Uzodimma Touts Tinubu’s Reforms, Says Nigeria on Path to Recovery, Investment Growth

Governor Hope Uzodimma has declared that Nigeria is experiencing steady economic recovery and renewed investor confidence under President Bola Ahmed Tinubu, citing sweeping fiscal and monetary reforms as the foundation of the turnaround.

Addressing members of the diplomatic corps in Abuja on May 10, Uzodimma said the administration’s early decisions to remove fuel subsidies and float the naira have eliminated entrenched corruption channels, improved public finances, and repositioned the economy for long-term growth.

He described the subsidy regime as a major source of systemic corruption, noting that its removal immediately halted what he called one of the largest leakages in Nigeria’s public finances. According to him, the move has freed up trillions of naira, now being redirected into infrastructure, social investment, and economic expansion.

Uzodimma said allocations to federal, state, and local governments have risen significantly, with monthly disbursements reaching between N1.8 trillion and N2.6 trillion in recent months. He added that states now enjoy improved fiscal stability, reducing dependence on federal bailouts and high-interest borrowing.

Highlighting infrastructure development, the governor pointed to ongoing projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway, alongside over 440 road projects nationwide. He said these investments are already boosting economic activity, cutting travel time, and increasing property values in key corridors.

On monetary reforms, Uzodimma said the unification of exchange rates has restored transparency and predictability in the foreign exchange market. He noted that Nigeria’s foreign reserves have grown to about $49.4 billion, while the gap between official and parallel market rates has narrowed significantly.

He further disclosed that diaspora remittances have tripled, foreign direct investment commitments have exceeded $50 billion, and the Nigerian stock market has recorded strong gains in 2026, reflecting rising investor confidence.

Despite global economic pressures, including disruptions linked to Middle East tensions, Uzodimma said Nigeria has maintained relative stability, with inflation declining for most of the past year and GDP growth reaching over four per cent in late 2025.

The governor also highlighted gains in education, tax reforms, digital economy expansion, and security efforts, including ongoing legislative moves toward state policing and enhanced international cooperation.

He urged foreign governments, investors, and development partners to align with Nigeria’s “Renewed Hope” agenda, stressing that current reforms have created a more stable and bankable environment for investment.

Uzodimma concluded that Nigeria is not merely enduring reforms but progressing through them, expressing confidence that the country will emerge more competitive and economically resilient.