President Bola Tinubu declared on Thursday that Nigeria’s economy has transitioned from a phase of stabilisation to one of shared prosperity, citing record non-oil exports exceeding $6 billion, external reserves of roughly $55 billion, and sustained momentum toward achieving a $1 trillion economy by 2030.
Speaking at the State House Conference Centre in Abuja during the public presentation of Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future, a book authored by Honourable Abdulmumin Jibrin Kofa, the President maintained that his administration chose deep structural reforms over temporary, “cosmetic remedies.”
Reflecting on the economic state of the nation at the onset of his tenure, Tinubu stated that he inherited “a gathering storm” marked by a collapsing naira, depleted reserves, a bleeding fuel subsidy regime, and debt servicing that consumed nearly all federal revenue.
“We chose reform over ruin. We removed the fuel subsidy. We unified the exchange rate. These were not easy decisions, and I know the weight they placed on every household. But they were necessary, and today the pain is yielding its promise,” the President said.
Macroeconomic Gains and Private Sector Push
Highlighting key fiscal milestones, Tinubu noted that non-oil activities now account for approximately 96 per cent of Nigeria’s Gross Domestic Product (GDP), while non-oil exports have surpassed $6 billion—the highest recorded in the nation’s history.
He further disclosed that external reserves have climbed to about $55 billion, providing more than 14 months of import cover, alongside a surge in non-oil revenue from ₦13.63 trillion in 2023 to ₦16.4 trillion in the first half of 2026.
Emphasising that the private sector must drive the push toward the 2030 $1 trillion GDP target, the President pointed to the De-risking Framework introduced in the 2025 budget, designed to attract private capital expected to fund 86 per cent of required investments. He also reiterated ongoing tax harmonisation efforts aimed at eliminating multiple taxation.
“We cannot tax our way into prosperity; we must produce our way there,” Tinubu stated.
Energy, Infrastructure, and Housing Milestones
On the power and energy front, the President revealed that the Federal Government secured a $3.38 billion arbitration victory at the International Chamber of Commerce in Paris regarding the Mambilla Hydroelectric Power Project, freeing an initiative stalled for over nine years. He added that Geregu Power is expanding capacity to 1,300 megawatts, while the Port Harcourt and Warri refineries are gradually returning to operation.
Tinubu also outlined major ongoing transport and road projects balanced across the country, noting that 52 per cent of legacy highway mileage sits in the North and 48 per cent in the South. Key projects listed include:
The Kano–Katsina–Maradi railway
The Lagos–Calabar Coastal Highway and Sokoto–Badagry Superhighway
The Abuja–Kaduna–Kano Expressway and East–West Road
The Ibadan–Ife–Ilesa, Port Harcourt–Enugu, and Enugu–Onitsha expressways
The restoration of Carter Bridge in Lagos
In the housing sector, Tinubu reported that over 10,000 homes are under construction across 14 states and the Federal Capital Territory under the Renewed Hope Cities and Estates Programme. Additionally, the MOFI Real Estate Investment Fund has disbursed about ₦128 billion in mortgages to 1,859 families across 25 states at a fixed 9.75 per cent interest rate over 20 years. To sustain investor confidence, he pledged to collaborate with the National Assembly to establish a robust regulatory authority for housing and real estate.
The President also spotlighted human capital and digital initiatives, including the Nigerian Education Loan Fund (NELFUND), university solarisation, Bank of Industry interventions across all 774 local government areas, the 3MTT digital-skills programme, and the deployment of 90,000 kilometres of fibre-optic infrastructure.
Commending the author, Hon. Abdulmumin Jibrin—who represents Kiru/Bebeji Federal Constituency of Kano State—Tinubu praised the book for capturing Nigeria’s economic journey with honesty and clarity.
The high-profile event featured Anambra State Governor, Prof. Charles Soludo, as keynote speaker; Chairman of BUA Group, Alhaji Abdulsamad Isyaku Rabiu, as book presenter; and veteran journalist Dr. Reuben Abati as book reviewer.
