President Bola Tinubu has stated that the economic reforms introduced by his administration are beginning to stabilise Nigeria’s economy and lay the foundation for long-term growth and recovery.
Tinubu made the remarks in a nationwide address commemorating the third anniversary of his administration, where he reflected on the economic challenges inherited in 2023 and the measures taken to address them.
The president said his government assumed office at a time of severe fiscal and structural difficulties, including mounting debt obligations, fuel subsidy pressures, exchange-rate distortions and declining public confidence in key institutions.
According to him, the country was spending enormous amounts on petrol subsidies before the reforms, a situation he described as unsustainable for the economy.
Tinubu also noted that multiple exchange-rate systems and forex arbitrage contributed to major financial distortions and speculative practices that weakened economic stability.
He explained that his administration was faced with the difficult choice of either maintaining politically convenient policies or implementing reforms aimed at long-term national recovery.
The president acknowledged that the reform measures resulted in increased living costs and placed significant pressure on households, businesses and job seekers across the country.
He, however, assured Nigerians that the sacrifices made were beginning to produce positive outcomes, adding that the economy was gradually regaining stability.
Tinubu said Nigeria’s economic environment was becoming more competitive and better positioned for sustainable growth, while public finances and investor confidence had improved considerably.
He highlighted developments in the capital market, noting that both the All Share Index and market capitalisation had recorded significant growth since the beginning of his administration.
According to the president, improved business performance has also translated into stronger corporate earnings and increased dividends for investors.
Tinubu added that states and local governments now have more financial resources available for developmental projects and public services.
The president further pointed to ongoing infrastructure projects across the country as evidence of the administration’s commitment to economic expansion and connectivity.
He disclosed that thousands of kilometres of highways and major roads are currently under construction, rehabilitation or reconstruction nationwide.
Among the projects listed were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
Tinubu said several sections of the projects were nearing completion and would improve transportation, enhance trade activities, reduce travel time and create employment opportunities.
He also stated that rail modernisation projects were progressing steadily to improve logistics, strengthen regional connectivity and support economic integration across the country.
The president urged Nigerians to remain patient and hopeful, stressing that the ongoing reforms were designed to secure long-term prosperity and economic stability for future generations.