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Tinubu Defends Reforms With 3.89% GDP Growth Report

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54 minutes ago

October 27, 2026

President Bola Tinubu has said his administration is rewriting Nigeria’s economic story through far-reaching reforms aimed at dismantling structural barriers, boosting productivity, creating jobs and delivering shared prosperity.

Tinubu said the reforms were designed to unlock Nigeria’s vast human and natural resources and address decades of economic underperformance.

The President spoke on Monday while declaring open the 32nd Nigerian Economic Summit Group (NESG) summit in Abuja. He was represented by Vice President Kashim Shettima.

He acknowledged that his administration began with difficult economic adjustments, insisting that there was no shortcut to sustainable economic growth.

“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 said the government’s economic recovery agenda was focused on improving livelihoods and transforming the fortunes of young job seekers, farmers, manufacturers, entrepreneurs and innovators.

He stressed that stabilising the economy was necessary to attract investment, expand businesses and create productive employment.

The summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” builds on previous efforts to achieve a prosperous and inclusive Nigeria by 2030.

According to the President, the administration’s reforms are beginning to strengthen economic fundamentals, restore confidence and lay the foundation for sustainable growth.

Tinubu said creating jobs was only part of the challenge, adding that the government must also improve the quality of employment, reduce underemployment and maximise the potential of Nigeria’s underutilised workforce.

He maintained that economic progress should be measured by productivity, the competitiveness of businesses and the jobs generated by investments.

The President cited figures from the National Bureau of Statistics indicating 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 in the corresponding period of 2025.

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.

On investment, Tinubu disclosed that capital importation reached $10.37 billion 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 to reduce regulatory bottlenecks, improve transparency, strengthen policy predictability and expand access to finance to sustain investor confidence.

Tinubu added that the administration’s tax reforms were intended to establish a modern and equitable system capable of financing development while providing businesses with greater certainty.

He also highlighted ongoing efforts to reform the electricity market to improve power supply and attract investment in generation, transmission, distribution and alternative energy.

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

He added that Nigeria must move beyond the extraction of solid minerals to domestic processing, industrial production and exports.

Despite the progress recorded, the President acknowledged that much remained to be done, particularly in harnessing the potential of young Nigerians who had demonstrated their abilities in technology, financial services and the creative industries.

The United Nations Deputy Secretary-General, Dr Amina Mohammed, acknowledged the gains recorded under the Tinubu administration but called for urgent efforts to consolidate and stabilise the reforms.

She also stressed the importance of managing the expectations of citizens and other stakeholders as the government pursues its economic agenda.

Mohammed commended the African Development Bank for its new financial architecture for development across the continent, particularly its focus on financing programmes with measurable development impact.

The Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, presented the proposed Nigerian Economic Policy Framework, describing it as a national economic doctrine that would guide government decisions and define how progress is measured.

He invited the NESG and private-sector experts to scrutinise the draft framework and contribute evidence-based recommendations.

Oyedele identified enterprise, open but fair markets and coordinated government action as key principles underpinning the proposed framework.

Its priority areas include economic stability, human capital development and productivity.

In his welcome address, the Chairman of the NESG, Olaniyi Yusuf, said participation in the summit reflected stakeholders’ commitment to inclusive and impactful economic growth.

While acknowledging the Federal Government’s efforts to improve the business environment, Yusuf said the priority should be stabilising the economy rather than reversing the reforms.

Similarly, the Chairman and Founder of BUA Group, AbdulSamad Rabiu, commended the administration’s economic policies, saying they had begun addressing longstanding challenges facing Nigerian businesses.

Rabiu acknowledged the hardships experienced by ordinary Nigerians but noted that improved access to foreign exchange had made the business environment more predictable.

“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.

Governors Chukwuma Soludo of Anambra State and Babajide Sanwo-Olu of Lagos State, alongside ministers, business leaders and other stakeholders, attended the summit’s opening session.