.Stresses financial reforms are restoring confidence, laying basis for sustainable progress
Deji Elumoye in Abuja
President Bola Tinubu on Monday disclosed that his authorities is rewriting Nigeria’s decades-long story of financial underperformance by way of far-reaching reforms designed to dismantle structural limitations, unlock the nation’s huge potential and ship jobs, productiveness and shared prosperity.
According to him, the administration is at present endeavor what it got here into workplace to attain: rewriting the story of a nation that has carried out beneath its potential for much too lengthy.
Speaking in Abuja whereas formally declaring open the 32nd Nigerian Economic Summit, the President, who was represented by Vice President Kashim Shettima, famous that his authorities started on a troublesome be aware as a result of there is no such thing as a shortcut to financial progress.
His phrases: “Distinguished girls and gents, we got here to rewrite the story of a nation that has carried out beneath its potential for much too lengthy. But there is no such thing as a shortcut to financial progress. This is why we started with a troublesome reset. For us, rescuing the economic system means rescuing livelihoods and remodeling the fortunes of younger jobseekers, farmers, producers, 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.”
Tinubu noticed that the summit’s theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” constructed on the ambition of the earlier version of the annual occasion to attain a affluent and inclusive Nigeria by 2030.
He famous that his administration has “since set in movement a collection of reforms to dismantle the structural limitations which have prevented our plentiful human and pure sources from yielding prosperity.
“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” he added, noting that the administration is inspired by what it has completed to date.
Acknowledging that creating jobs was solely half the duty, the President pressured the necessity to “improve the quality of work, reduce underemployment and harness the potential” of the nation’s underutilised workforce.
“Our pursuit of prosperity calls for larger productiveness from each employee, enterprise and funding. We should choose infrastructure by the financial exercise it generates and schooling by the abilities and productiveness 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.”
Tinubu outlined what he described because the achievements of his administration’s reforms, saying they’ve been nicely documented. He cited figures from the National Bureau of Statistics indicating that Nigeria’s inflation-adjusted GDP grew by 3.89% within the first quarter of 2026, in contrast with 3.13% a 12 months earlier.
On financial diversification, he acknowledged that “non-oil activities accounted for 96.08% of GDP, while manufacturing grew by 3.29% and the oil sector by 2.57%,” emphasising that the positive factors have strengthened his administration’s confidence within the path of restoration and diversification.
The President acknowledged, nonetheless, that his administration’s ambition should transcend beneficial statistics, whilst the event narrative is altering and investor confidence is returning.
Outlining the administration’s positive factors to date, he mentioned, “In the primary quarter of 2026, our capital importation reached $10.37 billion, a rise of 83.83% over the corresponding interval in 2025. This comprised each portfolio and overseas direct funding. We will, due to this fact, proceed to ease regulatory burdens, strengthen transparency and coverage predictability, and develop entry to finance.
“Our tax reforms seek to build a modern, equitable system that finances development and gives businesses certainty. This discipline must guide our investments in all sectors of the economy, including energy, agriculture and solid minerals. We are reforming the electricity market to improve supply and attract investment in generation, transmission, distribution and alternative energy.”
On agriculture, Tinubu mentioned the administration is connecting farms to storage amenities, processing centres and markets whereas increasing irrigation, mechanisation, finance and rural infrastructure.
He added that the federal government can also be in search of “to move beyond extraction into domestic processing, industrial production and exports” within the strong minerals sector.
The President, nonetheless, famous that regardless of the positive factors of his administration’s financial reforms, the duty stays removed from completed, whilst younger Nigerians have demonstrated their capability to compete globally in know-how, monetary providers and the inventive industries.
On her half, United Nations Deputy Secretary-General, Dr. Amina Mohammed, assessed the reforms carried out below the Tinubu administration, acknowledging the positive factors whereas urging their pressing consolidation and stabilisation, in addition to the efficient administration of expectations amongst residents and different stakeholders.
She additionally applauded the African Development Bank (AfDB) for its new monetary structure for growth throughout the African continent, significantly its prioritisation of financing programmes that focus on impactful growth.
In his remarks, Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, introduced the Nigerian Economic Policy Framework, which he described as a nationwide financial doctrine that establishes how Nigeria makes financial selections and measures actual progress.
The minister invited members of the Nigerian Economic Summit Group (NESG) and personal sector specialists to make precious contributions to the event of the framework by rigorously critiquing the draft proposal with information and figures.
He mentioned the rules underpinning the framework embody enterprise, open however truthful markets, and whole-of-government coherence.
Oyedele additionally listed key areas of focus within the proposed framework, together with financial stability, human capital growth and productiveness, amongst others.
Earlier in his welcome handle, Chairman of the NESG, Mr. Olaniyi Yusuf, mentioned participation on the 32nd summit mirrored stakeholders’ dedication to contributing to inclusive and impactful progress, whereas acknowledging the Federal Government’s efforts to enhance the convenience of doing enterprise within the nation.
He mentioned that though the reforms of the Tinubu administration could have launched vital modifications to Nigeria’s financial constructions, the duty earlier than financial specialists on the summit and past was to make sure stabilisation slightly than search a reversal of the insurance policies.
Yusuf added that the 32nd version of the summit should assist Nigeria transfer from coverage consensus to a framework that resolves sensible points, noting that deliberations could be guided by proposals for job creation, improved productiveness and shared prosperity for all.
Also talking, Chairman and Founder of BUA Group, Abdul Samad Rabiu, recommended the financial reforms of President Tinubu’s administration, saying they’d begun to handle longstanding challenges confronting Nigerian companies.
Rabiu acknowledged the difficulties skilled by peculiar Nigerians however famous that enhancements in entry to overseas alternate had created a extra predictable setting for companies.
“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.
