President Bola Tinubu has declared that his administration’s economic reforms are already yielding tangible results.
Speaking during a joint session of the National Assembly on Thursday to commemorate Democracy Day 2025, Tinubu emphasised that although the measures were initially tough, they are laying the groundwork for sustainable growth and long-term prosperity.
“Upon assuming office, my team and I moved to reform our ailing economy. We introduced fundamental reforms to correct structural imbalances that prevented maximum growth.
“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans. Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised”, he said.
According to him, Nigeria’s balance of payments position is now positive, and the country’s sovereign credit rating is improving as efforts to promote both oil and non-oil exports continue.
He stated that states no longer need to resort to borrowing in order to pay salaries.
President Tinubu added that, in less than a year, over one hundred thousand Nigerians—including thirty-five thousand civil servants—had benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP).
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This, he said, had enabled them to purchase vehicles, improve and electrify their homes, and acquire essential items for daily living.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit.”
He expressed his administration’s commitment to giving more opportunities to young people through job creation and skills development.
“Through such programs as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready. In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected. By extending this critical infrastructure, we are empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world”, said the President.
He added that the ‘Nigeria First’ policy would further drive progress as the country consolidates its market-driven growth.
According to him, the improved economic performance is encouraging and affirms the soundness of the country’s policy measures.
He noted, “Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food, and we are on the path to achieving food sovereignty. These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.
“I ask you, the legislature, to join me as we enter the second half of our term to put forth innovative legislation that further encourages industrial development and job creation in our urban centres while also drafting laws that improve food security and production.”
