The President says reforms have strengthened foreign reserves, non-oil exports and government revenue, but economists and development partners warn that sustained growth, job creation and improvements in household living standards remain the real test.
President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the critical phase of its economic recovery, announcing a shift in his administration’s priorities from stabilising the economy to delivering shared prosperity, industrial expansion and improved living standards.
The President made the declaration on Thursday, November 12, in an address delivered on his behalf by Speaker of the House of Representatives, Tajudeen Abbas, at the presentation of Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future, authored by federal lawmaker Abdulmumin Jibrin Kofa.
President Tinubu cited stronger foreign-exchange reserves, growing non-oil exports and increased government revenue as evidence of progress under reforms introduced since May 2023. He said Nigeria’s external reserves had risen to approximately $55 billion, providing more than 14 months of import cover, while non-oil exports had exceeded $6 billion.
He also reported that non-oil revenue increased from ₦13.63 trillion in 2023 to ₦16.4 trillion in the first half of 2026. According to the President, non-oil activities now account for approximately 96 per cent of Nigeria’s Gross Domestic Product.
“The emergency is behind us,” Tinubu said, adding that the administration’s next objective was to translate economic stability into jobs, improved electricity, affordable housing and stronger domestic production.
Tinubu attributed the improvement in Nigeria’s economic position to difficult policy decisions, particularly the removal of petrol subsidies and the unification of the foreign exchange market.
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