“I know what I came into office to do” — President Tinubu

President Bola Tinubu has said his administration is working to rewrite Nigeria’s long-standing economic challenges through reforms aimed at removing structural barriers, attracting investment, creating jobs and delivering shared prosperity.

Tinubu stated this while addressing the 32nd Nigerian Economic Summit, where he defended his administration’s economic policies and said the reforms were designed to unlock the country’s human and natural resources.

According to the President, the government began with what he described as a difficult economic reset, stressing that sustainable growth requires stabilisation and an environment that encourages investment by both the public and private sectors.

“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,” he said.

Tinubu explained that the administration’s economic agenda was intended to improve livelihoods and expand opportunities for young jobseekers, farmers, manufacturers, entrepreneurs and innovators.

He said Nigeria must first stabilise its economy and create conditions that would enable businesses to expand, attract capital and generate productive employment.

The President noted that the summit’s theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” builds on the ambition of the previous edition to achieve a prosperous and inclusive Nigeria by 2030.

He said his administration had introduced reforms to address structural challenges that had prevented the country from fully benefiting from its abundant resources.

“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” Tinubu said.

Tinubu Highlights GDP Growth, Investment Inflows

The President acknowledged that creating jobs alone was insufficient, arguing that the government must also improve the quality of employment, reduce underemployment and ensure that the country’s workforce was more productive.

He said infrastructure investments should be assessed by the economic activities they generate, while educational outcomes should be measured by the skills and productivity they deliver.

Tinubu also called for stronger industrial competitiveness and investment policies capable of attracting capital, technology, exports and employment opportunities.

To support his assessment of the economy, the President cited figures from the National Bureau of Statistics (NBS), which he said showed that Nigeria’s inflation-adjusted Gross Domestic Product (GDP) grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of 2025.

He added that non-oil activities accounted for 96.08 per cent of GDP, while manufacturing grew by 3.29 per cent and the oil sector expanded by 2.57 per cent.

According to Tinubu, the figures have reinforced the administration’s confidence in its economic recovery and diversification agenda.

The President, however, said the government’s ambition must extend beyond positive economic statistics, emphasising the need to translate growth into better living conditions and increased opportunities for Nigerians.

He also disclosed that Nigeria recorded $10.37 billion in capital importation in the first quarter of 2026, representing an 83.83 per cent increase compared with the corresponding period in 2025.

Tinubu said the inflows comprised both portfolio and foreign direct investment, adding that the government would continue to reduce regulatory bottlenecks, improve transparency, strengthen policy predictability and expand access to finance.

President Outlines Plans for Key Economic Sectors

On taxation, Tinubu said the administration’s reforms were aimed at establishing a modern and equitable system capable of financing development while providing businesses with greater certainty.

He also highlighted ongoing electricity market reforms, saying the government was working to improve power supply and attract investment in generation, transmission, distribution and alternative energy sources.

In agriculture, the President said his administration was connecting farms to storage facilities, processing centres and markets while expanding irrigation, mechanisation, financing and rural infrastructure.

He added that the government was seeking to move the solid minerals sector beyond the extraction of raw materials towards domestic processing, industrial production and exports.

Tinubu maintained that, despite what he described as progress under the reform programme, much work remained to be done.

He also praised young Nigerians for demonstrating their ability to compete internationally in technology, financial services and the creative industries, stressing the importance of creating an environment in which their talents could contribute more significantly to national development.

The President said the administration would continue pursuing reforms intended to strengthen the economy, attract investment and expand productive opportunities across the country.

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