President Bola Tinubu has said his administration is rewriting Nigeria’s decades-long story of economic underperformance through far-reaching reforms designed to dismantle structural barriers, unlock the nation’s enormous potential and deliver jobs, productivity and shared prosperity.

This was as the Federal Government ruled out a return to petrol subsidy, insisting that Tinubu’s administration would sustain its economic reforms despite mounting pressure over the rising cost of living and calls by opposition politicians for a policy reversal.

Speaking yesterday in Abuja when he formally declared open the 32nd Nigerian Economic Summit (NES#32), Tinubu, who was represented by Vice President Kashim Shettima, noted that his administration began on a difficult note because “there is no shortcut to economic growth and rescuing the economy means rescuing livelihoods” and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.

He observed that the summit’s theme, ‘Growth That Works: Delivering Jobs, Productivity and Shared Prosperity’, built on the ambition of the previous edition of the yearly event to achieve a prosperous and inclusive Nigeria by 2030.

Tinubu noted that his reforms were dismantling the structural barriers that prevented the nation’s abundant human and natural resources from yielding prosperity.

Acknowledging that creating jobs was only half the task, he stressed the need to improve the quality of work, reduce underemployment and harness the potential of Nigeria’s underutilised workforce. “We must judge our industrial policy by the competitiveness of our firms and investment incentives by the capital, technology, exports and jobs they attract.”

He cited figures from the National Bureau of Statistics (NBS) indicating that Nigeria’s inflation-adjusted GDP grew by 3.89 per cent in Q1 2026, compared with 3.13 per cent in Q1 2025.

United Nations Deputy Secretary-General, Dr Amina Mohammed, acknowledged the gains while urging their urgent consolidation and stabilisation as well as effective management of expectations among citizens and other stakeholders.

She applauded the African Development Bank (AfDB) for its new financial architecture for development across the continent.

Particularly its prioritisation of financing programmes that target impactful development.

Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, presented the Nigerian Economic Policy Framework, which he described as a national economic doctrine that establishes how Nigeria makes economic decisions and measures real progress.

He invited Nigerian Economic Summit Group (NESG) members and private sector experts to make valuable contributions to the development of the framework by rigorously critiquing the draft proposal with facts and figures. He said the principles underpinning the framework include enterprise, open but fair markets, and whole-of-government coherence.

In his address, NESG Chair, Olaniyi Yusuf, said participation at the 32nd summit reflected stakeholders’ commitment to contributing to inclusive and impactful growth, while acknowledging the Federal Government’s efforts to improve the ease of doing business in the country.

Yusuf added that the 32nd edition of the summit must help Nigeria move from policy consensus to a framework that resolves practical issues, noting that deliberations would be guided by proposals for job creation, improved productivity and shared prosperity for all.

Also speaking, Chairman and Founder, BUA Group, Abdul Samad Rabiu, noted that improvements in access to FX had created a more predictable environment for businesses.

MINISTER of Budget and Economic Planning, Senator Abubakar Bagudu, said the Tinubu administration would maintain its reform trajectory while improving implementation, strengthening domestic production and ensuring that economic growth translates into jobs, higher productivity and improved living standards.

“For those of us serving under the President and Vice President, the instruction has been clear: we must stay the course,” Bagudu declared at the NES#32, which opened in Abuja yesterday.

His position comes amid renewed political debate over fuel subsidy removal, with opposition figures, including African Democratic Congress (ADC) presidential candidate Atiku Abubakar, promising to restore the subsidy as part of efforts to ease the cost-of-living crisis.

But Bagudu warned that reversing the policy would undermine the gains of the reforms and revive economic distortions associated with the previous subsidy regime.

“There will be no return to the fuel subsidy and the economic distortions associated with the previous system,” he said.

The minister, however, acknowledged the economic pressures confronting households and businesses, stressing that sustaining reforms must go with better implementation, responsive policy adjustments and targeted interventions to protect vulnerable Nigerians.

Commending the NESG for sustaining a platform for engagement among government, businesses, organised labour, academia, civil society and development partners, Bagudu said the summit offered an opportunity to assess the impact of ongoing reforms and develop practical recommendations for accelerating national development.