By Camillus Eboh
ABUJA, May 29 (Reuters) – Nigerian President Bola Ahmed Tinubu said on Friday his economic reforms stabilised the country and revived investor confidence, despite a steep cost-of-living squeeze on households three years into his presidency.
Tinubu, who is seeking re-election in January, cited a near fivefold surge in the stock market to a record 250,000 points, rising market capitalisation and increased infrastructure spending, including more than 2,700 km (1,678 miles) of roads under construction or rehabilitation, and ongoing rail upgrades.
Since 2023, Tinubu’s reforms — scrapping a costly petrol subsidy, cutting electricity subsidies and devaluing the naira currency — have triggered the worst cost-of-living crisis in a generation.
In an anniversary statement on Friday, Tinubu said that painful reforms were beginning to yield macroeconomic gains — stronger public finances, rising market confidence and fresh investment.
“Today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape,” he said.
He also said reforms had drawn new oil and gas investment and lifted domestic refining, cutting fuel imports and easing foreign exchange pressure, adding that efforts to clear 4 trillion naira ($2.92 billion) in power sector debts, expand transmission and increase output were ongoing, with better electricity supply key to growth.
Security operations against armed groups and criminal gangs have intensified, he said, with some gains despite ongoing challenges.
Nigeria has battled banditry in the northwest, communal violence in central states, a separatist movement in the southeast and a 17-year Islamist insurgency in the northeast, with militants this year stepping up attacks on military bases.
Tinubu urged Nigerians to stay the course, saying the “foundation for recovery has been laid” and that the benefits of reform would become more visible over time.
($1 = 1,370.2700 naira)
(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing Chiara Rodriquez)
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