Three years after: Tinubu laying solid foundation for Nigeria’s growth
In a statement to mark his three years anniversary in office, President Bola Ahmed Tinubu had said his administration has laid the foundations for the socio-economic development of the country. That much was endorsed by The Economist which recently reviewed the state of Nigeria’s economy before and after President Tinubu assumed office in 2023. According […]
In a statement to mark his three years anniversary in office, President Bola Ahmed Tinubu had said his administration has laid the foundations for the socio-economic development of the country.
That much was endorsed by The Economist which recently reviewed the state of Nigeria’s economy before and after President Tinubu assumed office in 2023.
According to the magazine, President Tinubu inherited a deeply troubled economy marked by severe fiscal and monetary imbalances.
The medium noted that when the President assumed office, the Central Bank of Nigeria (CBN) faced unmet obligations of about $7 billion, equivalent to 1.4 per cent of GDP at the time, a situation that triggered a mass exit of international investors from the country, because of the attendant business climate.
The publication added that the apex bank’s credibility had been undermined by loose monetary policy, mismanagement of foreign exchange reserves, and the maintenance of an unsustainable multi-tier exchange rate regime, while the Federal Government spent about $10 billion, or 2.2 per cent of GDP, on fuel subsidy in 2022 alone.
According to the assessment, the naira has stabilised after two major devaluations in 2023, and Nigeria’s foreign exchange reserves have risen to $46 billion, their highest level in seven years.
The publication said local business leaders are also more optimistic, with oil and gas output rising due to improved security and increased participation by indigenous firms in the Niger Delta.
However, in his three years anniversary statement, the President noted that while he cannot say that all the challenges bedeveling the country and Nigerians have been resolved, “the foundation for recovery has been laid.”
The Nigerian leader said he understands the sacrifices many families have made in recent years and shares their hopes for a better Nigeria, adding that when he assumed office, the country “faced profound economic and structural difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence. ”
He said at the at the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies, over ₦4 trillion in 2022, while Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.
He explained that the easy choices in tackling the problems would have been politically convenient, but leadership “demands courage, especially when the right decisions are difficult.”
President Tinubu pointed out that if he had refused to act, “our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.
While stating that, “These decisions came with sacrifice.” He also noted that he remained deeply conscious of those sacrifices, and “I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape.”
According to the President his administration “have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.
“We shall achieve this task by continuing to ensure that food prices, which have largely come down from their peak in 2023/2024, remain low.
We are also working to reduce transportation costs as operators of commercial trucks, buses, and taxis convert their petrol engines to CNG and switch to electric vehicles. We have also set our sights on creating more opportunities for decent work and enabling enterprise expansion.”
The President admitted that “the
work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.”
Progress and Economic Growth
Analyst and keen observers of the situation in Nigeria said the economy is now more competitive and better positioned for sustainable growth than it was in 2023, adding that Public finances are improving, States and local governments have greater resources to invest in their people. Investor confidence is growing.
According to the President, “The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year. Companies are declaring record profits and dividends.
“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads.
“Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs. Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.” He said.
He further explained that for years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth. “Today, we are confronting those challenges directly.”
The present administration also said it is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity.”
Agriculture , Education , and Housing
In July 2023, President Tinubu declared a state of emergency on food insecurity, targeting the food supply shortfall and tackling rising food prices.
Consequently, the Federal Government unveiled a comprehensive food security, affordability, and sustainability intervention plan with short, medium and long-term goals.
In the short term, government promised to deploy some savings from the fuel subsidy removal into the agricultural sector, focusing on revamping the sector.
The President also directed that “all matters pertaining to food and water availability and affordability be included within the purview of the National Security Council.”
The Federal Government also introduced the Dry Season Farming Initiative on 500,000 hectares of farmland, financed by the African Development Bank with $134 million to promote year-round farming, supported with irrigation and storage facilities.
In the last three years, agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets.
In Education, “The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.
This is as the Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing.
Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily,just as the consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families.
Security
As part of the ongoing efforts to tackle insecurity, the Federal Government has continued to invest in intelligence, surveillance, logistics, technology, and inter-agency coordination.
President Tinubu recently said, “We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.”
He insisted that the journey of national renewal is not completed in a single year or a single administration’s tenure, but nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.