressed that economic progress should be measured not only through headline statistics but also by improvements in employment, productivity, living standards and opportunities for businesses to expand.

Tinubu cited National Bureau of Statistics figures showing that Nigeria’s inflation-adjusted gross domestic product grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of 2025.

He also stated that non-oil activities accounted for 96.08 per cent of gross domestic product, while manufacturing grew by 3.29 per cent during the period.

On investment, the President reported that capital importation reached $10.37 billion in the first quarter of 2026, representing an increase of 83.83 per cent compared with the same period in 2025.

He said the government would continue easing regulatory burdens, strengthening transparency and policy predictability, and expanding access to finance.

Tinubu also highlighted plans to improve agricultural productivity through irrigation, mechanisation, rural infrastructure and stronger connections between farms, processing facilities and markets. In the solid minerals sector, he said the administration was seeking to promote domestic processing and industrial production rather than relying primarily on raw-material extraction.

However, he acknowledged that the work remained unfinished, stressing that economic reforms must ultimately produce quality jobs, reduce underemployment and improve livelihoods.

United Nations Deputy Secretary-General Amina Mohammed acknowledged progress while urging the government to consolidate the gains, stabilise the reforms and manage public expectations.

Finance Minister Taiwo Oyedele also presented a proposed Nigerian Economic Policy Framework intended to guide economic decision-making, with emphasis on enterprise, fair markets, economic stability and productivity.