At Economic Summit, Tinubu Says the Nigerian Story is Being Rewritten

President Bola Tinubu announced at the 32nd Nigerian Economic Summit that his government is rewriting Nigeria's history of economic underperformance through significant reforms aimed at dismantling structural barriers and unlocking the country's potential. The summit, themed "Growth that Works: Delivering Jobs, Productivity and Shared Prosperity," was opened by Finance Minister Taiwo Oyedele, who presented the Nigerian Economic Policy Framework.

The framework seeks to establish clear economic decision-making principles and measure genuine progress, protecting policies from arbitrary changes.

Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, ruled out reintroducing petrol subsidies, emphasizing that the reforms must be sustained, despite pressure on households and businesses. Anambra State Governor, Professor Chukwuma Charles Soludo, highlighted the importance of local patronage for job creation, stating that Nigeria could create up to 10 million jobs if local products gained more support.

Soludo added that an annual growth rate of seven to nine percent is necessary to address multidimensional poverty in Nigeria.

Tinubu acknowledged the challenging start due to the lack of easy solutions for economic growth, stating that rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs, and innovators. He emphasized that there is no shortcut to economic growth, highlighting the need to stabilize the economy and create conditions for both public and private investments to generate jobs.

The Nigerian Economic Policy Framework, presented by Oyedele, aims to dismantle barriers that have prevented Nigeria's abundant resources from producing prosperity. Tinubu outlined several achievements, including a 3.89 percent inflation-adjusted GDP growth in the first quarter of 2026, with non-oil activities contributing 96.08 percent of GDP.

Manufacturing grew by 3.29 percent, and the oil sector by 2.57 percent. The administration's reforms in capital importation have increased by 83.83 percent over the same period in 2025, and they plan to continue easing regulatory burdens, strengthening transparency, and expanding access to finance.

Tinubu stressed that the administration's vision goes beyond statistics and aims for greater productivity from every worker, enterprise, and investment. He called for better infrastructure, quality education, and industrial competitiveness, underpinned by strong investment incentives. The reforms include improving the electricity market to attract investment in generation, transmission, distribution, and alternative energy sources.

In agriculture, the government aims to connect farms with storage facilities, processing centers, and markets, expanding irrigation, mechanization, finance, and rural infrastructure.