NESG: We’re rewriting Nigeria’s story of under-performance — Tinubu

Need to improve quality of work’

While noting there is need to improve the quality of work, reduce underemployment and harness the potential of the country’s under-utilised workforce, Tinubu said: “Our pursuit of prosperity demands greater productivity from every worker, enterprise and investment. We must judge infrastructure by the economic activity it generates and education by the skills and productivity it delivers.

“We must judge industrial policy by the competitiveness of our firms and investment incentives by the capital, technology, exports and jobs they attract.”

The President outlined what he described as the achievements of his administration’s reforms, saying they had been well-documented.

He cited figures from the National Bureau of Statistics, NBS, indicating that Nigeria’s inflation-adjusted GDP grew by 3.89% in the first quarter of 2026, compared with 3.13% a year earlier.

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

President 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.

Outlining his administration’s gains so far, the President said: “In the first quarter of 2026, our capital importation reached $10.37 billion, an increase of 83.83% over the corresponding period in 2025.

“This comprised both portfolio and foreign direct investment. We will, therefore, continue to ease regulatory burdens, strengthen transparency and policy predictability and expand access to finance.

“Our tax reforms seek to build a modern, equitable system that finances development and gives businesses certainty. This discipline must guide our investments in all sectors of the economy, including energy, agriculture and solid minerals.

“We are reforming the electricity market to improve supply and attract investment in generation, transmission, distribution and alternative energy.”

On agriculture, the President said the administration is connecting farms to storage facilities, processing centres and markets, while expanding irrigation, mechanisation, finance and rural infrastructure.

He added that 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 administration’s 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.

Consolidate, stabilise, Amina Mohammed urges govt

On her part, the United Nations Deputy Secretary-General, Dr. Amina Mohammed, assessed the reforms implemented under the Tinubu administration, acknowledging the gains but urged urgent consolidation and stabilisation, as well as the 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.

In his remarks, 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 established how Nigeria made economic decisions and measured real progress.

The minister invited members of the Nigerian Economic Summit Group, NESG, 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.

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

Task before experts at summit — NESG chairman

In his welcome address, the Chairman of the NESG, Mr. 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.

He said although the reforms of the Tinubu administration might have introduced significant changes to Nigeria’s economic structures, the task before economic experts at the summit and beyond was to ensure stabilisation, rather than seek a reversal of the policies.

Also speaking, the Chairman and Founder of BUA Group, AbdulSamad Rabiu, commended the economic reforms of President Bola Tinubu’s administration, saying they had begun to address longstanding challenges confronting Nigerian businesses.

Rabiu acknowledged the difficulties experienced by ordinary Nigerians but noted that improvements in access to foreign exchange had created a more predictable environment for businesses.

“For many years, one of the greatest challenges facing businesses was access to foreign exchange. You could have all the naira but be unable to obtain the foreign exchange needed to buy raw materials and machinery,” he recalled. Also present at the opening session of the summit were the governors of Anambra and Lagos states, Prof. Chukwuma Soludo, and Mr. Babajide Sanwo-Olu, respectively; the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; the Minister of Livestock Development, Idi Mukhtar Maiha; the Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite; and business leaders from across Nigeria and beyond, among others.