By Cross Udo, Abuja
President Bola Tinubu on Monday declared that his administration’s economic measures were beginning to rewrite Nigeria’s longstanding story of underperformance, while laying the foundation for sustainable growth.
Tinubu said the policies were dismantling structural barriers, restoring investor confidence and creating conditions for increased productivity, employment and shared prosperity.
The President spoke at the opening of the 32nd Nigerian Economic Summit in Abuja, where he was represented by Vice-President Kashim Shettima.
He said the administration began with a difficult economic reset because there was no shortcut to achieving sustainable growth.
“We came to rewrite the story of a nation that has performed below its potential for far too long,” Tinubu said.
He said rescuing the economy meant improving livelihoods and transforming the prospects of jobseekers, farmers, manufacturers, entrepreneurs and innovators.
According to him, economic stability was necessary before Nigeria could fully exploit opportunities presented by its large and growing population.
He said government must create conditions enabling the public and private sectors to invest, expand businesses and generate productive employment.
*Says measures restoring confidence, laying foundation for sustainable growth
Tinubu said his administration had initiated measures to remove structural obstacles that had prevented Nigeria’s resources from translating into greater prosperity.
“These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth,” he said.
The President said the administration was encouraged by the progress recorded so far but acknowledged that the task remained unfinished.
He stressed that job creation alone was insufficient, insisting that the quality of employment and productivity must also improve.
“Our pursuit of prosperity demands greater productivity from every worker, enterprise and investment,” he said.
Tinubu said infrastructure should be assessed by the economic activity it generated, while education should be measured by the skills and productivity it delivered.
He also said industrial policies should strengthen the competitiveness of Nigerian businesses and ensure investment incentives attract capital, technology, exports and jobs.
*Highlights GDP expansion, rising investment and economic diversification
The President cited National Bureau of Statistics figures showing that inflation-adjusted GDP grew by 3.89 per cent in the first quarter of 2026.
The figure represented an improvement from 3.13 per cent recorded during the corresponding period of 2025.
Tinubu also highlighted the changing structure of the economy, saying non-oil activities accounted for 96.08 per cent of GDP.
Manufacturing grew by 3.29 per cent, while the oil sector recorded 2.57 per cent growth during the period.
He said capital importation reached $10.37 billion in the first quarter, representing an 83.83 per cent increase over the corresponding period of 2025.
Tinubu said the government would continue easing regulatory burdens, strengthening transparency and improving policy predictability to sustain investment inflows.
He also defended the tax changes, describing them as efforts to build a modern and equitable system capable of financing development.
The President identified energy, agriculture and solid minerals as sectors requiring sustained investment and structural transformation.
He said the administration was connecting farms with storage facilities, processing centres and markets while expanding irrigation, mechanisation, financing and rural infrastructure.
In the solid minerals sector, Tinubu said Nigeria must move beyond extraction towards domestic processing, industrial production and exports.
He, however, cautioned that the administration’s economic ambition must extend beyond favourable statistics and translate into tangible improvements in citizens’ lives.
United Nations Deputy Secretary-General, Dr Amina Mohammed, acknowledged the gains recorded under the administration but urged their consolidation and stabilisation.
She also called for effective management of expectations among citizens and other stakeholders as the country navigates the continuing economic adjustments.
Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, presented the Nigerian Economic Policy Framework as a proposed national economic doctrine.
Oyedele said the framework would guide economic decisions and provide a basis for measuring genuine progress.
He identified enterprise, open but fair markets and whole-of-government coherence among its guiding principles.
Nigerian Economic Summit Group Chairman, Olaniyi Yusuf, said stakeholders should focus on stabilising the changes already introduced rather than seeking policy reversals.
He said the summit should help move Nigeria from broad policy consensus to practical solutions capable of delivering jobs, higher productivity and shared prosperity.
Chairman of BUA Group, Abdul Samad Rabiu, also commended the administration’s economic measures, particularly improvements in foreign-exchange access.
Rabiu, however, acknowledged the difficulties confronting ordinary Nigerians, saying greater predictability in accessing foreign exchange had improved the operating environment for businesses.
The 32nd Nigerian Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” brought together government officials, business leaders and economic stakeholders.
The gathering is expected to deepen discussions on how Nigeria can convert recent economic gains into stronger productivity, employment and improved living standards.
