By Our Correspondent
ABUJA — President Bola Ahmed Tinubu has declared that Nigeria has turned a critical corner in its economic and developmental journey, stating that the difficult reforms introduced by his administration over the past three years are beginning to yield visible results across key sectors of the economy.
In a nationwide address commemorating the third anniversary of his administration on Friday, President Tinubu acknowledged the hardships experienced by Nigerians since he assumed office on May 29, 2023, but insisted that the sacrifices made by citizens were not in vain.
Addressing the nation, the President reflected on the daunting challenges inherited at the beginning of his tenure, including mounting fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, rising debt-servicing obligations, insecurity, energy shortages, and declining confidence in public institutions.
According to him, the administration was confronted with a difficult choice between maintaining policies that had become unsustainable or embarking on bold reforms aimed at securing the nation's future.
"The easy choices would have been politically convenient," Tinubu said. "But leadership demands courage, especially when the right decisions are difficult."
Justifying Key Reforms
President Tinubu defended the removal of fuel subsidies and the unification of the foreign exchange market, describing both measures as necessary interventions to prevent economic collapse.
He disclosed that Nigeria was spending as much as ₦18.4 billion daily on fuel subsidies before the policy was discontinued, amounting to over ₦4 trillion in 2022 alone. He argued that such expenditure deprived critical sectors such as education, healthcare, infrastructure, and housing of much-needed resources.
The President also blamed the country's former multiple exchange-rate regime for widespread distortions, alleging that more than ₦8 trillion was lost within three years to rent-seeking activities and speculative transactions.
He maintained that without decisive action, Nigeria could have drifted toward fiscal instability, worsening poverty, and severe economic uncertainty.
Signs of Economic Recovery
Highlighting what he described as evidence of economic progress, Tinubu said public finances have improved significantly while investor confidence continues to grow.
One of the strongest indicators cited by the President was the performance of the Nigerian capital market. According to him, the All Share Index rose from approximately 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from about ₦30 trillion to ₦160 trillion within the same period.
He noted that companies are now posting record profits and paying higher dividends, reflecting renewed investor optimism.
"Our economy is now more competitive and better positioned for sustainable growth than it was in 2023," he stated.
Massive Infrastructure Push
The President pointed to ongoing infrastructure projects across the country as tangible evidence of progress.
He revealed that more than 2,700 kilometres of highways and major roads are currently under construction, rehabilitation, or reconstruction, including strategic projects such as the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
According to him, several sections of these projects have already been completed or are nearing completion, improving connectivity, reducing travel times, boosting trade, and creating employment opportunities.
Rail modernisation initiatives are also advancing, with the administration seeking to strengthen economic integration and logistics efficiency nationwide.
Energy and Industrial Growth
In the oil and gas sector, Tinubu announced that reforms introduced by his government have attracted billions of dollars in fresh investments from international oil companies.
He highlighted the ongoing NLNG Train 7 project, valued at approximately $5 billion, as a major milestone expected to increase Nigeria's liquefied natural gas production and export capacity.
The President further noted improvements in local refining capacity through both large-scale and modular refineries, saying the development is helping Nigeria reduce dependence on imported petroleum products while conserving scarce foreign exchange.
On electricity, Tinubu admitted that the sector continues to face challenges but said government efforts are focused on clearing legacy debts, expanding transmission infrastructure, promoting renewable energy investments, and strengthening the national grid.
"No modern economy can grow in darkness," he said.
Investments in Agriculture, Housing and Education
The administration also highlighted achievements in agriculture, where interventions have reportedly supported millions of farmers through improved access to fertilisers, seedlings, mechanisation, irrigation facilities, and financing.
Tinubu said agricultural corridors are being developed across the country to strengthen supply chains, create jobs, and reduce pressure on food prices.
In the education sector, he disclosed that the Nigerian Education Loan Fund has provided support to more than 1.5 million students, disbursing over ₦282 billion to ensure that financial challenges do not prevent qualified Nigerians from accessing higher education.
The President further revealed that the Renewed Hope Housing Programme and projects by the Federal Housing Authority are delivering more than 10,000 housing units across 14 states and the Federal Capital Territory.
The programme, he said, has already generated over 300,000 jobs, while major housing developments in Abuja, Lagos, and Kano continue to make progress.
Healthcare and Telecommunications
Tinubu also cited ongoing efforts to revitalise thousands of primary healthcare centres and expand health insurance coverage for vulnerable citizens.
In the telecommunications sector, he said measures taken by the administration have helped restore investor confidence after years of declining investment and operational challenges.
According to him, telecom operators are expanding their networks, creating jobs, and broadening digital access, thereby supporting commerce, innovation, and education.
"A connected Nigeria is a more competitive Nigeria," he remarked.
Message to Nigerian Youth
Addressing young Nigerians directly, the President described them as the nation's greatest asset and the driving force behind future economic growth.
He said government investments in digital skills, technical education, entrepreneurship, innovation, and student financing are designed to position Nigerian youths for success in an increasingly competitive global economy.
"You are not a problem to be managed. You are the engine of Nigeria's future," he declared.
Security Remains a Priority
While acknowledging persistent security challenges, Tinubu stated that the Armed Forces and other security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal syndicates.
He said investments in intelligence gathering, surveillance technology, logistics, and inter-agency collaboration are yielding positive outcomes, with several communities and major highways becoming safer.
The administration, he assured, remains committed to restoring peace and protecting lives and property across the country.
Focus on Cost of Living
The President admitted that the rising cost of living remains one of the biggest concerns facing Nigerians but expressed confidence that current interventions will ease the burden on households.
He noted that food prices have begun to decline from their peaks during the 2023–2024 period and pledged continued efforts to sustain the trend.
Government is also encouraging the conversion of commercial vehicles to compressed natural gas (CNG) and the adoption of electric vehicles as part of efforts to reduce transportation costs.
Call for Unity and National Purpose
In a passionate appeal for national unity, Tinubu urged Nigerians to reject division and embrace a shared commitment to nation-building.
He stressed that no region, religion, or ethnic group should feel excluded from the country's development process, describing Nigeria's diversity as a source of strength rather than weakness.
"We must choose hope over despair, unity over division, and nation-building over narrow interests," he said.
The President also reassured investors and the international community that Nigeria remains committed to democratic governance, economic reform, responsible leadership, and mutually beneficial partnerships.
Looking Ahead
Concluding his anniversary address, Tinubu acknowledged that significant challenges remain but expressed confidence that the foundations for long-term recovery have been established.
He called on Nigerians to remain patient, optimistic, and united as the country continues its journey toward economic transformation and national renewal.
"History tests nations before it elevates them," the President said. "Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before."
As the administration enters its fourth year in office, the coming months will likely determine whether the gains highlighted by the President translate into improved living conditions for millions of Nigerians still grappling with economic realities.
For now, the Tinubu administration is projecting a message of cautious optimism: that after years of turbulence, Nigeria's recovery is underway and that the country's best days may yet lie ahead.
