President Tinubu Outlines Economic Progress and Security Commitment
President Bola Tinubu addressed the Federal Executive Council following the swearing-in of two new ministers, Bernard Doro and Kingsley Udeh. During his speech, the President emphasized that Nigeria is on a steady path of growth, with increasing stability and prosperity as economic reforms gain traction both nationally and internationally.
Doro has been appointed to lead the Ministry of Humanitarian Affairs and Poverty Reduction, while Udeh will oversee the Ministry of Innovation, Science and Technology. This marks a significant step in the government’s efforts to address critical areas of national development.
Economic Reforms and International Engagement
In discussing the current state of the economy and Nigeria’s relationship with the United States, President Tinubu reassured the public that the federal government is actively engaging with global partners. He highlighted the success of the $2.3 billion eurobond, which was oversubscribed by 400 percent, as a strong indicator of confidence in Nigeria’s economic direction.
“The most important thing is the fact that despite the political headwinds and the fear of our people, we will continue to engage with partners,” he stated. “The success of the eurobond is the most assuring. So, the task ahead is immense; we are engaging the world diplomatically, and we assure all of you that we will defeat terrorism in this country.”
Tinubu also reiterated the government’s commitment to the Renewed Hope Agenda, which aims to build a prosperous, inclusive, and resilient Nigeria. He urged unity and purpose as the nation moves forward.
Addressing Security Challenges
As the Commander-in-Chief of the Armed Forces, the President charged Nigerians not to succumb to despair in the face of security challenges. He assured the public that the government will defeat every form of terrorism and secure every part of the country.
He called on ministers and officials to maintain consistent communication and avoid conflicting messages. “Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation. Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society.”
Tinubu also emphasized the importance of international cooperation in the fight against terrorism. “We want our friends to help us as we step up our fight against terrorism, and we will eliminate it,” he said.
Economic Performance and Future Goals
During the cabinet meeting, President Tinubu directed Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to present the nation’s economic performance. The minister highlighted the positive trajectory of the economy, with macroeconomic indicators showing significant improvement.
Edun noted that the GDP grew by 4.23% in Q2 2025, the highest in a decade outside the post-pandemic rebound. Thirteen sectors recorded growth above 7%, up from nine in the previous quarter. The industrial sector nearly doubled its growth rate, reflecting rising productivity and investor confidence.
“Inflation eased to 18.02% in September 2025. Foreign exchange reserves topped $43 billion, and our trade surplus reached N7.4 trillion,” Edun added. He pointed out that citizens now spend about half their income on basic needs, compared to almost 90% previously, indicating a shift toward productivity and affluence.
Vision for the Future
The minister outlined the vision of reaching a one-trillion-dollar economy by 2030, achievable through a 7% annual growth rate and a commitment to ending poverty as a moral imperative. He also highlighted Nigeria’s removal from the Financial Action Task Force Grey List as a major milestone in strengthening financial integrity.
At the recent World Bank/IMF annual meetings, global leaders commended Nigeria’s reforms and progress, including an improved IMF growth forecast of nearly 4% and improved credit ratings.
Edun emphasized the urgency of mobilizing domestic resources and providing investment to finance infrastructure and drive sustainable, job-rich growth. He praised the successful $2.35 billion Eurobond issuance, which saw an order book peak at over $13 billion, as a testament to investor confidence in Nigeria.
Collaborative Efforts for Inclusivity
To ensure greater inclusivity, Edun urged ministers overseeing key sectors such as infrastructure, mining, education, health, agriculture, the blue economy, digital innovation, arts, and culture to collaborate with sub-national governments. This collaboration would help identify and package projects that meet investor expectations.
“Every Naira must be optimised to sustain momentum amid global liquidity constraints. Where there is less funding from multilateral institutions, we must rely on our own resources. The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment,” he concluded.