By Sam Adah
President Bola Ahmed Tinubu has declared that Nigeria is gradually recovering from its economic crisis, saying key economic indicators show that the country is now out of the “emergency ward” following the reforms introduced by his administration.
The President said his government deliberately chose difficult but necessary economic reforms over superficial measures, likening the decisions to surgery required to save a critically ill patient.
Tinubu, who was represented by the Speaker of the House of Representatives, Tajudeen Abbas, made the remarks at the public presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future.
The book was authored by the member representing Kiru/Bebeji Federal Constituency of Kano State, Dr Abdulmumin Jibrin Kofa, with Tinubu writing its foreword.
In his address at the event, the President said Nigeria had for decades relied heavily on crude oil, leaving its economy vulnerable to fluctuations in the international oil market.
He recalled inheriting an economy characterised by a depreciating naira, rising debt-servicing obligations, depleted foreign reserves, an unsustainable fuel subsidy regime and declining industrial activities.
“When I took the oath of office, I did not inherit a calm sea; I inherited a gathering storm: a collapsing naira, debt service that swallowed nearly all our revenue, depleted reserves, a fuel subsidy that bled our treasury dry, and factories falling silent as industries and jobs fled across our borders,” he said.
According to him, his administration had two options: continue with temporary economic interventions or undertake fundamental reforms to address the country’s structural challenges.
“Two roads lay before us. One was the comfortable road of cosmetic remedies that had led us to the edge of the cliff. The other was the hard road of surgery to save the patient. We chose reform over ruin. We removed the fuel subsidy. We unified the exchange rate.
“These were not easy decisions, and I know the weight they placed on every household. But they were necessary, and today the pain is yielding its promise. The emergency ward is behind us,” he stated.
Tinubu said the reforms had begun producing measurable results, noting that non-oil activities now account for approximately 96 per cent of Nigeria’s Gross Domestic Product, while non-oil exports have exceeded $6 billion, the highest level recorded in the country’s history.
He also disclosed that Nigeria’s external reserves had increased to about $55 billion, providing more than 14 months of import cover.
The President further stated that non-oil revenue had grown from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
He said the government’s priority had shifted from economic stabilisation to achieving inclusive growth and shared prosperity, with a target of building a $1 trillion economy by 2030 under the Medium-Term National Development Plan 2026–2030.
Tinubu, however, acknowledged that government alone could not achieve the ambitious economic target, stressing that the private sector remained central to investment, innovation, industrial production and exports.
“Our duty is to clear the path before them. That is why our 2025 budget introduced a first-of-its-kind De-risking Framework to draw in private capital, which we expect to provide 86 per cent of the investment our 2030 goal demands.
“That is why we are harmonising our taxes, ending the menace of multiple taxation. We cannot tax our way into prosperity; we must produce our way there,” he said.
The President emphasised that economic growth must translate into improved living conditions for Nigerians, arguing that national development should be measured not only through statistics but also through access to basic necessities, electricity and employment opportunities.
On the power sector, Tinubu said reliable electricity remained critical to industrialisation and economic diversification.
He disclosed that the Federal Government had secured a $3.38 billion arbitration victory at the International Chamber of Commerce in Paris over the Mambilla Hydroelectric Power Project, ending a dispute that had stalled the project for more than nine years.
He also said Geregu Power was working towards increasing its generation capacity to 1,300 megawatts, following the government’s electricity market reforms.
In the oil and gas sector, the President expressed optimism about the revival of the Port Harcourt and Warri refineries, describing energy as a critical driver of economic diversification.
“Energy is the heartbeat of diversification, and we are restoring its rhythm,” he said.
Tinubu also highlighted other reforms and infrastructure initiatives being implemented across different sectors, saying they were designed to strengthen the productive capacity of the economy and create opportunities for businesses and citizens.
He called for collective commitment from government institutions, private investors, academics, farmers, young people and other stakeholders to achieve sustainable economic transformation.
“An age of prosperity is not a gift that falls from the sky; it is a house we must build together: government and enterprise, scholar and farmer, the young and the seasoned.
“The days of hardship are temporary; the foundations we are laying are permanent. Let us keep building until the world looks upon Nigeria and sees not promise deferred, but promise fulfilled,” he said.
The President also expressed appreciation to the keynote speaker, Governor Charles Soludo; the book presenter, Alhaji Abdulsamad Isyaku Rabiu; and the book reviewer, Dr Reuben Abati, for their contributions to discussions on Nigeria’s economic diversification and structural transformation.
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