Tinubu, NESG urge reforms to deliver jobs, shared prosperity
Omeiza Bilal
President Bola Tinubu has said Nigeria’s ongoing economic reforms must move beyond improved statistics to create productive jobs, raise household incomes and deliver shared prosperity for citizens.
Tinubu, represented by Vice-President Kashim Shettima at the opening of the 32nd Nigerian Economic Summit (NES32) in Abuja on Monday, said the reforms were dismantling structural barriers, restoring investor confidence and strengthening the foundations for sustainable growth.
The summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” brought together government officials, business leaders, development partners, organised labour, academia and civil society to chart practical pathways from macroeconomic stabilisation to inclusive growth.
Tinubu said the economy recorded inflation-adjusted GDP growth of 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in 2025, while non-oil activities contributed 96.08 per cent of output. Manufacturing grew by 3.29 per cent and the oil sector by 2.67 per cent.
He also cited a rise in capital importation to 10.37 billion dollars in the first quarter of 2026, an 83.83 per cent increase year-on-year, alongside a trade surplus of N7.55 trillion, with exports of N21.17 trillion against imports of N13.62 trillion.
“Our responsibility is to ensure that reforms translate into stronger enterprises, better jobs, more productive workers, rising incomes, improved living standards and shared prosperity,” the president said, aligning himself with the summit’s central demand.
Tinubu said the government would continue to ease regulatory burdens, strengthen transparency, improve policy predictability and expand access to finance.
He added that tax reforms were intended to create a modern, equitable system that finances development while giving businesses greater certainty.
He said the administration was also reforming the electricity market to attract investment across generation, transmission, distribution and alternative energy, while pursuing value addition in oil and gas through refining, gas processing, petrochemicals and manufacturing.
In agriculture, the president said interventions would focus on irrigation, mechanisation, financing, storage, processing and market access. He said solid-minerals policy would prioritise domestic processing, industrial production and exports rather than raw extraction.
However, Chairman of the Nigerian Economic Summit Group (NESG), Mr Olaniyi Yusuf, warned that macroeconomic stabilisation alone would not automatically improve welfare.
He said recent measures, including subsidy removal, foreign-exchange reforms, fiscal restructuring and banking-sector reforms, were necessary but insufficient.
“Households need decent jobs, stronger purchasing power, improved security and reduced poverty, while businesses require lower production costs, reliable electricity and affordable financing,” Yusuf said.
He noted that real GDP grew by 4.43 per cent year-on-year in the second quarter of 2026, but persistent food inflation, high production costs, unreliable power, expensive credit and infrastructure deficits continued to weigh on firms and families.
“A slowdown in inflation does not necessarily mean that goods have become affordable,” he said, urging policymakers to prioritise productive investment, effective public spending and measures against poverty and food insecurity.
Yusuf identified agriculture, agro-processing, manufacturing, construction, tourism and digital services as sectors capable of expanding productive employment. He called for stronger links between education and work through technical, vocational and digital-skills training.
He also urged businesses to invest in technology, workforce skills, local supply chains and export competitiveness, while the government should provide infrastructure, fair competition and predictable regulation.
“The ultimate test of this summit is whether its deliberations produce tangible improvements in the lives of farmers, manufacturers, entrepreneurs and young people seeking decent jobs,” Yusuf said.
Tinubu warned against reversing the reforms, arguing that postponing difficult decisions would only raise their eventual cost.
He said Nigeria had the resources, population and entrepreneurial capacity to become a leading African economic force if leaders sustained the political will to implement reforms.
He called on stakeholders to convert summit discussions into measurable commitments, clear timelines and practical solutions capable of improving living standards across the country.
