President Bola Tinubu has defended his administration’s economic reforms, saying they are aimed at overcoming decades of underperformance, attracting investment, creating jobs and delivering shared prosperity.

Tinubu spoke on Monday through Vice President Kashim Shettima, who represented him at the opening of the 32nd Nigerian Economic Summit in Abuja.

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The two-day summit, organised by the Nigerian Economic Summit Group (NESG), is themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity”.

The President said his administration began with difficult economic adjustments because sustainable growth could not be achieved through shortcuts.

“We came to rewrite the story of a nation that has performed below its potential for far too long. But there is no shortcut to economic growth,” he said.

He added that the reforms were intended not only to stabilise the economy but also to improve the livelihoods of job seekers, farmers, manufacturers, entrepreneurs and innovators.

According to Tinubu, the government has introduced measures to dismantle structural barriers that have prevented Nigeria from fully benefiting from its human and natural resources.

He said the reforms were restoring investor confidence, strengthening the country’s economic foundations and laying the groundwork for sustainable growth.

However, the President acknowledged that creating jobs alone would not be sufficient, stressing the need to improve the quality of employment, reduce underemployment and increase productivity across the economy.

He said infrastructure investments should be assessed by the economic activities they generate, while education should be measured by the skills and productivity it delivers.

Tinubu also argued that industrial policies should improve the competitiveness of Nigerian businesses, while investment incentives should attract capital, technology, exports and employment opportunities.

Citing figures from the National Bureau of Statistics, the President said Nigeria’s real gross domestic product grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of 2025.

He added that non-oil activities accounted for 96.08 per cent of GDP, while manufacturing grew by 3.29 per cent and the oil sector expanded by 2.57 per cent during the period.

The President also highlighted the increase in capital importation, saying Nigeria attracted $10.37 billion in the first quarter of 2026, representing an 83.83 per cent increase compared with the same period in 2025.

He said the government would continue to ease regulatory burdens, improve transparency and policy predictability, and expand access to finance to encourage investment.

Tinubu also defended the administration’s tax reforms, describing them as efforts to build a modern and equitable system that could finance development while providing businesses with greater certainty.

On electricity, he said the government was reforming the market to improve power supply and attract investment in generation, transmission, distribution and alternative energy.

He added that the administration was working to connect farms with storage facilities, processing centres and markets while expanding irrigation, mechanisation, agricultural financing and rural infrastructure.

In the solid minerals sector, Tinubu said the government wanted to move beyond raw material extraction towards domestic processing, industrial production and exports.

Despite the progress highlighted by the administration, the President acknowledged that much work remained to be done.

He said Nigeria needed to translate improving economic indicators into tangible benefits for citizens.

United Nations Deputy Secretary-General Amina Mohammed also addressed the summit, acknowledging the gains associated with the economic reforms while urging the government to consolidate and stabilise them.

Mohammed stressed the importance of managing expectations among citizens and other stakeholders, highlighting the need to ensure that policy changes produced meaningful development outcomes.

She also commended the African Development Bank for its new financial architecture for development across Africa, particularly its emphasis on financing programmes with measurable development impact.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the proposed Nigerian Economic Policy Framework, describing it as a national economic doctrine intended to guide government decision-making and the measurement of economic progress.

Oyedele invited the NESG and private-sector experts to scrutinise the draft framework and provide evidence-based contributions.

He identified enterprise, open but fair markets and coordination across government as key principles underpinning the proposal.

Economic stability, human capital development and productivity were also listed among its priority areas.

In his welcome address, NESG Chairman Olaniyi Yusuf said the summit reflected stakeholders’ commitment to promoting inclusive and impactful economic growth.

Yusuf acknowledged the Federal Government’s efforts to improve the business environment, adding that the priority should be to stabilise the economy and build on the reforms rather than reverse them.

Founder and Chairman of BUA Group, AbdulSamad Rabiu, also commended the administration’s reforms, saying they had begun to address longstanding challenges confronting Nigerian businesses.

Rabiu acknowledged the difficulties faced by ordinary Nigerians but said improved access to foreign exchange had created a more predictable operating environment for businesses that depend on imported raw materials and machinery.

Also read: BUA founder urges Nigeria to cut finished goods imports

The summit brought together government officials, business leaders and other stakeholders to discuss ways to turn economic reforms into stronger productivity, employment opportunities and improved living standards.