• Oyedele unveils policy framework to ring-fence economic policies against reversals
•Abubakar Bagudu: Tinubu won’t reverse economic reforms
• Chukwuma Soludo: lack of local patronage costs Nigeria 10 million jobs, says 12% annual growth needed to achieve $1 trillion economy, 8% acceleration to address poverty
Deji Elumoye and James Emejo in Abuja
President Bola Tinubu yesterday said his government was rewriting Nigeria’s decades-long story of economic underperformance through far-reaching reforms designed to dismantle structural barriers, unlock the nation’s enormous potential, and deliver jobs, productivity, and shared prosperity.
Tinubu said rewriting the story of a nation that had performed below its potential for far too long was what the administration came into office to achieve:
The president spoke in Abuja while formally declaring open the 32nd Nigerian Economic Summit (NES#32), with the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”
At the summit, Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, presented the Nigerian Economic Policy Framework, which he described as a national economic doctrine establishing how Nigeria made economic decisions and measured real progress.
Oyedele said the blueprint aimed at curbing arbitrary policy changes.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, ruled out a return to petrol subsidy, insisting that the Tinubu administration will sustain its economic reforms, despite mounting pressure on households and businesses.
Bagudu told the conference that reversing reforms would undermine efforts to address longstanding distortions.
Governor of Anambra State, Professor Chukwuma Charles Soludo, said lack of local patronage of Made-in-Nigeria products had robbed the country of 10 million potential jobs, adding that everyone has a role to play in boosting growth.
Soludo said the economy needed between seven and nine per cent annual growth rate to address multidimensional poverty.
Tinubu, who was represented at NES#32 by Vice President Kashim Shettima, stated that his government began on a difficult note because there was no shortcut to economic growth.
He stated, “Distinguished ladies and gentlemen, we came to rewrite the story of a nation that has performed below its potential for far too long. But there is no shortcut to economic growth. This is why we began with a difficult reset. For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.
“We cannot harness the immense opportunities offered by our growing population without first stabilising the economy. We must also create the conditions for the public and private sectors to invest, expand and generate productive employment.”
Tinubu observed that the summit’s theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” built on the ambition of the previous edition of the annual event to achieve a prosperous and inclusive Nigeria by 2030.
He stated that his administration had “since set in motion a series of reforms to dismantle the structural barriers that have prevented our abundant human and natural resources from yielding prosperity”.
The president said, “These reforms are restoring confidence, strengthening our economic foundations and laying the groundwork for sustainable growth.”
He added that the administration was encouraged by what it had accomplished so far.
Acknowledging that creating jobs was only half the task, the president stressed the need to “improve the quality of work, reduce underemployment and harness the potential” of the country’s underutilised workforce.
He stated, “Our pursuit of prosperity demands greater productivity from every worker, enterprise and investment. We must judge infrastructure by the economic activity it generates and education by the skills and productivity it delivers.
“We must judge industrial policy by the competitiveness of our firms and investment incentives by the capital, technology, exports and jobs they attract.”
Tinubu outlined the achievements of his administration’s reforms, saying they have been well documented. He cited figures from the National Bureau of Statistics indicating that Nigeria’s inflation-adjusted GDP grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent a year earlier.
On economic diversification, he stated that “non-oil activities accounted for 96.08 per cent of GDP, while manufacturing grew by 3.29 per cent and the oil sector by 2.57 per cent”.
He emphasised that the gains had reinforced his administration’s confidence in the path of recovery and diversification.
The president stated, however, that his administration’s ambition must go beyond favourable statistics, even as the development narrative was changing and investor confidence was returning.
Outlining the administration’s gains so far, he said, “In the first quarter of 2026, our capital importation reached $10.37 billion, an increase of 83.83 per cent over the corresponding period in 2025. This comprised both portfolio and foreign direct investment. We will, therefore, continue to ease regulatory burdens, strengthen transparency and policy predictability, and expand access to finance.
“Our tax reforms seek to build a modern, equitable system that finances development and gives businesses certainty. This discipline must guide our investments in all sectors of the economy, including energy, agriculture and solid minerals. We are reforming the electricity market to improve supply and attract investment in generation, transmission, distribution and alternative energy.”
