President Bola Ahmed Tinubu has said his administration is working to reverse Nigeria’s decades-long economic underperformance through reforms aimed at removing structural barriers, attracting investment, creating jobs and improving living standards.
Tinubu spoke on Monday, October 26, 2026, at the opening of the 32nd Nigerian Economic Summit in Abuja, where Vice President Kashim Shettima represented him.
The President said the reforms were designed to unlock Nigeria’s economic potential and build a foundation for sustainable growth, productivity and shared prosperity.
“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,” he said.
“For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.”
Tinubu added that stabilising the economy was necessary to enable the public and private sectors to invest, expand businesses and create productive employment.
Nigeria’s GDP Growth Rises to 3.89%
The President highlighted improvements in economic performance, citing National Bureau of Statistics figures showing that Nigeria’s inflation-adjusted Gross Domestic Product (GDP) grew by 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the corresponding period of 2025.
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 recorded growth of 2.57 per cent.
According to Tinubu, the figures demonstrate progress in the administration’s efforts to diversify the economy beyond oil and strengthen domestic production.
However, he said the government’s ambitions must extend beyond favourable economic statistics to deliver tangible improvements in employment, productivity and the welfare of Nigerians.
The President also stressed the need to improve the quality of jobs, reduce underemployment and make better use of the country’s 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,” he said.
Capital Importation Hits $10.37bn
Tinubu also reported an increase in capital importation, saying Nigeria attracted $10.37 billion in the first quarter of 2026, representing an 83.83 per cent increase over the same period in 2025.
He said the inflows comprised portfolio investments and foreign direct investment, adding that the government would continue to ease regulatory burdens, strengthen transparency and improve policy predictability.
“We will, therefore, continue to ease regulatory burdens, strengthen transparency and policy predictability, and expand access to finance,” he said.
On taxation, the President said the administration’s reforms were intended to establish a modern and equitable system capable of financing development while providing businesses with greater certainty.
He also highlighted ongoing electricity market reforms aimed at improving power supply and attracting investment in generation, transmission, distribution and alternative energy.
Tinubu Highlights Agriculture and Solid Minerals Reforms
The President said the government was working to connect farms with storage facilities, processing centres and markets while expanding irrigation, mechanisation, financing and rural infrastructure.
In the solid minerals sector, he said the administration was seeking to move beyond raw material extraction towards domestic processing, industrial production and exports.
Tinubu acknowledged that the work remained unfinished despite the progress recorded so far.
He also pointed to the capacity of young Nigerians to compete internationally in technology, financial services and the creative industries, saying the country needed to create conditions that would enable more citizens and businesses to thrive.
UN Deputy Secretary-General Assesses Nigeria’s Reforms
The United Nations Deputy Secretary-General, Dr Amina Mohammed, acknowledged the gains recorded under the Tinubu administration’s economic reforms but stressed the need to consolidate and stabilise them.
She also emphasised the importance of managing expectations among citizens and other stakeholders as the reforms continue.
Mohammed commended the African Development Bank for its new financial architecture for development across Africa, particularly its focus on financing programmes designed to deliver meaningful development outcomes.
Nigeria Develops New Economic Policy Framework
The Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, presented the proposed Nigerian Economic Policy Framework, which he described as a national economic doctrine for guiding the country’s economic decisions and measuring progress.
Oyedele invited members of the Nigerian Economic Summit Group and private sector experts to review the draft framework and contribute evidence-based recommendations.
He identified enterprise, open but fair markets, and whole-of-government coherence as some of the principles underpinning the proposed framework.
The framework’s priority areas include economic stability, human capital development and productivity.
NESG Chairman Backs Economic Policy Stabilisation
In his welcome address, the Chairman of the Nigerian Economic Summit Group, Olaniyi Yusuf, said participation in the 32nd summit reflected stakeholders’ commitment to inclusive and impactful economic growth.
He acknowledged the Federal Government’s efforts to improve the ease of doing business but said the priority should be to stabilise the economy rather than reverse the policies introduced under the current administration.
Yusuf said the summit should help move the country from policy consensus to practical solutions capable of creating jobs, improving productivity and promoting shared prosperity.
BUA Founder Says FX Access Has Improved
The Chairman and Founder of BUA Group, Abdul Samad Rabiu, also commended the Tinubu administration’s economic reforms, saying they had begun addressing longstanding challenges facing Nigerian businesses.
While acknowledging the difficulties experienced by ordinary Nigerians, Rabiu said improved access to foreign exchange had created a more predictable environment for businesses.
“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 said.
The opening session was attended by Anambra State Governor Chukwuma Soludo, Lagos State Governor Babajide Sanwo-Olu, Minister of Budget and Economic Planning Abubakar Bagudu, Minister of Industry, Trade and Investment Jumoke Oduwole, Minister of Livestock Development Idi Mukhtar Maiha, and Minister of State for Budget and Economic Planning Doris Uzoka-Anite, alongside business leaders and other stakeholders.
The 32nd Nigerian Economic Summit is centred on the theme “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
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