…Highlights gains in GDP growth, manufacturing, economic diversification

President Bola Tinubu has said that 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.

Speaking yesterday in Abuja when he formally declared open the 32nd Nigerian Economic Summit, 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 annual event to achieve a prosperous and inclusive Nigeria by 2030.

He noted that his reforms are dismantling the structural barriers that have 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.

On economic diversification, he stated that non-oil activities accounted for 96.08 per cent of GDP, while manufacturing grew by 3.29 per cent and the oil sector by 2.57 per cent, emphasising that the gains have reinforced his administration’s confidence in the path of recovery and diversification.

Tinubu stated, however, that his administration’s ambition must go beyond favourable statistics, even as the development narrative is changing and investor confidence is returning.

On agriculture, the President said he is connecting farms to storage facilities, processing centres and markets while expanding irrigation, mechanisation, finance and rural infrastructure. He added that the government is also seeking to move beyond extraction into domestic processing, industrial production and exports in the solid minerals sector.

He, however, noted that despite the gains of his economic reforms, the task remains far from finished, even as young Nigerians have demonstrated their capacity to compete globally in technology, financial services and the creative industries.

Speaking, 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 also applauded the African Development Bank (AfDB) for its new financial architecture for development across the African 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 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.

He also listed key areas of focus in the proposed framework, including economic stability, human capital development and productivity, among others.

In his address, NESG Chair, Olaniyi Yusuf, said participation at the 32nd summit reflects 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.