On agriculture, Tinubu said the administration was connecting farms to storage facilities, processing centres, and markets, while expanding irrigation, mechanisation, finance, and rural infrastructure.
He added that the government was also seeking “to move beyond extraction into domestic processing, industrial production and exports” in the solid minerals sector.
The president, however, stated that despite the gains of his administration’s economic reforms, the task remained far from finished, even as young Nigerians had demonstrated their capacity to compete globally in technology, financial services, and the creative industries.
Oyedele unveils framework to guard against policy reversals
Oyedele, at the summit, presented the Nigerian Economic Policy Framework, saying it is a national economic doctrine that establishes how Nigeria makes economic decisions and measures progress.
He said the plan aimed to curb arbitrary policy reversals, reduce uncertainty for businesses, and ensure economic reforms delivered measurable improvements in jobs, household incomes, and productivity.
He said the economic doctrine was intended to outlive successive administrations.
The minister stated that Nigeria’s persistent development challenges stemmed not from a shortage of economic plans but from inconsistent policymaking, weak implementation, and the tendency of successive governments to reverse or undermine previous reforms.
According to him, policy uncertainty imposes an invisible cost on businesses, discourages investment, raises the cost of capital and prevents potential employment opportunities from materialising.
Oyedele said, “Governments will come. Governments will go. But Nigeria’s economic horizon must outlive every electoral calendar.”
The proposed framework is intended to establish enduring principles for economic decision-making, rather than serve as another development plan, catalogue of government projects, or manifesto of an administration.
Oyedele said the document was being released for public consultation and had not yet received government approval.
The consultation, which runs until November 27, 2026, will seek public input on 17 core questions through the Ministry of Finance’s website. Following validation, the framework will be presented to the Federal Executive Council (FEC) for approval and the National Economic Council (NEC) for endorsement.
A central feature of the proposal is a mandatory policy impact assessment for major economic interventions, including tax adjustments, tariff changes, regulatory restrictions and incentives.
Under the proposed arrangement, policymakers would be required to establish the problem a measure seeks to address, provide supporting evidence, identify its beneficiaries and those bearing its costs, and specify the conditions under which it would expire.
The framework also proposes an annual National Economic Scorecard, to be published on or before October 1, to track whether real wages are rising, productive employment is expanding, and poverty is declining.
Oyedele maintained that headline economic growth and investment announcements alone were insufficient measures of success, stating that economic performance must translate into tangible improvements in living standards.
He outlined seven interconnected priorities for the framework: stability, productivity, enterprise, capital, people, markets and institutions.
The minister identified private enterprise as the principal engine of economic growth, with government responsible for providing public goods, maintaining the rule of law, correcting market failures, and protecting vulnerable citizens.
He also advocated competitive markets, warning against using industrial policies and tariffs to shield inefficient businesses indefinitely from competition.
On coordination, Oyedele said government institutions must assess the cumulative burden of their policies on businesses instead of pursuing isolated departmental
The minister invited members of the Nigerian Economic Summit Group (NESG) and private sector experts to make valuable contributions to the development of the framework by rigorously critiquing the draft proposal with facts and figures.
He said the principles underpinning the framework included enterprise, open but fair markets, and whole-of-government coherence.
Bagudu Rules Out Return to Petrol Subsidy, Says Tinubu Won’t Reverse Reforms
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, ruled out a return to petrol subsidy, insisting that the Tinubu administration will sustain its economic reforms, despite mounting pressure on households and businesses.
Bagudu, at NES#32, said reversing the reforms would undermine efforts to address longstanding economic distortions and stabilise the economy.
“For those of us serving under the president and vice president, the instruction has been clear: we must stay the course,” he said.
His position came amid opposition calls, including from the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, for the restoration of petrol subsidy to ease the rising cost of living.
Bagudu, however, acknowledged that sustaining the reforms would require improved implementation, responsive policy adjustments, and targeted interventions to cushion vulnerable Nigerians.
