President Bola Tinubu has defended his administration’s economic reform programme, saying the measures introduced since 2023 have stabilised Nigeria’s economy, restored investor confidence and laid the foundation for long-term growth despite the hardship experienced by many households.
Speaking on Friday as Nigeria marked three years under his administration, Tinubu said difficult policy decisions taken at the start of his tenure were beginning to produce positive results across key sectors of the economy.
The President pointed to improvements in public finances, renewed investor interest, rising domestic investment and stronger capital market performance as evidence that the country’s economic reset was gaining traction.
“Today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape,” Tinubu said.
Since assuming office in 2023, Tinubu’s administration has implemented a series of reforms aimed at addressing long-standing structural weaknesses in the economy.
These include the removal of petrol subsidies, reforms to electricity pricing and the liberalisation of the foreign exchange market.
While the measures were designed to improve fiscal sustainability and attract investment, they also contributed to a sharp increase in living costs as fuel prices, transportation expenses and the prices of goods and services rose significantly.
The economic adjustments triggered one of the most severe cost-of-living pressures experienced by Nigerians in recent decades, placing additional strain on households and businesses.
Despite the challenges, Tinubu maintained that the reforms were necessary to prevent a deeper economic crisis and position the country for sustainable growth.
The President highlighted the performance of the Nigerian capital market as one of the indicators of improving investor confidence.
According to him, the stock market has recorded substantial growth since the reforms were introduced, while market capitalisation has expanded significantly.
Tinubu also pointed to increased infrastructure spending as a key achievement of his administration. He said more than 2,700 kilometres of roads are currently under construction or rehabilitation across the country, while efforts to modernise rail infrastructure continue.
In the energy sector, the President said policy changes had encouraged fresh investments in oil and gas projects while supporting increased domestic refining capacity.
He noted that the growth of local refining operations is helping reduce dependence on imported fuel and easing pressure on foreign exchange demand.
According to him, the government is also working to address longstanding challenges in the power sector through debt resolution, transmission expansion and increased electricity generation.
Tinubu disclosed that efforts are ongoing to clear approximately N4 trillion in obligations within the power sector, describing improved electricity supply as critical to economic development and industrial growth.
Beyond economic issues, the President acknowledged the country’s security challenges but said military and security operations against criminal groups, insurgents and bandits had intensified over the past three years.
Nigeria continues to face security threats across several regions, including armed banditry in the North-West, communal conflicts in parts of the Middle Belt, separatist agitation in the South-East and the ongoing insurgency in the North-East.
While noting that challenges remain, Tinubu said progress has been made in restoring stability in affected areas.
The President urged Nigerians to remain patient and support the reform programme, arguing that the benefits of the economic adjustments would become increasingly visible over time.
He said the government remains focused on strengthening economic fundamentals, creating jobs, attracting investment and improving infrastructure to support long-term growth.
As Nigeria moves into the next phase of the administration’s economic agenda, investors and market participants will continue to monitor whether recent macroeconomic improvements translate into broader gains for businesses, households and overall economic activity.
