By Nchetachi Chukwuajah
President Bola Tinubu says Nigeria’s economy is now competitive and better positioned for sustainable growth than it was when he took over power in 2023.
Tinubu said that through his administration’s economic and fiscal reforms, the economy has improved as public finances have increased, adding that states and local governments now have greater resources to invest in their people.
The president said this in a statement to mark the third anniversary of his administration on Friday, May 29.
Tinubu said he accepted the responsibility of leading Nigeria in 2023 with the full knowledge of the magnitude of the challenges ahead, including fiscal pressures, declining revenues, rising debt-servicing costs, and insecurity, but confident in the resilience and potential of the Nigerian people.
He said, “Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.
“When this administration assumed office, our nation 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 in institutions all threatened our progress.
“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 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. 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.
“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”
The president noted that the prompt austere measures adopted by his administration, including the removal of fuel subsidies and unification of exchange rate windows, saved the country from drifting toward fiscal breakdown.
He acknowledged the sacrifices citizens made and the hardship they endured during the period and assured them that the sacrifices have not been in vain.
“Had we 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.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.
“I remain 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,” he said.
On economic growth, Tinubu cited the growth of the capital market from N30 trillion in 2023 to N160 trillion this year, as well as infrastructural projects across the country, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, among others.
He added that there has been visible progress in the oil and gas and power sectors, which, he said, has attracted foreign direct investments into the country.
“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing. 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.
“In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.
“Domestic gas utilisation is expanding. Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.
“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.
“Our administration 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,” he said.
With the spate of insecurity in the country, the president added that his administration is determined to exterminate terrorists, bandits, kidnappers, oil thieves, and criminal networks by improving the capacity of the Armed Forces, assuring that his administration would not relent until Nigerians can move freely and safely.
He said, “Security remains central to our national mission and to the creation of a virile and prosperous society. Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active.
“We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination. 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.”
The president further reeled out progress his administration has recorded in agriculture, education, housing, telecommunications, youth empowerment, technology, and digital transformation.
He called on Nigerians to support his administration’s efforts to “build a Nigeria that works for Nigerians,” adding that the journey of national renewal is not completed in a single year or tenure.
“We 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,” he said.
Tinubu added, “The journey of national renewal is not completed in a single year or a single administration’s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.
“We must choose hope over despair, unity over division, and nation-building over narrow interests.
“But true security and prosperity require that every Nigerian feel included and valued. Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten. Our diversity is a source of strength. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.”
