Tinubu Describes Nigeria’s Economy as Troubled Since He Took Office

President Bola Ahmed Tinubu spoke about the difficult economic situation he faced when he took office in 2023. He made these comments during the launch of a book by Honourable Abdulmumin Jibrin, titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future.

According to Tinubu, Nigeria’s economy was struggling with low foreign reserves, a weakening currency, and limited funds for public services. He emphasized that the country had relied too heavily on oil, which made it vulnerable to fluctuations in the global market. He described the situation as a “gathering storm” of economic issues, including high debt and a failing currency.

To address these challenges, Tinubu explained that he had to make tough decisions, such as removing fuel subsidies and unifying the exchange rate. He acknowledged that these changes would cause hardship for many families but believed they were necessary for long-term recovery. He stated that non-oil sectors now contribute significantly to the economy, with non-oil exports reaching record levels.

He also outlined plans to attract foreign investment, noting that the government alone cannot build a thriving economy. Tinubu mentioned upcoming budget proposals aimed at sharing risks with private investors to encourage more capital investment in the country.

In addition to economic reforms, Tinubu highlighted ongoing infrastructure projects, including roads and energy developments, which he believes are crucial for economic growth. He stressed that statistics must translate into real benefits for the people, such as jobs and better living conditions.

Honourable Jibrin, the book’s author, shared his vision for transforming Nigeria’s economy from oil dependency to a more diverse and resilient structure. He hopes the book will guide policymakers and entrepreneurs in achieving these goals.