He said the government was focused on translating economic gains into jobs, higher productivity, and improved living standards, while strengthening domestic production and attracting investment.
The minister stated that increased revenue accruing to federal, state and local governments presented an opportunity to expand infrastructure and improve public services, stressing the need for stronger coordination among the three tiers of government.
He also reiterated Nigeria’s ambition to build a $1 trillion economy by 2030, saying this would require higher productivity, expanded industrial capacity, stronger private-sector participation, and a more competitive business environment.
Bagudu identified agriculture, manufacturing, digital technology, and human capital development as key drivers of the administration’s growth strategy.
He said the Renewed Hope Ward Development Plan would unlock productive opportunities across Nigeria’s 8,809 wards through targeted interventions based on local economic strengths, including agriculture, fishing, livestock, and textiles.
On agriculture, Bagudu highlighted the need for improved access to financing, mechanisation, irrigation, processing, storage and markets to boost production, reduce post-harvest losses, and improve food affordability.
He also cited the Nigeria Industrial Policy 2025 and Nigeria First Policy as initiatives aimed at strengthening local manufacturing and supply chains.
Bagudu highlighted a proposed 90,000-kilometre fibre-optic infrastructure initiative, being pursued with the European Union and the European Bank for Reconstruction and Development, to expand broadband connectivity.
He called for improved access to finance for micro, small and medium-sized enterprises, including through a proposed credit guarantee framework, while urging public- and private-sector stakeholders to mobilise investment to close Nigeria’s development financing gap.
Soludo: Poor Patronage of Local Products Costs Nigeria 10m Jobs
Soludo said limited local patronage of Made-in-Nigeria products was costing the country about 10 million potential jobs.
The former CBN governor said while the current stability must not be take for granted, the country should not be carried away by the euphoria of massive huge currency appreciation.
He said the current growth was not sufficient to eliminate poverty, adding that the economy needs to grow between seven and nine per cent per annual to address poverty.
Among other things, he said growth needed to average 12 per cent annually to achieve the proposed $1 trillion economy by 2030.
According to him, the average Nigerian still lives on less than $1 per day, urging coordination and collaboration between federal and states governments to rein in inflation and attract investments into the country.
Rabiu Seeks 100 More Major Industrial Firms, Cites FX Reforms
Rabiu commended the economic reforms of the Tinubu administration, saying they have begun to address longstanding challenges confronting Nigerian businesses.
He acknowledged the difficulties experienced by ordinary Nigerians but stated that improvements in access to foreign exchange had created a more predictable environment for businesses.
He called for policy consistency, affordable long-term financing and improved infrastructure to accelerate industrialisation, warning that uncertainty in the business environment can undermine investments requiring decades to deliver returns.
He stressed that the success of Nigeria’s economic reforms would depend on the government’s ability to create conditions that enable businesses to expand production, create jobs, and compete effectively.
“We cannot expect businesses to make 20-year investments if they cannot plan with confidence beyond the next few years,” he said.
The industrialist identified high borrowing costs and limited access to long-term capital as major constraints preventing small businesses from evolving into large-scale manufacturing concerns.
He explained that industrial investments typically required substantial upfront spending on land, factories, equipment, workforce development, and production, often years before businesses begin to realise significant returns.
“You cannot build a strong industrial economy primarily with expensive short-term finances,” he said.
Rabiu said the next phase of reform must focus on expanding productive capacity and building more big Nigerian businesses capable of competing internationally.
He said foreign-exchange reforms had eased a major constraint for industrialists, who previously had to lobby the Central Bank of Nigeria (CBN) for dollar allocations even when they had the naira to pay for imports.
Businesses can now obtain foreign exchange through the market, he said, describing the change as a significant improvement for companies seeking machinery and industrial inputs.
The BUA chairman cited the cement industry’s transition from heavy dependence on imports to domestic self-sufficiency and net exports as evidence of what sustained investment and local production could achieve.
He challenged Nigeria to develop 100 more major industrial companies across critical sectors, like manufacturing, agriculture, mining, technology and other sectors, stating that such businesses would generate jobs, support local suppliers and increase exports.
