Tinubu Says Reforms Are Rewriting Nigeria’s Economic Story, Targets Jobs, Shared Prosperity

Tinubu Says Reforms Are Rewriting Nigeria’s Economic Story, Targets Jobs, Shared Prosperity

President Bola Ahmed Tinubu has said his administration is working to rewrite Nigeria’s long-standing story of economic underperformance through reforms aimed at removing structural barriers, unlocking the country’s potential and creating jobs, boosting productivity and promoting shared prosperity.

The President stated this on Monday in Abuja while declaring open the 32nd Nigerian Economic Summit, with the theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.” He was represented at the event by Vice President Kashim Shettima.

Tinubu said his administration began with difficult economic adjustments, stressing that there was no shortcut to economic growth and that stabilising the economy was necessary to create opportunities for Nigerians.

“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,” he said.

The President explained that rescuing the economy meant improving livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.

He added that Nigeria must create an environment that enables both the public and private sectors to invest, expand and generate productive employment.

Tinubu noted that the summit’s theme builds on the ambition of the previous edition to achieve a prosperous and inclusive Nigeria by 2030.

According to him, his administration has introduced reforms to dismantle structural barriers that have prevented the country’s human and natural resources from translating into prosperity.

“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” he said.

The President, however, stressed that job creation alone was not enough, noting the need to improve the quality of employment, reduce underemployment and make better use of Nigeria’s underutilised workforce.

He said productivity must guide decisions on infrastructure, education, industrial policy and investment incentives, adding that infrastructure should be assessed by the economic activities it generates, while education should be measured by the skills and productivity it delivers.

On economic performance, 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 said non-oil activities accounted for 96.08 per cent of GDP, while manufacturing grew by 3.29 per cent and the oil sector by 2.57 per cent.

According to the President, the figures reflect progress in the country’s economic recovery and diversification efforts, although he maintained that the administration’s ambitions must go beyond favourable statistics.

Tinubu further disclosed 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 to reduce regulatory burdens, strengthen transparency and policy predictability, and expand access to finance to sustain investment.

The President also highlighted ongoing tax reforms aimed at establishing a modern and equitable system that finances development while providing businesses with greater certainty.

On electricity, he said the administration was reforming the power market to improve supply and attract investment in generation, transmission, distribution and alternative energy.

In agriculture, Tinubu said the government was connecting farms to storage facilities, processing centres and markets while expanding irrigation, mechanisation, financing and rural infrastructure.

He added that the administration was also working to move the solid minerals sector beyond extraction towards domestic processing, industrial production and exports.

Despite the progress recorded, the President acknowledged that much work remained, noting that young Nigerians had continued to demonstrate their ability to compete globally in technology, financial services and the creative industries.

In her remarks, the United Nations Deputy Secretary-General, Dr. Amina Mohammed, acknowledged the gains from the administration’s reforms but called for their urgent consolidation and stabilisation.

She also stressed the importance of managing expectations among citizens and other stakeholders, while commending the African Development Bank for its new financial architecture aimed at supporting development across the continent, particularly through financing programmes with measurable impact.

The Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, presented the proposed Nigerian Economic Policy Framework, describing it as a national economic doctrine that would guide how the country makes economic decisions and measures progress.

Oyedele invited members of the Nigerian Economic Summit Group (NESG) and private sector experts to scrutinise the draft framework and contribute to its development using facts and figures.

He identified enterprise, open but fair markets and whole-of-government coherence as some of the principles underpinning the framework. Its key areas of focus include economic stability, human capital development and productivity.

In his welcome address, the Chairman of the NESG, Mr. Olaniyi Yusuf, said participation at the summit reflected stakeholders’ commitment to inclusive and impactful economic growth.

Yusuf acknowledged the Federal Government’s efforts to improve the ease of doing business but said the priority should be to stabilise the economy rather than reverse ongoing reforms.

He added that the summit should help Nigeria move from policy consensus to practical solutions that promote job creation, improve productivity and deliver shared prosperity.

Also speaking, the Chairman and Founder of BUA Group, Abdul Samad Rabiu, commended the Tinubu administration’s economic reforms, saying they had begun to address longstanding challenges facing Nigerian businesses.

While acknowledging the difficulties experienced by ordinary Nigerians, Rabiu said improved access to foreign exchange had created a more predictable business environment.

“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 said.

Other dignitaries at the opening session included Anambra State Governor, Prof. Chukwuma Soludo; Lagos State Governor, Mr. Babajide Sanwo-Olu; 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, alongside business leaders from Nigeria and other countries.

Tinubu Says Reforms Are Rewriting Nigeria’s Economic Story, Targets Jobs, Shared Prosperity