Nigeria @65: Tinubu Declares Economic ‘Turnaround,’ Cites Net Exporter Status Amid Reform Gains

President Bola Ahmed Tinubu, in a stirring national broadcast to mark Nigeria’s 65th Independence Anniversary, declared on Wednesday that the nation had successfully “turned the corner” from its economic woes, insisting that the worst of the tough, initial reforms are now over. Speaking to the nation from the Aso Rock Villa, President Tinubu highlighted what he described as 12 critical economic milestones, with the most significant being the country’s shift into a net exporter status, recording a sustained trade surplus for five consecutive quarters, a fundamental shift that strengthens the currency and creates jobs at home, Dependable NG reports.

The optimistic address comes two years into the administration’s tenure, which has been characterized by politically risky decisions like the removal of the petrol subsidy and the unification of the foreign exchange market. The President defended these decisions as essential foundations for stability, stating that the removal of the corrupt petroleum subsidy freed up trillions of Naira for targeted investment in the real economy and social programs for the most vulnerable citizens. Official figures released during the address showed encouraging trends, with the Gross Domestic Product growing by 4.23 percent in the second quarter of 2025—Nigeria’s fastest pace in four years—and outpacing the 3.4 per cent projected by the International Monetary Fund.

Further detailing the achievements, the President noted that inflation, while still high, has continued a downward trend, declining to 20.12 percent in August 2025, the lowest level recorded in three years. On the fiscal front, non-oil revenue collection has achieved its 2025 target by August, reaching over N20 trillion. This aggressive revenue drive has contributed to a sharp reduction in the country’s debt service-to-revenue ratio, which the President claimed had been reduced from an unsustainable 97 percent to below 50 percent, thereby improving fiscal space for the government.

The Central Bank’s disciplined approach to monetary policy was also lauded, credited with restoring confidence and stability in the foreign exchange market, a move that has seen international ratings agencies and development institutions commend Nigeria’s reform path. To consolidate these gains and cushion the impact on the populace, Tinubu reiterated the government’s commitment to social investment, specifically announcing the ambitious Renewed Hope Ward Development Programme (WADEP). This program is designed to create at least one thousand jobs in each of Nigeria’s 8,809 wards, translating to an estimated 8.8 million direct and over 20 million indirect jobs, which is projected to add a significant boost to the nation’s real GDP.

The President concluded his broadcast by commending the Armed Forces for their tenacity in tackling insecurity across the country, particularly against Boko Haram terror in the North-East, IPOB/ESN terror in the South-East, and the pervasive issue of banditry and kidnapping. He assured citizens that his administration remains dedicated to ensuring access to education, citing the success of the NELFUND student loan scheme, and committed to sustaining the momentum of reforms, ensuring that the current stability transforms into inclusive and enduring prosperity for all Nigerians.