However, he identified expensive financing as a major obstacle, saying industrial projects often require 10 to 20 years to mature and could not be sustainably financed with costly, short-term loans.
He called on pension funds, insurance companies, banks, development finance institutions, and capital markets to channel more long-term funds into productive investment.
Rabiu also urged the government and private sector to agree on a new economic accord anchored on policy consistency, infrastructure, human-capital development, and shared prosperity.
He said, “For many years, one of the greatest challenges facing businesses was access to foreign exchange. You could have all the naira but be unable to obtain the foreign exchange needed to buy raw materials and machinery.”
Amina Mohammed Urges Consolidation of Economic Reforms
United Nations Deputy Secretary-General, Dr. Amina Mohammed, assessed the reforms implemented under the Tinubu administration, acknowledging the gains, while urging their urgent consolidation and stabilisation, as well as the effective management of expectations among citizens and other stakeholders.
Mohammed applauded the African Development Bank (AfDB) for its new financial architecture for development across the continent, particularly its prioritisation of financing programmes that targeted impactful development.
Dercon: Nigeria Must End Business Protection, Boost Non-Oil Exports to Drive Sustainable Development
In his keynote, Professor of Economic Policy at the University of Oxford/former Chief Economist for the UK’s Department for International Development, Stefan Dercon, said macroeconomic stabilisation must be followed by a credible growth strategy capable of raising incomes and expanding economic opportunities.
Dercon stated that Nigeria’s income per capita remained around its 2010 level, stressing that the country needs a broader development bargain linking government, businesses, and citizens around measurable economic objectives.
He advocated stronger non-oil exports, lower trade barriers, and time-bound incentives that reward firms for becoming competitive rather than protecting them indefinitely.
He said Nigeria should aim to at least double non-oil exports by the end of the next administration, while warning that import tariffs could also raise costs for exporters who depend on imported inputs.
Dercon urged the federal government to double the non-oil exports by the end of the next administration, warning that economic stabilisation alone cannot deliver sustainable growth, jobs and poverty reduction.
He commended the Tinubu administration for unifying the exchange rate, curbing monetary financing of the budget and implementing tax reforms.
However, he said Nigeria must move beyond stabilisation to fundamentally restructure its economy, which he said remained constrained by an elite bargain centred on sharing oil revenues rather than creating broad-based prosperity.
He stated that income per capita had barely improved since 2010, despite previous reform efforts, while oil output per capita had declined by about 60 per cent since 2000.
According to him, Nigeria needs a new development compact that prioritises productivity, competitiveness and job creation over the distribution of economic rents.
Flour Mills MD Seeks Incentives to Boost Private Sector Exports
Group Managing Director/Chief Executive, Flour Mills of Nigeria Plc, Mr. Omoboyede Olusanya, promised significant investment by the private sector to drive exports if government provided the needed incentives.
Olusanya said infrastructure remained a major challenge for businesses in the country.
He stressed the need to deal with supply chain challenges, tackle the inflationary environment, and cut interest rate.
NESG Chairman Urges Shift from Policy Consensus to Practical Solutions
Earlier, in his welcome address, Chairman of NESG, Mr. Olaniyi Yusuf, said participation at the 32nd summit reflected stakeholders’ commitment to contributing to inclusive and impactful growth, while acknowledging the federal government’s efforts to improve the ease of doing business in the country.
Yusuf said although the reforms of the Tinubu administration might have introduced significant changes to Nigeria’s economic structures, the task before economic experts at the summit and beyond was to ensure stabilisation rather than seek a reversal of the policies.
He added that the 32nd edition of the summit must help Nigeria move from policy consensus to a framework that resolved practical issues, stating that deliberations would be guided by proposals for job creation, improved productivity, and shared prosperity.
ADC Campaign Replies Shettima Over Atiku’s Education
Meanwhile, African Democratic Congress (ADC) Presidential Campaign Council criticised Vice President Kashim Shettima for mocking former Vice President Atiku Abubakar’s educational background, challenging Shettima to explain alleged discrepancies in President Bola Tinubu’s academic records.
