President Bola Tinubu has cited Nigeria’s rising capital importation and economic growth figures in defence of his administration’s reforms, insisting that the policies are necessary to address decades of economic underperformance.
Tinubu, represented by Vice President Kashim Shettima, spoke on Monday at the opening of the 32nd Nigerian Economic Summit (NEC) in Abuja, where he said economic stability was essential to attracting investment, creating jobs and improving livelihoods.
The President said Nigeria’s capital importation reached $10.37bn in the first quarter of 2026, representing an 83.83 per cent increase compared with the corresponding period in 2025.
He also cited data from the National Bureau of Statistics showing that the economy grew by 3.89 per cent in real terms in the first quarter of 2026, up from 3.13 per cent in the same period of 2025.
Tinubu said the figures supported his administration’s position that the reforms were strengthening the country’s economic foundations and creating conditions for sustainable growth.
“We came to rewrite the story of a nation that has performed below its potential for far too long,” he said, adding that there was no shortcut to economic growth.
He said the government would continue to reduce regulatory burdens, improve transparency and policy predictability, and expand access to finance to encourage investment by local and foreign businesses.
The President also highlighted the government’s tax and electricity reforms, saying they were intended to provide businesses with greater certainty, improve power supply and attract investment across the energy sector.
On economic diversification, Tinubu said non-oil activities accounted for 96.08 per cent of gross domestic product, while manufacturing grew by 3.29 per cent and the oil sector by 2.57 per cent.
He, however, stressed that economic progress should be measured by its impact on employment, productivity, industrial competitiveness and the living conditions of Nigerians.
The United Nations Deputy Secretary-General, Amina Mohammed, acknowledged gains recorded under the administration but called for urgent efforts to consolidate and stabilise the economy.
She also stressed the need for effective management of public expectations as the government pursued its economic agenda.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, urged members of the Nigerian Economic Summit Group and private sector experts to scrutinise the proposed Nigerian Economic Policy Framework using facts and figures.
Oyedele said the framework was built around enterprise, fair and open markets, policy coordination across government, economic stability, human capital development and productivity.
In his remarks, the Chairman of the Nigerian Economic Summit Group, Olaniyi Yusuf, said the priority should be to stabilise the economy and translate policy agreements into practical measures that would create jobs and promote inclusive growth.
He said the summit, themed Growth That Works: Delivering Jobs, Productivity and Shared Prosperity, provided an opportunity for stakeholders to develop solutions to the country’s economic challenges.
Governors Chukwuma Soludo of Anambra State and Babajide Sanwo-Olu of Lagos State were among those who attended the event.
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