President Bola Tinubu has announced a new direction for Nigeria’s economic reforms, declaring that the country has moved beyond the emergency phase of stabilisation and must now concentrate on creating jobs, expanding industries and improving living conditions. He said the next stage of his administration’s economic programme would prioritise shared prosperity, reliable electricity, affordable housing and opportunities for businesses to grow.
Tinubu made the announcement on Thursday, November 12, during the presentation of a book on economic diversification and structural transformation in Abuja. Speaker of the House of Representatives, Tajudeen Abbas, represented the President at the event, where discussions focused on Nigeria’s economic performance and the policies needed to support long-term development.
The President maintained that the difficult decisions introduced since his administration assumed office in May 2023 were necessary to address longstanding weaknesses in the economy. He argued that the country had made progress in stabilising its finances and strengthening its external position, creating an opportunity to shift attention towards broader economic development.
According to figures presented by Tinubu, Nigeria’s external reserves have reached approximately $55 billion, while non-oil exports have exceeded $6 billion. He also stated that non-oil activities account for about 96 per cent of the country’s Gross Domestic Product (GDP), highlighting what he described as progress towards reducing dependence on crude oil revenues.
Nigeria’s Economic Reforms Shift Towards Industrial Development
Tinubu said the government must now ensure that economic improvements translate into opportunities for households, workers and businesses rather than remain limited to financial indicators and official statistics.
He identified industrial expansion, electricity supply and affordable housing as important priorities for the next stage of the administration’s programme, noting that these sectors could support employment and improve productivity across the country.
Reliable electricity remains particularly important to Nigeria’s industrial ambitions because businesses continue to face challenges associated with power supply and operating costs. Therefore, improving the energy sector could help manufacturers increase production, reduce expenses and compete more effectively in local and international markets.
The President’s announcement also reflects a change in the government’s economic messaging, with greater emphasis on how reforms can improve the daily experiences of citizens. However, the declaration comes at a time when many households continue to face financial pressure from high living costs, while businesses struggle with rising operational expenses.
Although the administration considers economic stabilisation an important achievement, Nigerians will expect the next phase to produce measurable improvements in employment, purchasing power and access to essential services.
Soludo Demands Double-Digit Growth and Higher Investment
Meanwhile, Anambra State Governor Chukwuma Soludo has challenged the pace of Nigeria’s economic growth, arguing that the country’s current performance remains insufficient to deliver rapid industrialisation and meaningful poverty reduction.
Soludo, who also addressed the gathering, acknowledged the importance of economic stability but maintained that Nigeria needs a much higher growth rate to achieve lasting structural transformation. He argued that growth of approximately four per cent would not be enough to create the scale of economic opportunities required by the country’s large population.
The governor called for double-digit economic growth and investment exceeding 30 per cent of GDP, stressing that stronger capital investment would help expand productive industries, create employment and improve the country’s economic competitiveness.
His position introduces an important consideration into the government’s declaration, as moving beyond economic stabilisation does not automatically guarantee rapid development or improved living standards. Nigeria must also attract sufficient investment, strengthen local production and create an environment where businesses can expand without facing persistent structural difficulties.
Soludo’s comments therefore highlight the scale of the work ahead, particularly as the Federal Government seeks to build a stronger economy through industrial development and greater private-sector participation.
While Tinubu believes the country has entered a new phase of economic reforms, the governor’s position suggests that Nigeria must accelerate its growth to achieve meaningful transformation.
Ultimately, the success of the government’s next economic agenda will depend on its ability to turn improved financial indicators into sustainable jobs, stronger businesses and better living conditions for Nigerians.