President Bola Tinubu has reaffirmed that Nigeria remains on a path of steady growth and global engagement, driven by ongoing economic reforms that are gaining both domestic and international confidence.
Speaking at the Federal Executive Council, FEC, meeting held on Thursday at the State House, Abuja, the President emphasized that the nation’s economic trajectory continues to show positive results.
His remarks came after the swearing-in of two new ministers — Dr Bernard Mohammed Doro, appointed Minister of Humanitarian Affairs, and Dr Kingsley Tochukwu Udeh (SAN), who will lead the Ministry of Science and Innovation.
Addressing the current state of the economy and Nigeria’s diplomatic relations, particularly with the United States, President Tinubu said the government was strengthening engagement with global partners.
“The most important thing is the fact that despite the political headwinds and the fear of our people, we will continue to engage with partners.
“The success of the $2.3 billion eurobond that was oversubscribed by 400 percent is the most assuring. So, the task ahead is immense; we are engaging the world diplomatically, and we assure all of you that we will defeat terrorism in this country.
“The task ahead is immense, but it is our resolve to move forward with unity and purpose, guided by the Renewed Hope Agenda to build a prosperous, inclusive and resilient Nigeria.”
On national security, the President reiterated his commitment as Commander-in-Chief of the Armed Forces to eliminate all forms of terrorism and criminality, urging Nigerians not to lose faith.
“Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation. Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society. We want our friends to help us as we step up our fight against terrorism, and we will eliminate it,” President Tinubu assured.
He also directed government officials and ministers to maintain consistency in their communication and avoid mixed messaging that could undermine public trust.
During the session, President Tinubu tasked the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to brief the Council on the nation’s economic performance and outlook.
In his presentation, Edun reported strong macroeconomic indicators, noting that reforms under the Renewed Hope Agenda have begun yielding substantial results.
Edun said: “The reforms that have been taken under your Renewed Hope Agenda, so bold and sometimes unpopular, are rooted in a clear objective to build a competitive economy that attracts, creates jobs and lifts millions out of poverty.
“In the second quarter of 2025, Nigeria’s GDP grew by 4.23 percent, the highest in a decade, outside the COVID rebound. Thirteen sectors recorded growth above 7 percent up from nine sectors in the previous quarter.
“The industrial sector nearly doubled its growth from 3.72 percent to 7.45 percent, reflecting rising productivity and investor confidence. Inflation eased to 18.02 percent in September 2025. As we know, foreign exchange reserves topped $43 billion, and our trade surplus reached N7.4 trillion.
“Clear examples of macroeconomic stability, as the consumer spending basket published earlier this year shows, our citizens now spend maybe about half of the income on basic needs, food, shelter and clothing, as compared with almost 90 percent previously.
“This signals a country moving from subsistence towards productivity and indeed affluence.”
The minister projected that Nigeria could achieve a $1 trillion economy by 2030 through sustained 7 percent annual growth and continued poverty reduction efforts.
He added: “Nigeria’s removal from the Financial Action Task Force Grey List marks a major milestone in strengthening our financial integrity and confidence.
“At the recent World Bank/IMF annual meetings, global leaders commended our reforms, our progress and the revised IMF growth forecast of up to nearly 4% and improved credit ratings.”
Edun further highlighted the success of Nigeria’s recent $2.35 billion Eurobond issuance, which saw investor demand exceed $13 billion, describing it as proof of investor confidence in the country’s reform agenda and leadership.
He called on ministers in key sectors — including infrastructure, mining, education, health, agriculture, blue economy, digital innovation, arts, and culture — to collaborate with state governments in designing projects attractive to both local and international investors.
“Every Naira must be optimised to sustain momentum amid global liquidity constraints. Where there is less funding from multilateral institutions, we must rely on our own resources. The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment,” Edun concluded.
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