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President says fuel subsidy removal and exchange rate unification triggered short-term pain but now yielding stock market boom, infrastructure growth, and fiscal stability.
President Bola Tinubu has announced that Nigeria has stabilized and is gradually returning to the path of economic recovery and sustainable growth, following difficult but necessary reforms undertaken by his administration over the past three years.
Speaking on Friday in a nationwide message commemorating the third anniversary of his administration, Tinubu acknowledged the sacrifices made by Nigerians while expressing confidence in the country’s direction.
“Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria,” Tinubu stated.
The Economic Crisis Inherited in 2023
The president said his administration inherited severe economic and structural challenges in 2023, including mounting fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, rising debt-servicing costs, and declining public confidence in institutions.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies – over ₦4 trillion in 2022 alone,” Tinubu revealed.
He added that multiple exchange-rate windows and forex arbitrage practices created massive distortions and encouraged speculative activities.
*“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.”*
Courageous Decisions Over Political Convenience
According to the president, the situation required urgent and courageous decisions to avert a deeper economic crisis and fiscal collapse.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”
Acknowledging Citizens’ Sacrifices
Tinubu acknowledged that the reforms triggered rising living costs and placed pressure on households, workers, and businesses across the country.
“The rising cost of living triggered by our measures placed enormous pressure on families, workers and businesses. Young people searching for jobs felt discouraged.”
However, the president assured Nigerians that the sacrifices made were beginning to yield positive results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilized and is moving forward again,” Tinubu declared.
Signs of Economic Recovery
The president stated that the economy was becoming more competitive and better positioned for long-term growth, while public finances and investor confidence had improved significantly.
“The stock market is booming, with the All Share Index rising from 53,000 and market capitalization of ₦30 trillion in 2023 to a record All Share Index of 250,000 and market capitalization of ₦160 trillion this year.”
Tinubu added that companies were now declaring stronger profits and dividends, while states and local governments had more resources to invest in development projects.
Major Infrastructure Projects Underway
The president also highlighted ongoing infrastructure projects across the country, including major highway construction and rail modernization initiatives.
“Over 2,700 kilometers of highways and major roads are under construction, reconstruction, or rehabilitation.”
The projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road. Tinubu said many sections of these projects were nearing completion and would improve transportation, reduce travel time, boost regional trade, and create jobs.
He added that rail modernization projects were also progressing to strengthen nationwide connectivity, logistics, and economic integration.
