*Promises better economic outlook
President Bola Ahmed Tinubu has expressed confidence that Nigeria’s economy is on a stronger footing as the country enters 2026, citing improving macroeconomic indicators, renewed investor confidence, and ongoing structural reforms.
In his New Year address to the nation on January 1, 2026, the President said the government closed 2025 with steady economic progress despite global headwinds, noting that difficult but necessary reforms were beginning to deliver measurable results.
According to him, Nigeria recorded consistent quarterly growth in 2025, with annual output projected to exceed four per cent. He added that inflation eased steadily during the year, dropping below 15 per cent, while exchange rate stability improved.
Tinubu also pointed to the performance of the Nigerian Stock Exchange, which recorded a 48.12 per cent gain in 2025, extending the rally that began in the second half of 2023. He said the performance reflected growing confidence in the country’s economic direction.
On external buffers, the President said Nigeria’s foreign reserves stood at $45.4 billion as of December 29, 2025, strengthening the country’s ability to absorb external shocks. He expressed optimism that reserves would rise further in 2026.
Foreign direct investment, he noted, rebounded strongly, rising to $720 million in the third quarter of 2025 from $90 million in the preceding quarter. Tinubu attributed the increase to improved investor sentiment and positive assessments by international credit rating agencies including Moody’s, Fitch and Standard & Poor’s.
Fiscal reforms and taxation
The President said his administration remains committed to fiscal discipline, referencing the 2026 Appropriation Bill recently presented to the National Assembly. He noted that reforms underway are aimed at strengthening public finances and ensuring long-term economic stability.
He also addressed the challenge of multiple taxation, commending states that have aligned with the national tax harmonisation framework to ease the burden on citizens and businesses. According to him, the ongoing tax reforms are designed to support revenue mobilisation while encouraging productivity and investment.
Security and stability
Tinubu acknowledged that security challenges persist but said efforts to contain criminal and terrorist activities have continued.
He disclosed that Nigerian security forces, working with international partners including the United States, carried out targeted operations against terrorist hideouts in parts of the North-West on December 24, with follow-up operations continuing across the North-West and North-East.
The President reiterated his support for decentralised policing, backed by appropriate safeguards and accountability mechanisms, alongside properly regulated forest guards as part of broader efforts to address insecurity.
Inclusive growth and development
Looking ahead, Tinubu said 2026 would focus on expanding inclusive growth and widening economic participation across the country.
He announced plans to accelerate the Renewed Hope Ward Development Programme, aimed at engaging at least 10 million Nigerians in productive activity by empowering about 1,000 people in each of the country’s 8,809 wards.
He added that agriculture, trade, food processing and mining would serve as key drivers of local economic activity, while investments would continue in roads, power, rail, ports, airports, healthcare, education and agriculture.
Tinubu assured Nigerians that all ongoing infrastructure projects would continue without disruption.
Call for unity
The President urged Nigerians to remain united and committed to nation-building, stressing that economic progress must be matched with peace, responsibility and shared purpose.
He called on citizens to support efforts to strengthen national security and protect lives and property, while wishing Nigerians a peaceful, productive and prosperous New Year.
— Newspot
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