President Bola Tinubu on Thursday acknowledged the scale of the security and economic challenges confronting the nation and pledged his administration’s determination to deepen global engagement and intensify the fight against terrorism and criminality.

Speaking at the Federal Executive Council (FEC) meeting held at the State House, Abuja, the President said the government remains firmly committed to moving the country forward under the Renewed Hope Agenda, despite prevailing political and security pressures.

“The task ahead is immense,” he said. “But we are resolved to move forward with unity and purpose, to defeat terrorism and build a prosperous, inclusive and resilient Nigeria.”

Tinubu’s remarks came after an economic briefing by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who reported that the administration’s reform agenda continues to stimulate investor confidence and deliver notable economic gains.

Edun, who expressed gratitude to the President and cabinet members for their support during his recent illness, said the ongoing reforms, though challenging, are driven by a clear objective to build a competitive economy that creates jobs and lifts millions out of poverty.

According to him, Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in Q2 2025, the strongest expansion in a decade outside the post-COVID-19 rebound.

He said 13 sectors expanded by more than seven per cent, up from nine in the previous quarter, evidence of broad-based resilience.

The industrial sector, Edun added, nearly doubled its growth from 3.72 per cent to 7.45 per cent, reflecting rising productivity and renewed investor interest.

He reported that inflation declined to 18 per cent last December, while foreign reserves exceeded $43 billion and the trade surplus climbed to N7.4 trillion, signalling strengthened external buffers.

Edun noted that new consumer-spending data showed Nigerians now spend about half of their income on basic needs, compared with nearly 90 per cent previously, indicating a gradual transition from subsistence to improved living standards and enhanced productivity.

He described Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list as a major confidence boost for the financial sector, noting that global institutions, including the IMF and World Bank, had acknowledged the country’s reform momentum through upgraded growth projections and improved credit ratings.

The Minister also cited Tuesday’s €2.35 billion Eurobond issuance, which attracted over $13 billion in investor orders, as a testament to strong global confidence in Nigeria’s economic trajectory and the President’s leadership.

He stressed the need to mobilise greater domestic and foreign investment to achieve the administration’s target of a $1 trillion economy by 2030, noting that growth must reach seven per cent annually by 2027.

According to him, the next phase of reforms will focus on removing investment bottlenecks, reviewing tariffs and import restrictions, strengthening fiscal reporting, and optimising asset management.

He urged ministers overseeing sectors such as infrastructure, mining, health, education, agriculture and the blue economy to work with state governments to identify and package investment-ready projects capable of attracting large-scale private capital.

Responding, Tinubu said the Eurobond’s oversubscription, despite political anxieties, underlined global faith in Nigeria’s fundamentals.

“Despite the political headwinds and fears, our partners have continued to engage with confidence,” he said.

Following this, Secretary to the Government of the Federation, Senator George Akume, announced the passing of former Minister and Senator Solomon Ewuga, describing him as an accomplished leader dedicated to national development.

Ewuga, who served as Deputy Governor of Nasarawa State in 1999 before becoming Minister of State for the Federal Capital Territory, later represented Nasarawa North in the Senate.

He died on September 23 in Egypt at age 70. Council members observed a minute’s silence in his honour.

Akume also informed the Council of the death of former Chief of Staff, General Mohammed Abdullahi, who served under President Olusegun Obasanjo and was a former Military Governor of Benue-Plateau State, as well as pioneer Director-General of the Nigerian Security Organisation (NSO).

The Council again observed a minute’s silence.

“May their souls rest in perfect peace,” the SGF said.