On Monday, President Bola Tinubu conveyed his administration’s strong commitment to accelerate Nigeria’s industrialisation efforts and ensure the country remains on a steady path of sustainable economic progress that benefits every citizen. He highlighted these priorities at the opening of the 31st Nigerian Economic Summit in Abuja, bringing together policymakers, business leaders, and development partners from across Nigeria and beyond.
Addressing attendees at the high-profile summit—this year focused on “Building a Prosperous and Inclusive Nigeria by 2030”—the president, whose speech was delivered by Vice President Kashim Shettima, outlined the guiding principles behind the government’s reform agenda. “Our reforms are shaped by a careful balance between sound economic logic and the expectations of the Nigerian public. We are dedicated to achieving inclusive growth that lifts all segments of our society,” he said, according to official transcripts.
He summarised government ambitions in three key mandates: “We will stabilise. We will industrialise. We will humanise the economy.” This vision, as outlined by Tinubu and Shettima, forms the core of their Renewed Hope Agenda, which is designed to anchor macroeconomic stability, reduce fiscal leakages, and empower Nigeria’s regional governments to chart their own development priorities—in line with local needs and aspirations.
Tinubu shared new economic data to support the claim that these reforms are already delivering results. Nigeria’s gross domestic product (GDP) reportedly rose to N372.8 trillion in 2024, up from N309.5 trillion in 2023—a significant expansion, with the administration attributing the progress to its reform strategies. Further, government revenue collection shot up from a projection of N18.3 trillion in 2023 to N25.2 trillion in 2024, and had reached N27.8 trillion by August of this year.
On the issue of Nigeria’s longstanding public debt, Tinubu highlighted that the debt service-to-revenue ratio has dramatically improved. “Our ratio is now below 50 percent, compared to the 97 percent recorded in 2023,” he noted, citing enhanced fiscal management. This improvement has reportedly contributed to recent credit rating upgrades from agencies Fitch and Moody’s—a boost that could help attract more international investment to Nigeria’s economy.
Economic growth has also outpaced expectations, with the latest analysis indicating a 4.2 percent expansion as of September, according to Tinubu’s account. International observers had forecasted lower growth, so surpassing these projections was presented as a sign of policy effectiveness. Notably, non-oil revenues—the backbone of efforts to diversify Nigeria’s economy away from petroleum—grew by more than 400 percent year-on-year, further reinforcing the country’s momentum towards a more balanced economic structure.
Tinubu also pointed to a boost in Nigeria’s external reserves, which reached $43 billion as of September. Trade balance figures rose as well, with a reported surplus of N7.5 trillion in the second quarter, up from N5.2 trillion in the first. However, the president admitted that these positive macroeconomic trends have yet to translate into widespread job creation—a concern frequently raised by everyday Nigerians grappling with unemployment and underemployment.
To address this challenge, Tinubu stated that the government is prioritising investments in agriculture and solid minerals, sectors seen as vital for generating employment and strengthening the economy. “We have launched partnerships with other countries to equip Nigerian farmers with modern agricultural tools and provide extensive training—empowering rural communities and boosting food production,” he added.
Minister of Budget and Economic Planning, Atiku Bagudu, offered a deeper dive into Nigeria’s current economic status in his summit address. He acknowledged the hardships endured during two years of difficult but necessary reforms aimed at stabilising public finances and fostering sustainable growth. Yet, he said, there are encouraging signs: “We are turning the corner. The next challenge is to entrench and expand the reforms we have started, to achieve real and lasting development,” Bagudu stated during his presentation.
According to Bagudu, inflationary pressures are starting to ease, and the government remains committed to supporting local production. The monthly allocation for the country’s federation account reached N2.2 trillion in September—up sharply from less than N600 billion before June 2023. This expanded funding stream offers state governments greater fiscal space to address infrastructural gaps and invest in public services, he argued.
Looking forward, Bagudu expressed optimism about Nigeria’s prospects. The country plans to focus on agriculture, manufacturing, and the digital economy, while continuing to reform its tax system and encourage private capital participation. “We are laying the foundation for inclusive growth that rewards innovation and enterprise,” Bagudu explained, highlighting that these sectors are ripe for investment and job creation.
The minister provided projections for the years ahead: real GDP growth is expected to reach 4.6 percent this year, accelerating to 5.5 percent by 2027. On the inflation front—which has hit families across the nation hard—Bagudu forecasted a downward trend to 15.8 percent in 2026 and, potentially, 10 percent by 2027. Such projections, while cautiously optimistic, rely on continued policy stability and investment in enterprise.
Bagudu revealed that the second phase of Nigeria’s ambitious National Development Plan (NDP), covering 2026 to 2030, is set to target a $1 trillion economy by 2030. Importantly, this plan will be crafted through broad consultations—drawing in state-level leaders, private sector stakeholders, and civil society organisations to ensure it reflects diverse perspectives and local realities.
“We remain unwavering in our commitment to policies that will unlock the full potential of Nigeria’s economy,” he assured summit participants, urging Nigerians and international partners alike to work together for a future that is “inclusive, competitive, and capable of delivering shared prosperity.”
As Nigeria charts this challenging but hopeful course, Nigerians and West Africans are watching keenly—hoping that reforms yield not only growth on paper, but real improvements in jobs, business opportunities, and everyday living standards. Experts and citizens alike note that while macroeconomic gains are crucial, translating those gains into tangible progress for average Nigerians remains the central test of policy success.
Lagos-based economist Adebola Olawale told our reporters, “The indicators are promising, but for most Nigerians, hope will be renewed only when these figures mean affordable food, better schools, and secure jobs. Implementation and accountability are everything.” A business stakeholder from Abuja added, “The renewed focus on the digital and manufacturing sectors could be a game changer if backed with real policy support and infrastructure. We need reforms that touch the lives of SMEs and young people.”
Globally, Nigeria’s economic trajectory is closely watched, as the country holds significant influence in West Africa and is often seen as a bellwether for regional growth. International analysts, including those at the African Development Bank and World Bank, note that Nigeria’s progress towards a diversified, industrialised economy could provide a model for fellow African nations—especially if macro-level improvements are translated into inclusive development at the grassroots.
Nevertheless, challenges persist. Critics highlight persistent infrastructural gaps, bureaucratic hurdles, and capacity shortfalls, warning that even the best-laid policies can falter without robust implementation. Some civil society advocates are calling for greater transparency, citizen participation, and continuous monitoring of progress metrics to ensure government claims are matched by real outcomes. Despite these issues, there is widespread agreement that Nigeria’s post-reform era presents a rare opportunity to reshape its economic destiny—in ways that could reverberate across the continent.
As the dust settles on this year’s Economic Summit, the central question remains: How quickly—and how widely—will Nigeria’s new economic strategy improve the reality for millions who rely on lasting reforms for jobs, security, and growth? The government’s challenge will be to make these commitments more than aspirational.
What’s your experience with Nigeria’s economic reforms or their impact in your area? Do you believe the country’s targets are realistic, or are there deeper obstacles yet to be resolved? Drop your thoughts in the comments and join the conversation as we continue to cover Nigeria’s economic journey up close and in depth.
