Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
President Bola Ahmed Tinubu has declared that Nigeria's economy has stabilised and is on an "irreversible path" to prosperity, citing a 4.43 per cent GDP growth in the second quarter of 2026, record-high foreign reserves, and massive infrastructure projects as proof that his administration's tough reforms are finally paying off. In a statement issued on Monday, August 31, 2026, following the release of the National Bureau of Statistics (NBS) report, the President said the economic indicators could not have come at a better time, as opposition parties have been trying to diminish his administration's efforts since May 2023.
"The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working," Tinubu declared. He pointed to a trade surplus, foreign reserves at their highest in 17 years, and an upgraded credit rating as evidence that the economy was moving beyond the difficult phase of stabilisation. The President also highlighted ongoing investments in roads, railways, and superhighways that he said "will last for a long time". Investors who left are returning, oil and gas production is increasing, and for the first time in a long time, university strikes have been brought to an end, he added.
The NBS report showed that the country's aggregate GDP in nominal terms stood at N119.27 trillion in the second quarter, up by 18.43 per cent from N100.7 trillion recorded at the same time last year. Growth was recorded in agriculture, manufacturing, the oil and gas sector, and the service sector, which now dominates the economy in terms of contribution to aggregate GDP. Tinubu said the administration had spent the past three years implementing the necessary reforms to stabilise the economy, stressing that the reforms were not meant to create challenges but to ensure prosperity reaches all Nigerians.
"We didn't do the reforms to create challenges, but to ensure prosperity reaches all our people," Tinubu said. He also noted that through the Nigerian Education Loan Fund (NELFUND), student loans are putting education within reach, and affordable credit is going to civil servants through Creditcorp. The President further promised that in the coming weeks, his administration would address challenges facing vulnerable populations by providing cheaper transport, ramping up food production, and implementing relief programmes at the grassroots level.
However, critics have pointed out that while the economy may be posting impressive numbers on paper, the gains have yet to reach most households. Many Nigerians question whether mega-projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway are the most urgent priorities at a time when countless existing roads have deteriorated into death traps. Others argue that investments in rail infrastructure would deliver greater economic benefits and ease transportation costs more effectively.
Tinubu also used the opportunity to hit back at the opposition, noting that some political figures have been promising to reverse the policies if elected. "In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy. Now the economy is stabilised, and we have laid the foundation for a prosperous nation," he said. The President maintained that under his watch, the economy is on an irreversible path to growth that all homes will feel at the dining table and in their pockets. As the 2027 elections draw closer, the debate over whether these macroeconomic gains translate into tangible improvements for ordinary Nigerians is likely to intensify.
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