President Bola Tinubu has said Nigeria’s economic reform programme has entered a new phase aimed at converting macroeconomic stability into increased investment, production, job creation and improved living standards.
Tinubu stated this on Tuesday at the 19th Annual Banking and Finance Conference in Abuja, where he said reforms implemented by his administration were beginning to produce positive economic outcomes.
The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the banking and financial services industry as critical to translating the gains from the reforms into broader economic prosperity.
“Stability is the foundation, prosperity is the destination,” Tinubu said.
He added that the current phase of the reform journey was focused on accelerating the transition from stability to investment, production, employment and improved living standards.
According to him, the administration had undertaken difficult reforms in the foreign exchange market, public finances, taxation and fiscal management to address structural weaknesses that had accumulated over several decades.
Tinubu cited Nigeria’s 4.43 per cent economic growth in the second quarter of 2026 and an estimated 17 per cent increase in GDP in US dollar terms in the first half of the year as evidence that the reforms were yielding results.
He also said Nigeria remained on track to achieve a $1 trillion economy by 2030, while the country’s purchasing power parity GDP had surpassed $2.2 trillion.
The President listed stronger external reserves of more than $54 billion, easing inflation, improved investor confidence and positive assessments from international rating agencies among the indicators pointing to an improving economy.
Tinubu urged banks to move beyond traditional financial intermediation and significantly expand lending to businesses and productive sectors of the economy.
He argued that a resilient banking system could not be sustained indefinitely in an environment where businesses struggled to access affordable credit.
“The resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit,” he said.
He identified growth facilitation, financial inclusion, technology, long-term capital and trust as key priorities for building a stronger financial system.
The President also called for deeper development of Nigeria’s capital markets, pension, insurance and asset management sectors to attract long-term domestic and foreign investment.
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He said increased access to long-term capital would be critical to financing infrastructure, manufacturing, housing, energy and other strategic sectors capable of driving sustainable economic growth.
Tinubu further stressed the need to strengthen confidence in the financial system, noting that effective consumer protection and regulatory integrity remained essential to maintaining financial stability.
He said the next phase of the reform agenda would require closer collaboration between the government and financial sector to ensure that macroeconomic gains translate into tangible improvements in the welfare of Nigerians.
