Nigeria’s economy now more competitive – Tinubu

..Says $5bn NLNG Train 7 project nearing completion

…Nigeria was spending N18.4bn on subsidy daily in 2022

President Bola Tinubu has called on Nigerians to support his administration’s efforts to rebuild the country, while rejecting cynicism and divisions, adding that Nigeria’s economy is now more competitive than it was in May, 2023.

The President, in his message to the nation on the occasion of the third anniversary of his administration, urged Nigerians to join him in moving the nation ” forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.”

President Tinubu, in his assessment of his administration’s economic policies, said, “Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing.

He also applauded the gains in the stock market, adding that ” the stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year. Companies are declaring record profits and dividends.

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“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads.

“Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.

He listed other areas where the country has made progress, adding that” modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.

” In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.

He also declared that domestic gas utilisation is expanding, while local refining capacity has improved energy security.

“With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.

In the area of power, the President noted that the sector had for several years suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth.

“Today, we are confronting those challenges directly. Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.”

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He also assured that his administration is “determined to power Nigeria into a new era of industrial growth and economic opportunity.”

He recalled that three years ago, Nigerians had entrusted him with the sacred responsibility of leading the nation at a defining moment in its history.

“I accepted that responsibility, fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.

“Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.

He stated that the economy has faced mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions, all threatened our progress.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.”

He stated that the situation had demanded urgent and courageous action, adding that ” Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”

“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”

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Also speaking on security, the President noted that security remains central to the national mission and to the creation of a virile and prosperous society.

He assured that his ” government will not relent until every Nigerian can live, work, travel, and dream in safety.”

“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks”

The President acknowledged, however, that the challenges remain, as many communities and highways are becoming safer and more economically active.

“We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination. We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made,” he said