President Bola Tinubu has said his administration is rewriting Nigeria’s story of economic underperformance. He spoke at the 32nd Nigerian Economic Summit in Abuja on Monday, 26 October 2026. Vice President Kashim Shettima delivered the address. The theme was “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
Nigeria’s economy has underperformed for decades. Growth has been volatile and dependent on oil. Poverty has deepened despite rising GDP. The Tinubu administration removed the petrol subsidy in 2023 and floated the naira. Inflation peaked at 33.2% in 2024. It has since eased to 14.63% in September 2026. The government says the reforms are working. The opposition says the pain has been unevenly distributed.
Tinubu said there is no shortcut to growth. “We came to rewrite the story of a nation that has performed below its potential for far too long,” he said. He cited National Bureau of Statistics data. GDP grew 3.89% in the first quarter of 2026, against 3.13% a year earlier. Non-oil activities accounted for 96.08% of GDP. Manufacturing grew 3.29%. The oil sector grew 2.57%. Capital importation reached $10.37 billion in the first quarter, an increase of 83.83%.
He acknowledged that creating jobs is only half the task. He called for improved quality of work and reduced underemployment. He said infrastructure must be judged by the economic activity it generates. Education must be judged by the skills it delivers. Industrial policy must be judged by the competitiveness of firms.
The Finance Minister, Taiwo Oyedele, presented a draft Nigerian Economic Policy Framework. He invited the private sector to critique it. The Nigerian Economic Summit Group chairman, Olaniyi Yusuf, said the task is to stabilise the reforms, not reverse them. BUA Group founder Abdul Samad Rabiu said better access to foreign exchange has made the business environment more predictable.
Winners: The Federal Government, which shows progress. Private sector leaders, who gain a platform. Investors, who gain confidence. The NBS, whose data supports the narrative. Losers: Critics who see the reforms as flawed. Nigerians who face continued hardship. The opposition, which faces a counter-narrative. The government, if the gains do not reach households.
Bottom Line: Tinubu says the story is changing. The data shows growth. The household shows strain. Both are true. The summit is a platform. Delivery is the test.