President Bola Tinubu said his administration is rewriting Nigeria’s decades-long story of economic underperformance through far-reaching reforms designed to dismantle structural barriers, unlock the nation’s potential and deliver jobs, productivity and shared prosperity.
The president said the reforms are restoring confidence, strengthening the country’s economic foundations and laying the groundwork for sustainable growth.
He spoke on Monday in Abuja at the opening of the 32nd Nigerian Economic Summit, organised by the Nigerian Economic Summit Group (NESG).
Mr Tinubu, who was represented by Vice President Kashim Shettima, declared the summit open on the theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
No shortcut to growth
The President said his administration began on a difficult note because there is no shortcut to economic growth.
“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,” Mr Tinubu said.
“For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.”
He said Nigeria cannot harness the opportunities offered by its growing population without first stabilising the economy and creating conditions for the public and private sectors to invest, expand and generate productive employment.
Mr Tinubu said the summit’s theme built on the ambition of the previous edition to achieve a prosperous and inclusive Nigeria by 2030.
He said his administration has “since set in motion a series of reforms to dismantle the structural barriers that have prevented our abundant human and natural resources from yielding prosperity.”
“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” he added.
Jobs, productivity and quality of work
Mr Tinubu said creating jobs was only half the task.
He stressed the need to improve the quality of work, reduce underemployment and harness the potential of the nation’s 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 said.
GDP, diversification and investment inflows
Mr Tinubu outlined what he described as the achievements of his administration’s reforms, saying they have been well documented.
Citing figures from the National Bureau of Statistics, he said Nigeria’s inflation-adjusted GDP grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent a year earlier.
On economic diversification, he 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.
He said the gains have reinforced his administration’s confidence in the path of recovery and diversification.
The president said his administration’s ambition must go beyond favourable statistics, even as the development narrative is changing and investor confidence is returning.
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“In the first quarter of 2026, our capital importation reached $10.37 billion, an increase of 83.83 per cent 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 stated.
Tax, power, agriculture and solid minerals
Mr Tinubu said the government’s tax reforms seek to build a modern, equitable system that finances development and gives businesses certainty.
He said the discipline must guide 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,” he said.
On agriculture, the president said the administration is connecting farms to storage facilities, processing centres and markets while expanding irrigation, mechanisation, finance and rural infrastructure.
He added that the government is also seeking “to move beyond extraction into domestic processing, industrial production and exports” in the solid minerals sector.
He noted that despite the gains, the task remains far from finished, even as young Nigerians have demonstrated their capacity to compete globally in technology, financial services and the creative industries.
