President Bola Tinubu has said his administration is moving Nigeria’s economic reforms beyond macroeconomic stabilisation to a new phase focused on attracting investment, expanding production, creating jobs and improving the living standards of Nigerians.
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Tinubu stated this on Tuesday at the 19th Annual Banking and Finance Conference in Abuja, where he said the government’s economic measures were beginning to produce measurable results after reforms in foreign exchange management, public finances, taxation and fiscal policy.
Represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the President said stabilising the economy was never intended to be an end in itself, but a foundation for broader economic prosperity.
“Stability is the foundation, prosperity is the destination,” Tinubu said.
“The current phase of our reform journey is accelerating the conversion of stability into investment, investment into production, production into jobs, and growth into improved living standards.”
According to the President, the administration had been compelled to undertake difficult economic reforms to address structural weaknesses that had accumulated over several decades.
He said the reforms in the foreign exchange market, taxation, public finance and fiscal management were aimed at creating a stronger foundation for sustainable economic growth.
Tinubu pointed to Nigeria’s economic performance in the second quarter of 2026 as evidence that the reforms were beginning to yield results, citing a 4.43 per cent growth rate during the period.
He also said the country’s Gross Domestic Product grew by about 17 per cent in United States dollar terms during the first half of 2026.
The President maintained that Nigeria remained on course towards achieving its target of becoming a $1 trillion economy by 2030, adding that the country’s GDP measured by purchasing power had already surpassed $2.2 trillion.
He further cited improvements in Nigeria’s external reserves, which he said had crossed $54 billion, alongside easing inflation, stronger investor confidence and improved outlooks from international rating agencies.
Tinubu, however, said the benefits of economic stability would only become meaningful when they translate into affordable financing, stronger businesses, increased production and employment opportunities.
He therefore challenged banks and other financial institutions to move beyond traditional financial intermediation and play a more transformative role in the economy.
“The resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit,” he said.
The President identified growth facilitation, financial inclusion, technology, access to long-term capital and public trust as key priorities required to build a resilient and productive financial system.
He said banks must increasingly channel credit towards businesses and productive sectors capable of creating jobs, expanding industrial output and strengthening economic activity.
Tinubu also called for deeper capital markets and stronger pension, insurance and asset management industries to mobilise the long-term domestic and foreign capital required for major infrastructure, industrial, housing and energy projects.
According to him, achieving Nigeria’s economic ambitions would require a financial system capable of converting savings into productive investment rather than merely sustaining financial transactions.
The President further stressed the importance of confidence in the financial system, saying consumer protection, transparency and regulatory integrity must remain central to maintaining financial stability.
He said the next stage of the administration’s economic programme would therefore focus on ensuring that improvements in headline economic indicators translate into tangible gains for households and businesses.
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