Non-oil revenue hits N16.4tn, 96% of Nigeria’s GDP — FG
President Bola Tinubu has said Nigeria’s economic diversification efforts are yielding results, with non-oil activities now accounting for about 96 per cent of the country’s Gross Domestic Product (GDP).
Tinubu attributed the development to the economic reforms introduced by his administration since assuming office in May 2023, citing growth in non-oil revenue and an increase in the country’s external reserves.
The President spoke on Thursday at the presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future, authored by Abdulmumin Jibrin, at the Presidential Villa, Abuja.
Represented by the Speaker of the House of Representatives, Tajudeen Abbas, Tinubu said Nigeria’s external reserves had risen to $55 billion, while non-oil revenue increased from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
He said the administration had moved beyond economic stabilisation and was now focused on achieving shared prosperity, with a target of building a $1 trillion economy by 2030.
“Our task has moved from stabilisation to shared prosperity, and our compass points firmly to a one-trillion-dollar economy by 2030, charted in the Medium-Term National Development Plan 2026–2030,” he said.
Tinubu recalled that Nigeria had for decades depended heavily on crude oil, leaving its economy vulnerable to fluctuations in the international oil market.
He said his administration had to choose between maintaining existing economic policies and implementing difficult reforms to address structural weaknesses.
“When I assumed office, we faced two choices: to continue on the comfortable road of cosmetic remedies that had led us to the edge of the cliff, or take the hard road of surgery to save the patient. We chose reform over ruin,” he said.
