President Tinubu Says Nigeria’s Economy is Recovering After Reforms

On Thursday, President Bola Tinubu expressed hope that Nigeria’s economic situation is improving, stating that the country is no longer in an “emergency ward” due to the reforms his administration has implemented. He made these comments during the launch of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future, which was authored by Hon. Abdulmumin Jibrin Kofa.

Represented by the Speaker of the House of Representatives, Hon. Abbas Tajudeen, Tinubu highlighted the challenges he faced when he took office, including a collapsing currency and a heavy debt burden. He emphasized that instead of choosing easy fixes, his government opted for tough but necessary reforms, such as removing fuel subsidies and unifying the exchange rate.

According to Tinubu, these decisions were difficult but essential for Nigeria’s recovery. He noted that non-oil sectors now make up about 96 percent of the country’s Gross Domestic Product (GDP), and non-oil exports have reached over $6 billion, marking a record high. He also mentioned that Nigeria’s foreign reserves have increased to about $55 billion, enough to cover over 14 months of imports.

The President stated that the focus has shifted from stabilizing the economy to achieving shared prosperity. He aims for Nigeria to reach a trillion-dollar economy by 2030, supported by a new budget that encourages private investment.

He pointed out that economic growth requires collaboration between the government and businesses. Tinubu also stressed the importance of infrastructure, mentioning ongoing projects like the Mambilla power project and the revival of refineries in the Niger Delta.

In closing, he called for unity in building a prosperous future for Nigeria, stating that the efforts being made today are laying a strong foundation for tomorrow. He thanked various individuals who contributed to the book launch and the discussion on Nigeria’s economic future.