The council, in a statement yesterday by its Director of Strategic Communication, Phrank Shaibu, accused Shettima of diverting attention from the country’s cost-of-living crisis by questioning Atiku’s attendance at the Kano School of Hygiene.
The reaction followed Shettima’s remarks at the opening of the 32nd Nigerian Economic Summit in Abuja, where he reportedly questioned Atiku’s qualifications and suggested that he lacked the skill set required to govern a modern Nigeria.
Countering the vice president’s criticism, the ADC campaign council stated that Atiku’s educational journey was not a legitimate basis for ridicule, particularly at a time when Nigerians were grappling with rising living costs.
“What, exactly, is shameful about Atiku’s education?” Shaibu asked.
He added, “He completed secondary school, pursued further training and built a life through work. Millions of Nigerians have travelled the same road.”
Shaibu stated, “Their parents sacrificed to get them into the schools they could afford; they studied, worked and rose. Shettima looked at that struggle and saw something to laugh at.”
The campaign council subsequently turned its attention to Tinubu’s academic history, citing what it described as an inconsistency in documents associated with his education at Chicago State University in the United States.
“If Shettima wants to examine school records, he should begin with the man he serves,” Shaibu said.
He alleged that a document in Tinubu’s Chicago State University records listed him as having graduated from Government College Lagos in 1970, although the school was established in 1974.
“Shettima should explain how a man graduates from a school before it exists, instead of mocking Atiku for attending a school whose doors were open,” the statement said.
The council also raised questions about the name on a National Youth Service Corps (NYSC) certificate Tinubu submitted to the Independent National Electoral Commission (INEC), alleging that it bore the name “Tinubu Bola Adekunle”.
According to Shaibu, Atiku had challenged the discrepancy in court.
“Shettima cannot ridicule Atiku’s documented schooling while refusing to address questions about the name on his principal’s certificate,” Shaibu added.
The campaign council maintained that Tinubu’s Chicago State University documents remained the subject of litigation in the United States, stating that questions surrounding documents submitted in connection with his election should be addressed on their merits.
It also referenced the documented 1993 forfeiture involving Tinubu in Chicago, which arose from a narcotics investigation, saying the issue continued to attract public attention.
The allegations and interpretations in the statement were advanced by the ADC campaign council as part of its political response to Shettima’s remarks.
ADC Says Economic Hardship Deserves Priority Over Political Attacks
Beyond the controversy over academic qualifications, the council stated that the exchange had diverted attention from the economic difficulties confronting households and businesses.
Shaibu cited World Bank estimates, as presented in the statement, that nearly seven in 10 Nigerians would live below its lower-middle-income poverty line in 2026, while 35 million people faced acute food insecurity.
“Shettima says Atiku wants Nigerians to ‘backslide into penury’. Back from where?” he asked.
Shaibu said, “Poverty is not a future threat to these families. It is the life they are struggling through today.”
He added that Nigerians forced to choose between transport costs and feeding their families did not need lectures about poverty from government officials.
“A parent choosing between transport to work and food for the children does not need Shettima to explain penury,” Shaibu said, accusing the administration of being disconnected from the daily realities of ordinary Nigerians.
The statement also challenged the federal government to respond to Atiku’s proposal for a targeted, capped and independently audited subsidy tied to petrol refined in Nigeria.
“If Shettima thinks it cannot be funded, he should show his figures and offer a better way to lower prices,” Shaibu said.
“Insulting Atiku will not fill a cooking pot, pay a bus fare or put fuel in a tank.”
The council maintained that Atiku had no reason to be ashamed of his educational background, stating that his experience reflected the circumstances of many Nigerians who had pursued education through the opportunities available to them.
It accused Shettima of choosing personal attacks over an explanation of the administration’s economic policies and their effects on citizens.
Looking ahead to the 2027 general election, the campaign council said Nigerians would have an opportunity to express their views on the administration’s performance at the ballot box.
“Nigerians will answer the Vice-President’s mockery and his boss’s record with their votes,” Shaibu said.
The statement concluded with a direct political challenge to the president and his deputy, asserting that voters would hold the administration accountable for its policies and record.