Tinubu says reforms rewriting Nigeria's economic story, cites 3.89% GDP growth

President Bola Tinubu said on Monday that his administration is rewriting Nigeria's long record of economic underperformance, pointing to faster growth and a jump in foreign investment as early signs that the reforms are working.

Tinubu spoke at the opening of the 32nd Nigerian Economic Summit in Abuja, where Vice President Kashim Shettima represented him. The theme was "Growth That Works: Delivering Jobs, Productivity and Shared Prosperity".

He said the government began with a "difficult reset" because there is no shortcut to growth. "For us, rescuing the economy means rescuing livelihoods," he said, adding that the aim is to change the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.

The numbers the President cited

According to figures Tinubu quoted from the National Bureau of Statistics, inflation-adjusted Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the same period of 2025.

He said non-oil activities accounted for 96.08 per cent of GDP, manufacturing grew by 3.29 per cent and the oil sector by 2.57 per cent.

Capital importation, he said, reached $10.37 billion in the first quarter of 2026, an increase of 83.83 per cent over the same period last year. That covers both portfolio investment and foreign direct investment.

Tinubu said his government would keep easing regulatory burdens, improving transparency and expanding access to finance. He also pointed to tax reforms meant to build a fairer system that gives businesses certainty, and to changes in electricity, agriculture and solid minerals.

But he warned that good statistics are not enough. Growth, he said, must show up as better jobs, higher productivity and a better standard of living. He noted that creating jobs is only half the task, and that Nigeria must also improve job quality and reduce underemployment.

"We must judge infrastructure by the economic activity it generates and education by the skills and productivity it delivers," he said.

What others at the summit said

United Nations Deputy Secretary-General Amina Mohammed acknowledged the gains but urged the government to consolidate and stabilise them, and to manage public expectations well.

The Chairman of the Nigerian Economic Summit Group, Olaniyi Yusuf, said the priority now is to stabilise and build on the reforms rather than reverse them. He challenged participants to turn policy agreement into real jobs and higher productivity.

BUA Group founder Abdul Samad Rabiu praised the reforms, saying easier access to foreign exchange has made business more predictable. He acknowledged the hardship ordinary Nigerians face, recalling that businesses once struggled to get forex for raw materials and machinery even with naira in hand.

Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele presented a proposed Nigerian Economic Policy Framework, described as a national economic doctrine to guide decisions and measure progress. He invited private sector experts to scrutinise the draft with facts and evidence.

For ordinary Nigerians, the test will be whether these figures reach their pockets: food prices, transport, fuel and jobs. The summit continues, and the government says its focus is now on making the growth felt in daily life.