President Bola Tinubu has said his administration is changing Nigeria’s longstanding economic trajectory through reforms aimed at removing structural barriers, attracting investment, creating jobs and improving productivity.
Tinubu spoke on Monday at the opening of the 32nd Nigerian Economic Summit Group, NESG, in Abuja, where he was represented by Vice President Kashim Shettima.
The summit has the theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
According to the President, his administration inherited an economy that had performed below its potential and therefore began with what he described as a difficult economic reset.
“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,” Tinubu said.
He said the government’s objective was not merely to improve economic statistics but to translate reforms into better livelihoods for young job seekers, farmers, manufacturers, entrepreneurs and innovators.
The President said the administration had introduced reforms to remove structural constraints that had prevented Nigeria’s human and natural resources from generating greater prosperity.
“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” he said.
GDP grows 3.89%
Tinubu cited data from the National Bureau of Statistics showing that Nigeria’s inflation-adjusted Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent recorded in the corresponding period of the previous year.
He also 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.
The President further disclosed that Nigeria recorded $10.37bn in capital importation in the first quarter of 2026, representing an 83.83 per cent increase over the corresponding period in 2025.
He said the government would continue efforts to reduce regulatory bottlenecks, improve transparency and policy predictability and expand access to finance.
Tinubu also highlighted reforms in taxation, electricity, agriculture and the solid minerals sector, saying the government was working to strengthen productive activity and attract investment.
On agriculture, he said the administration was linking farms with storage facilities, processing centres and markets while expanding irrigation, mechanisation, financing and rural infrastructure.
He added that the government wanted the solid minerals sector to move beyond extraction towards domestic processing, industrial production and exports.
‘Jobs must come with productivity’
Tinubu acknowledged that creating jobs alone would not be sufficient, stressing the need to improve the quality of employment, reduce underemployment and maximise the potential of Nigeria’s workforce.
He said infrastructure should be assessed by the economic activity it generates, while education should be measured partly by the skills and productivity it delivers.
The President also said industrial policies should be judged by the competitiveness of Nigerian businesses and investment incentives by the capital, technology, exports and jobs they attract.
Meanwhile, United Nations Deputy Secretary-General, Amina Mohammed, acknowledged the gains from the administration’s reforms but called for their consolidation and stabilisation, as well as effective management of expectations among citizens and stakeholders.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also presented the Nigerian Economic Policy Framework, describing it as a proposed national economic doctrine for guiding economic decisions and measuring progress.
Oyedele invited members of the NESG and private-sector experts to scrutinise the framework and contribute facts and recommendations before its finalisation.
The Chairman of the NESG, Olaniyi Yusuf, said the summit should help move Nigeria from policy agreement to practical solutions capable of delivering jobs, improved productivity and shared prosperity.
Also speaking, BUA Group Chairman, Abdul Samad Rabiu, commended the administration’s economic reforms, particularly improvements in access to foreign exchange, while acknowledging the difficulties still confronting ordinary Nigerians.
The summit brought together government officials, state governors, business leaders and other stakeholders to deliberate on measures for achieving sustainable and inclusive economic growth.