As Nigeria faces its worst cost-of-living crisis in decades, President Bola Ahmed Tinubu marked his third year in office by saying his economic reforms are necessary to stabilize the country.
Speaking in Abuja on Friday, Tinubu said the sacrifices people have made are starting to pay off. He pointed to more investor confidence, better public finances, and a record rise in the stock market.
Since 2023, Tinubu has ended fuel and electricity subsidies and allowed the naira to lose value. These changes have led to higher prices across the country.
Yet he maintains. Still, he says these reforms are setting the stage for recovery. He mentioned upgrades to roads and railways, work to pay off power sector debts, and plans to improve the electricity supply.
He also said reforms have spurred new oil and gas investment, domestic refining, and reduced reliance on imports.
On security, he said the government has stepped up military and police actions against armed groups and criminal gangs. Tinubu said they have broken up some networks but admitted there are still security problems in many areas.
Nigeria is still dealing with bandit attacks in the northwest, communal violence in the central states, separatist tensions in the southeast, and a 17-year Islamist insurgency in the northeast, where militants have recently increased attacks on military bases.
With re-election coming up in January, Tinubu encouraged Nigerians to keep going, saying: “Nigeria has stabilised and is moving forward again.”
He repeated that the benefits of the reforms will become clearer over time, but many people are still not convinced as hardship continues.