Nigeria’s economy is now stable despite painful reforms — Tinubu tells Africa CEO Forum

President Bola Tinubu has defended his administration’s economic reforms, insisting that Nigeria’s economy is now stable and predictable despite the hardship experienced by citizens.

In his inaugural speech on May 29, 2023, President Tinubu declared the withdrawal of subsidies, citing the absence of any such provisions in the 2023 appropriation act. As a result, the price of petrol skyrocketed by approximately 200 per cent, from around N200 to over N500 at that time.

Around the same period, the Central Bank of Nigeria (CBN) unified the exchange rate and lifted foreign exchange restrictions on 43 items previously imposed under former CBN Governor Godwin Emefiele, following Tinubu’s call for “thorough house cleaning” of monetary policy and a single exchange rate system.

Speaking at the 2026 Africa CEO Forum in Kigali, Rwanda, the President said the reforms were necessary to correct long-standing structural weaknesses and prevent unsustainable public spending.

He said, “The economy is stable. Nigeria is stable. Predictable.”

Tinubu described the reforms as difficult but necessary, adding that the country could no longer continue policies that compromise future generations.

He compared the reform process to childbirth, saying it involves pain but ultimately leads to long-term benefit.

The President also defended the removal of fuel subsidies, arguing that the policy had become wasteful and encouraged corruption, smuggling, and inefficiency in the system.

On taxation, he said revenue generation is essential for national development, noting that public services such as roads, hospitals, education, and social protection depend on sustainable funding.

He also stressed the importance of supporting local industries and major private investments, including the Dangote Group refinery, which he described as critical to Nigeria’s industrial and energy future.