Abuja, Nigeria –
President Bola Ahmed Tinubu addressed the nation on Sunday during Nigeria’s 65th Independence Day, stating that the country is beginning to see the positive impact of his administration’s tough but necessary economic reforms.
“The worst is over,” Tinubu declared in his televised speech, emphasizing that recent data shows Nigeria is regaining economic momentum following the turbulence sparked by fuel subsidy removal and foreign exchange unification earlier in his term.
Among the key economic achievements Tinubu highlighted were:
- Fastest Q2 GDP growth in four years, signaling recovery momentum.
- Inflation dropped to 20.12% in August, marking a three-year low.
- Five consecutive quarters of trade surplus, indicating improving export performance.
- Oil production rose to 1.68 million barrels per day, reversing previous declines.
- External reserves reached $42.03 billion, the highest level in six years.
Though initial backlash followed his reforms, especially amid rising costs of living, Tinubu maintained that long-term economic stability required bold action.
The president reiterated his administration’s focus on fiscal discipline, foreign investment attraction, and boosting local production to reduce Nigeria’s import dependency.
Source: Sputnik Africa
