President Bola Tinubu used his 66th independence anniversary speech to highlight his administration’s economic successes.
In a nationwide broadcast on Thursday morning, Mr Tinubu said his administration implemented tough reforms that have begun having a positive impact on the economy.
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He said the Nigerian economy has grown by over 4 per cent, oil theft is down, inflation has fallen, and foreign reserves have been rebuilt.
“Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Mr Tinubu said.
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“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he added.
The president alluded to an array of economic reforms his administration has pursued since inception, emphasising that his government chose to address the root causes of a myriad of economic challenges rather than adopt palliative measures as previous leaders did.
He noted that the government has been able to curb oil theft significantly, drive down inflation, which has sparked one of the worst cost-of-living crises in the nation’s history, report record non-oil revenue (over $6 billion in 2025) and stabilise the foreign exchange.
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Nigeria’s foreign exchange reserves recently crossed $55 billion, its peak in nearly two decades, following a series of reforms introduced to strengthen the FX market after many international investors deserted the country amid a currency squeeze years ago.
In August, global ratings agency Moody’s upgraded its outlook for Nigeria to “positive” from “stable” in response to the country’s stronger external position, notably its FX reserves.
Mr Tinubu said during his address that foreign observers, NGOs, journalists, and multilateral institutions have acknowledged that the reforms have helped build resilience and stability in the economy, adding that the private sector has deepened growth while foreign direct investment has been growing.
He stated that “we have reached a turning point,” remarking that the economy is now on a sound footing and that the purpose of his administration is now “shared and widespread prosperity.”
The president said he aspires to a Nigeria where farmers can cultivate and produce at lower cost and earn a decent return for labour, where factories can operate with a stable electricity supply, and businesses can access credit.
According to him, the focus will shift to cutting the cost of living, which he said will be achieved by reducing production costs and “moving the things Nigerians consume.”
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Headline inflation only slightly improved in August, edging down to 15.39 per cent from 15.43 per cent, according to the National Bureau of Statistics.
The government’s decision to abolish costly petrol subsidies in May 2023, even though it was viewed as investor-friendly and a relief for public finances, has put substantial pressure on the cost of living, with energy, transportation and food costs not at unusually elevated levels.
In its interest rate decision last week, the Central Bank of Nigeria’s monetary policy committee cut the reference rate by as much as 3.5 per cent, citing a divergence in market rates. The expansionary stance is expected to deepen growth, at least in the near term.
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