Nigeria Stabilising, Economy Rebounding — Tinubu at Year Three

President Bola Ahmed Tinubu on Thursday declared that Nigeria’s economy has stabilised and is on a path to sustainable growth, three years after his administration embarked on sweeping reforms to address deep-rooted fiscal and structural challenges.

In a nationwide address marking the third anniversary of his administration, Tinubu acknowledged the hardship caused by key policy decisions, including fuel subsidy removal and exchange rate unification, but insisted the measures were necessary to avert economic collapse and secure long-term recovery.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily,” the President said, noting that the policy drained over ₦4 trillion in 2022 alone. He added that multiple exchange rate systems had also cost the country more than ₦8 trillion in losses due to arbitrage and speculative practices.

Tinubu said the government chose “reform over ruin,” warning that failure to act would have led to worsening poverty, fiscal breakdown, and economic instability. While admitting that rising living costs have placed pressure on households and businesses, he assured Nigerians that “your sacrifice has not been in vain.”

Highlighting economic gains, the President pointed to significant growth in the capital market, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, and market capitalisation increasing from ₦30 trillion to ₦160 trillion. He said investor confidence is improving and public finances are strengthening, enabling subnational governments to invest more in development.

On infrastructure, Tinubu disclosed that over 2,700 kilometres of roads are currently under construction or rehabilitation nationwide, including major projects such as the Lagos-Calabar Coastal Highway and Abuja-Kaduna-Zaria-Kano Road. Rail modernisation efforts, he added, are also advancing to improve connectivity and economic integration.

In the energy sector, the President said reforms have attracted billions of dollars in new investments, with projects like the $5 billion NLNG Train 7 nearing completion. He noted improvements in domestic refining capacity and gas utilisation, which are helping reduce reliance on fuel imports and conserve foreign exchange.

Tinubu also outlined progress in social interventions, stating that more than 1.5 million students have benefited from the Nigerian Education Loan Fund, with over ₦282 billion disbursed. The Renewed Hope Housing Programme, he said, is delivering over 10,000 housing units across 14 states and the Federal Capital Territory, generating more than 300,000 jobs.

In agriculture, the administration has supported farmers with improved inputs, mechanisation, and access to finance, while new agricultural corridors are being developed to boost food production and reduce inflationary pressures.

Addressing security, Tinubu said operations against terrorists, bandits, and criminal networks have intensified, with gradual improvements in safety across affected communities. He reaffirmed the government’s commitment to restoring peace and ensuring that Nigerians can live and work without fear.

The President also highlighted efforts to revitalise the telecommunications sector and expand digital infrastructure, describing connectivity as critical to economic competitiveness and innovation.

Looking ahead, Tinubu said the administration’s priority is to ensure that the benefits of reforms are felt more directly by citizens, particularly through lower food and transportation costs, job creation, and expanded economic opportunities.

He called for national unity and collective responsibility, urging Nigerians to remain hopeful and committed to nation-building.

“We have not solved every problem, but the foundation for recovery has been laid,” Tinubu said. “Let us move forward together to build a secure, prosperous, and inclusive Nigeria.”