By Micheal Akanji
It’s no longer news that President Bola Ahmed Tinubu’s administration has continued to reshape Nigeria’s economic landscape through bold reforms, infrastructure expansion, and fiscal restructuring aimed at restoring long-term stability and growth. Although the reforms came with initial challenges for me, recent economic indicators suggest that Nigeria is gradually recovering from years of structural weaknesses.
The unbiased international financial institutions, economic analysts, and local observers increasingly acknowledge that the administration’s policies are laying the foundation for sustainable development and renewed investor confidence.
One of the administration’s most significant achievements has been the implementation of difficult but necessary economic reforms. The removal of the fuel subsidy and the unification of Nigeria’s foreign exchange system have ended decades of distortions that drained public finances and discouraged investment.
According to the International Monetary Fund (IMF), these reforms have improved transparency in the foreign exchange market and strengthened fiscal management.
The World Bank also noted in 2025 that Nigeria’s macroeconomic position is improving due to sustained reforms and better revenue generation.
Nigeria’s Gross Domestic Product (GDP) growth has shown clear improvement under the Tinubu administration. Data released by the National Bureau of Statistics showed that Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, while annual GDP growth reached 3.4% in 2024, compared to 2.74% in 2023.
The services sector remained the strongest contributor, accounting for over 57% of the nation’s GDP. Analysts from the Nigerian Economic Summit Group (NESG) attributed the improved performance to fiscal reforms, infrastructure investments, and economic liberalization policies introduced by the federal government.
Another major success of the administration has been the strengthening of government revenues and the reduction of fiscal leakages.
According to the World Bank, Nigeria’s consolidated fiscal deficit declined from 5.4% of GDP in 2023 to 3.0% in 2024.
Government revenues reportedly increased from ₦16.8 trillion in 2023 to approximately ₦31.9 trillion in 2024, reflecting stronger tax administration, subsidy reforms, and improved remittance inflows.
This fiscal improvement has provided the government with a greater capacity to invest in roads, railways, energy projects, and social services.
Infrastructure development has become one of the defining pillars of the Tinubu administration. The government has accelerated work on strategic highway projects, rail modernization, and power sector upgrades across the country.
Reuters reported in May 2026 that over 2,700 kilometers of roads are currently under development as part of the administration’s infrastructure drive. Investments in transportation corridors are expected to improve commerce, reduce logistics costs, and stimulate regional economic integration.
The administration has also made progress in restoring investor confidence and stabilizing the financial system.
Nigeria’s foreign exchange reforms have helped reduce market distortions while improving the country’s external reserves.
Reuters and the World Bank reported that Nigeria’s foreign reserves exceeded $37 billion in 2025, supported by improved capital inflows and a more market-reflective exchange rate system.
The Nigerian stock market has also witnessed remarkable growth, reaching historic highs amid renewed investor optimism.
In the oil and gas sector, the Tinubu administration has intensified efforts to boost production, tackle oil theft, and encourage domestic refining.
Nigeria’s oil sector recorded growth of approximately 5.5% in 2024, reversing previous declines. Increased crude production and the operational expansion of domestic refining capacity are expected to reduce dependence on imported fuel and strengthen energy security.
The government’s support for local refining initiatives is also projected to conserve foreign exchange and create jobs across the petroleum value chain. Critics of the reforms often focus on the short-term hardships caused by inflation and higher living costs.
However, many economists argue that these adjustments were unavoidable after years of unsustainable subsidy spending and exchange-rate distortions.
The IMF, World Bank, and several independent analysts have consistently maintained that Nigeria’s previous economic model was fiscally unsustainable. While inflation remains a challenge, experts believe that the reforms are positioning the country for stronger long-term growth, increased competitiveness, and greater resilience against external shocks.
The Tinubu administration has also accelerated digital identity and technology-driven governance initiatives aimed at improving service delivery and economic inclusion.
Through the NINAuth platform, Nigerians can securely verify and authenticate their National Identification Number (NIN) for access to government and private-sector services, reducing identity fraud and strengthening confidence in digital transactions.
The initiative is expected to deepen financial inclusion, streamline public services, and support the growth of Nigeria’s digital economy.
In addition, the administration’s Presidential Compressed Natural Gas (PCNG) initiative has been introduced to provide more affordable and cleaner energy alternatives for transportation.
By supporting the conversion of vehicles to compressed natural gas, expanding refueling infrastructure, and encouraging private-sector investment in the gas value chain, the program seeks to lower transportation costs, reduce dependence on petrol, create jobs, and leverage Nigeria’s abundant natural gas resources for sustainable economic development.
These initiatives complement broader economic reforms by promoting innovation, efficiency, and long-term national competitiveness.
The administration has also introduced measures to cushion the impact of reforms on vulnerable Nigerians. Interventions in agriculture, food distribution, wage support, student loans, and infrastructure financing are part of broader efforts to ease economic pressure while reforms take effect.
Government officials maintain that the objective is not merely short-term relief but the creation of a more productive economy capable of generating employment opportunities and reducing poverty over time.
International observers have acknowledged that maintaining reform momentum while expanding social support will be critical to sustaining progress.
As Nigeria moves deeper into the reform era, the Tinubu administration continues to emphasize fiscal discipline, infrastructure expansion, and private-sector-driven growth. Despite economic challenges inherited from previous years, current indicators suggest that the country is beginning to witness the early benefits of structural reforms.
With improving GDP growth, rising revenues, expanding infrastructure projects, and renewed investor confidence, President Bola Ahmed Tinubu’s policies are increasingly being viewed as a decisive effort to reposition Nigeria for long-term economic transformation and greater national prosperity.
Micheal Akanji
Correspondent – Podium Reporters