Economic summit: Tinubu cites growth, capital inflows as reform gains

Nigerian President Bola Tinubu addressed the 32nd Nigerian Economic Summit on Monday, touting his administration's achievements in economic reform. He highlighted rising GDP growth, a surge in capital inflows, and improvements in manufacturing as proof that his policies are effective. Tinubu, accompanied by Vice President Kashim Shettima, inaugurated the summit under the theme "Growth That Works: Delivering Jobs, Productivity, and Shared Prosperity."

Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, detailed the discussions in a statement, quoting Tinubu as stating that they aimed to rewrite Nigeria's economic underperformance story. The President emphasized that achieving growth demanded a difficult reset, focusing on rescuing livelihoods and transforming job opportunities for various sectors, including young jobseekers, farmers, manufacturers, entrepreneurs, and innovators.

Tinubu's administration has undertaken reforms to dismantle structural barriers, restoring confidence, and creating conditions for public and private sector investment, leading to a 3.89 percent inflation-adjusted GDP growth in the first quarter of 2026 compared to 3.13 percent in the same period of 2025. Additionally, non-oil activities contributed 96.08 percent of GDP, with manufacturing growing by 3.29 percent and the oil sector by 2.57 percent.

Capital importation reached $10.37 billion in the first quarter of 2026, an 83.83 percent increase from the previous year, underscoring the administration's commitment to easing regulatory burdens, strengthening transparency, and expanding access to finance.