PRESIDENT Bola Ahmed Tinubu has declared that Nigeria is gradually emerging from years of economic instability and structural weaknesses, stating that the difficult reforms introduced by his administration since 2023 are beginning to yield measurable results across the economy, infrastructure, energy, security and youth development sectors.
In a nationwide broadcast commemorating the third anniversary of his administration on Friday, the President acknowledged the hardship experienced by Nigerians in the wake of the reforms but maintained that the measures were necessary to prevent deeper economic collapse and place the country on the path of sustainable recovery and long-term growth.
Addressing citizens directly, Tinubu said his administration inherited severe economic and fiscal challenges, including mounting debt-servicing obligations, unsustainable fuel subsidy payments, exchange-rate distortions and declining public confidence in government institutions.
According to him, Nigeria had been spending as much as ₦18.4 billion daily on petrol subsidies at the peak of the subsidy regime, amounting to more than ₦4 trillion in 2022 alone.
He also noted that multiple foreign exchange windows and arbitrage practices created widespread distortions in the economy, leading to losses estimated at more than ₦8 trillion over a three-year period through speculative and rent-seeking activities.
The President said the circumstances required bold and decisive action despite the political and social consequences that accompanied such reforms.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he stated, adding that his administration deliberately chose “reform over ruin” and “long-term national recovery over short-term comfort.”
Tinubu admitted that the policy adjustments triggered rising living costs and increased pressure on households, businesses and workers, particularly young Nigerians struggling with unemployment and economic uncertainty.
Nevertheless, he assured citizens that the sacrifices were not in vain, insisting that signs of recovery were already visible.
He said Nigeria’s economy had stabilised and was becoming increasingly competitive, with improvements recorded in public finances and investor confidence.
As part of the indicators of economic recovery, the President highlighted the strong performance of the Nigerian stock market, noting that the All Share Index had risen from about 53,000 points in 2023 to approximately 250,000, while market capitalisation increased from about ₦30 trillion to ₦160 trillion.
Tinubu further stated that companies were posting stronger profits and dividends, while increased revenue allocations were enabling state and local governments to finance more development projects.
On infrastructure, the President said the administration was aggressively pursuing major road and rail projects aimed at improving transportation, reducing travel time, enhancing regional trade and creating employment opportunities.
He disclosed that more than 2,700 kilometres of highways and major roads were currently under construction, reconstruction or rehabilitation across the country.
Among the flagship projects cited were the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
According to him, several sections of the projects are nearing completion, while rail modernisation initiatives are also progressing to strengthen nationwide connectivity and logistics.
Tinubu also placed strong emphasis on national security, describing it as central to economic growth and social stability.
He said the Armed Forces and security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves and other criminal networks operating in different parts of the country.
While acknowledging that security challenges persist, the President maintained that many communities and highways were becoming safer and increasingly active economically.
He disclosed that government efforts were focused on improving intelligence gathering, surveillance systems, logistics, technology and inter-agency collaboration in order to reclaim territories threatened by criminal elements.
“I want to assure you that this government will not relent until every Nigerian can live, work, travel and dream in safety,” he said.
The President also linked improved security to broader economic recovery efforts, stressing that infrastructure expansion, energy investments and transport modernisation were all aimed at building a functional economy that directly benefits citizens.
He said the government would continue working to ensure that the gains of ongoing reforms translate into lower food and transportation costs, improved employment opportunities and broader economic inclusion.
According to Tinubu, food prices have already declined from their peak levels recorded during the 2023/2024 period.
He added that the administration was promoting the conversion of commercial vehicles to compressed natural gas (CNG) and electric vehicles as part of measures to reduce transportation costs and ease pressure on households.
In the energy sector, the President said reforms in oil, gas and electricity had begun attracting fresh investments and repositioning Nigeria for industrial growth.
He disclosed that billions of dollars in new investments had returned to the oil and gas sector following reforms introduced by the administration.
Tinubu specifically highlighted the $5 billion Nigeria Liquefied Natural Gas (NLNG) Train 7 project, which he said was nearing completion and expected to significantly boost Nigeria’s liquefied natural gas production capacity, exports and revenues.
He added that domestic gas utilisation was expanding to strengthen energy supply and support industrial development, while improvements in local refining capacity were helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.
The President further acknowledged that the power sector had long suffered from debt, underinvestment and uncertainty, resulting in weak electricity generation and limited industrial growth.
However, he said the administration was confronting those challenges directly through the settlement of legacy debts, expansion of transmission infrastructure, investments in renewable energy and efforts to strengthen the national grid.
“No modern economy can grow in darkness,” Tinubu stated, stressing that stable electricity supply remained essential for industrial expansion, business growth, job creation and improved living standards.
Beyond economic and infrastructure reforms, the President devoted significant attention to youth development and national inclusion, and assured young Nigerians that the administration was expanding opportunities across technology, manufacturing, agriculture, sports, entrepreneurship and the creative industries.
Describing young people as “the engine of Nigeria’s future,” Tinubu said government investments in digital skills, technical education, innovation, student financing and enterprise support were designed to prepare Nigerian youths for emerging opportunities in a rapidly changing global economy.
He also reiterated calls for national unity, urging citizens to reject division and embrace collective sacrifice, discipline and optimism in the pursuit of national renewal.
“Nigeria belongs to all of us – no region, faith or group should feel marginalised or forgotten. Our diversity is a source of strength,” he said.
The President commended workers, entrepreneurs, farmers, professionals, students, members of the armed forces and Nigerians in the diaspora for their contributions and sacrifices toward nation-building.
He equally re-assured the international community and foreign investors that Nigeria remained committed to democratic governance, responsible leadership and mutually beneficial partnerships.
Expressing confidence in the country’s trajectory, Tinubu said the world was beginning to view Nigeria differently – not merely as a nation burdened by challenges, but as one determined to recover, rebuild and reclaim its economic relevance.
“Across agriculture, infrastructure, power, technology, manufacturing and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding,” the President declared.
While admitting that significant work still lies ahead, Tinubu urged Nigerians to remain hopeful and united, insisting that the foundations for long-term recovery and national transformation had already been laid.
