Nigerian President Confirms End of Economic Crisis

(MENAFN) Nigerian President Bola Ahmed Tinubu marked the country’s 65th Independence Day with a national address in which he asserted that bold economic reforms had averted a looming financial collapse, positioning Africa’s most populous country for recovery and long-term growth.

Delivering his speech from the capital, Abuja, on Wednesday, Tinubu credited his administration’s policies—implemented since taking office in May 2023—for stabilizing a fragile economy beset by decades of mismanagement.

“Our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth,” the president said.

Among the measures Tinubu highlighted were the removal of longstanding fuel subsidies and a currency devaluation aimed at aligning the naira with market forces. These moves, though economically necessary, triggered widespread protests as Nigerians struggled with rising costs of living.

He defended the reforms as essential, saying his government rejected “business as usual” in favor of sustainable progress.

“Less than three years later... I am pleased to report that we have finally turned the corner. The worst is over,” Tinubu stated.

According to Tinubu, Nigeria’s economy expanded by 4.23% in the second quarter of 2025. Inflation, he said, fell to 20.12% in August—the lowest level seen in three years. He also pointed to increased oil production, record-breaking non-oil revenue, and a trade surplus as signs that the country is successfully reducing its dependence on crude exports.

Nigeria, which gained independence from Britain on October 1, 1960, has endured a turbulent post-colonial history, including military coups, a devastating civil war, and prolonged periods of autocracy before transitioning to democratic rule in 1999.

Reflecting on the country’s journey, Tinubu acknowledged its struggles.

“In the last 28 months of my administration… I have committed myself irrevocably to the unfinished nation-building business,” he stated.

While admitting that Nigeria has not yet fulfilled the full vision of its founding fathers, he insisted the country has remained largely on course.

He said Nigeria’s sovereignty had weathered political crises and economic pain, but that the nation had not “strayed too far from them.”

As part of efforts to reposition Nigeria globally, Tinubu’s administration has also pushed for broader international engagement. In January, the country became a BRICS partner state, a move officials argue could unlock new trade and investment opportunities.

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