Given that Nigeria exports more than it imports, President Bola Tinubu has once more assured the country that the country’s economy is on a growth trajectory.
The President’s announcement on Wednesday, which coincides with Nigeria’s 65th anniversary, was made known during his speech.
According to him, Nigeria has become a net exporter, recording a trade surplus of $4.7 billion ($4.7 billion) in the most recent quarter, the largest trade surplus ever to reach $4.7 billion.
He claimed that while non-oil exports, which are a component of export trade, currently account for 52% of the Federal Government’s revenue, non-oil exports, as a component of that country’s GDP, increased by 173% during the period under review, compared to oil exports, which currently account for 52%.
We are now selling more to the world than we are buying, which strengthens our currency and creates jobs here. This indicates that we are diversifying our oil and gas sources and our foreign exchange markets.
He claimed that the external reserves of Nigeria’s economy increased by $ 42.03 billion in September 2025, the highest level since 2019.
He claimed that the ratio has increased from less than 10% to 13.5%, and that it will increase even further once the new tax law becomes effective in January.
The purpose of the tax law is to “extend the base to build the Nigeria we deserve and to provide tax relief to low-income earners,” the statement read.
Oil is abounding.
The President reported that from May 2023, oil production increased to 1.6 million barrels per day, up from just one million.
He connected the Niger Delta’s improved security, new investments, and stakeholder management.
Additionally, for the first time in four decades, the nation has significantly improved by refining PMS domestically. Additionally, it has established itself as the top aviation fuel exporter on the continent.
Read more about Peace returning to the North-East and North-West communities, in Tinubu.
Naira stabilizes
He claimed that due to FX reforms and new capital and remittance inflows, the Naira has recovered from the turbulence and volatility experienced in 2023 and 2024.
“The multiple exchange rates, which promoted corruption and arbitrage, are now a part of history. Additionally, fluctuations in crude oil prices no longer affect our exchange rate for the dollar.
Tinubu noted that 330 billion has been distributed to eight million households as part of the social investment initiative to support the underprivileged and vulnerable Nigerians. Many of those households have received one or two of the three tranches of $25,000 each.
He claimed that coal mining, one of Nigeria’s fastest-growing sectors, increased dramatically from a 22% decline in Q1 to a 57.5% increase in Q2.
“Our economy now depends heavily on the solid mineral sector, which promotes the production of minerals from our soil to add value.”
The President added that the administration is expanding its transportation network, including airports, roads, rail, and seaports.
“Rail and water transportation increased, respectively, by over 40% and 27%. The Kaduna-Kano rail line, which runs for 284 kilometers, is nearing completion.
The legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway are both making good progress. To bring the Eastern Rail Project to completion, the Federal Executive Council recently approved $3 billion.
Stock market booms
The President claimed that the stock market has experienced a boom and that the world is now taking notice of the economic reform efforts.
The outlook for Nigeria has been improved thanks to the improvement in our economic fundamentals, according to sovereign credit rating agencies.
Our stock market is experiencing an unheard boom, rising from a 55-kilo point all-share index in May 2003 to 142-kilo point as of September 26, 2025.
At its most recent meeting of the Monetary Policy Committee (MPC), he noted the Central Bank of Nigeria (CBN)’s (MPC) cut interest rates to 27%.
The Central Bank cut interest rates at its most recent MPC meeting to show confidence in the country’s macroeconomic stability, he said, adding that the economy was on the verge of recovery.
Our economy is recovering quickly under our leadership, and the reforms we started more than two years ago are having tangible effects. Nigeria’s fastest rate in four years, 4.2%, outpaces the 3.4% forecast by the International Monetary Fund, and its second quarter 2025 gross domestic product increased by 4.2%. The lowest level in three years was reached in August 2025, at 20.12%. The administration is diligently reducing food costs and increasing agricultural production.
We have achieved 12 noteworthy economic milestones as a result of the implementation of our sound fiscal and monetary policies in the last two years of our administration.
He added that there has been a significant increase in the non-oil sector, which would indicate a significant decrease in the country’s traditional dependence on oil.
We have exceeded our 2025 goal by exceeding N20 trillion in non-oil revenue, which is a record-breaking increase. We raised N3.65 trillion alone in September 2025, or 41% more than the N3.65 trillion that was raised in May 2023.
The President also pointed out that the nation’s debt-to-income ratio has significantly decreased from 97% to just under 50%.
