By Ibrahim Kegbegbe
ABUJA, NIGERIA — President Bola Ahmed Tinubu has declared that Nigeria’s economy is on a steady growth path, with tangible signs of stability and prosperity as his administration’s economic reforms continue to yield positive results both nationally and internationally.
The President made this assertion on Thursday during the Federal Executive Council (FEC) meeting in Abuja, shortly after swearing in two new ministers — Dr Bernard Mohammed Doro as Minister of Humanitarian Affairs and Poverty Reduction, and Dr Kingsley Tochukwu Udeh (SAN) as Minister of Innovation, Science and Technology.
Tinubu reassured Nigerians that his administration was engaging with the world diplomatically and building meaningful partnerships to strengthen the economy and combat insecurity.
“The most important thing is the fact that despite the political headwinds and the fear of our people, we will continue to engage with partners,” the President said.
“The success of the $2.3 billion Eurobond that was oversubscribed by 400% is the most assuring. The task ahead is immense; we are engaging the world diplomatically, and we assure all of you that we will defeat terrorism in this country.”
He emphasised that his administration remained guided by the Renewed Hope Agenda, which aims to foster unity, inclusiveness, and national resilience.
“Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism,” Tinubu declared. “Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society.”
The President also urged ministers and other government officials to maintain consistency in public communication, warning against discordant messaging that could confuse or mislead citizens.
Economy on the Rise — Finance Minister
Following the President’s remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented a detailed briefing on the nation’s economic performance, describing the country’s current progress as one of the best in the last decade.
Edun attributed the growth to Tinubu’s bold and sometimes unpopular reforms, noting that they were crucial to building a competitive economy capable of creating jobs and lifting millions out of poverty.
“The reforms taken under your Renewed Hope Agenda, though bold and sometimes unpopular, are rooted in a clear objective — to build a competitive economy that attracts investment, creates jobs, and lifts millions out of poverty,” Edun said.
He revealed that Nigeria’s GDP grew by 4.23% in the second quarter of 2025, marking the highest growth in a decade outside the COVID-19 rebound period.
According to him, 13 sectors recorded growth above 7%, up from nine in the previous quarter, while the industrial sector nearly doubled its growth from 3.72% to 7.45%, reflecting rising productivity and investor confidence.
“Inflation eased to 18.02% in September 2025. Our foreign exchange reserves topped $43 billion, and our trade surplus reached ₦7.4 trillion,” the minister added. “These are clear examples of macroeconomic stability and progress.”
Edun further noted that consumer spending patterns had improved significantly, with Nigerians now spending about half of their income on basic needs — food, shelter, and clothing — compared to almost 90% in previous years.
Investor Confidence Rising
Speaking on global financial confidence in Nigeria, Edun cited the country’s recent $2.35 billion Eurobond issuance, which was oversubscribed by more than $10 billion, as proof of the international market’s faith in Nigeria’s reform agenda.
“Despite the political headwinds, the market shrugged off those considerations and focused on the economic fundamentals of Nigeria,” he said.
He also highlighted Nigeria’s removal from the Financial Action Task Force (FATF) Grey List, describing it as a major milestone in strengthening financial integrity and boosting international credibility.
“At the recent World Bank and IMF annual meetings, global leaders commended our reforms and progress,” Edun noted. “The IMF revised Nigeria’s growth forecast upward to nearly 4%, with improved credit ratings.”
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Looking Ahead: A $1 Trillion Economy by 2030
The Finance Minister reaffirmed the administration’s vision of achieving a $1 trillion economy by 2030, driven by an annual 7% growth rate and a commitment to eradicating poverty.
He urged ministries handling sectors such as infrastructure, mining, agriculture, health, education, blue economy, digital innovation, arts, and culture to work closely with sub-national governments to attract and sustain investment opportunities.
“Every naira must be optimised to sustain momentum amid global liquidity constraints,” Edun said. “The next phase of reforms will remove barriers holding back investors, review tariffs, and stimulate productivity.”
Tinubu’s Assurance
Concluding the session, President Tinubu reaffirmed that Nigeria’s current economic direction was guided by long-term stability and national renewal.
“The task ahead is immense, but our resolve is firm — to move forward with unity and purpose. Guided by the Renewed Hope Agenda, we will build a prosperous, inclusive, and resilient Nigeria,” the President stated.
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Source: State House Press Release
Signed: Bayo Onanuga, Special Adviser to the President on Information and Strategy
Date: November 6, 2025
