In a remarkable turnaround, Nigeria’s economy is showing signs of significant recovery, attributed largely to President Tinubu’s reforms in Nigeria. Sunday Dare, Special Adviser on Media & Public Communication to President Bola Tinubu, highlighted this resurgence in a recent post on his official X account.
Economic Growth Driven by Naira Devaluation
The Nigerian naira has experienced a dramatic devaluation, plummeting from ₦460 to nearly ₦1,500 against the dollar between the 2023 elections and 2025. This strategic devaluation, part of President Tinubu’s reforms in Nigeria, has rendered Nigerian exports more competitive on the global stage. Consequently, Nigeria has recorded an impressive GDP growth rate of 4.5% in 2024—the highest in a decade.
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Increased Export Competitiveness
The significant drop in naira value has made Nigerian goods and services more affordable for international markets. With this, local producers are seeing higher exports and increased revenue, a direct outcome of President Tinubu’s reforms that have bolstered the country’s economic landscape.
Strengthened Foreign Exchange Reserves
Furthermore, the Central Bank of Nigeria (CBN) has worked to increase its foreign exchange reserves, which surpassed $40 billion as of January 2025. This robust reserve level not only matches Nigeria’s external debt but also enhances financial stability, reduces risks, and fosters greater investor confidence—outcomes influenced by President Tinubu’s reforms in Nigeria.
Attraction of Foreign Investment
The weakened naira has also piqued the interest of foreign investors, particularly in Nigeria’s export-driven sectors such as agriculture and manufacturing. As these sectors grow, Nigeria is positioning itself as an attractive destination for foreign capital, reinforcing the positive effects of the President’s economic policies.
Fiscal Deficit Reduction
Thanks to the combination of a weaker naira and the removal of fuel subsidies, Nigeria’s fiscal deficit has reduced from 6.4% of GDP in early 2023 to 4.4% in early 2024. This improvement marks a significant stride toward enhanced economic stability.
Boost for Local Industries
Lastly, the naira devaluation has led to a decreased dependence on imports, fostering the growth of local industries. As businesses in agriculture, textiles, and manufacturing expand, more job opportunities are being created, further underscoring the success of the President’s economic initiatives.
Nigeria is witnessing a promising economic comeback, largely driven by President Tinubu’s reforms. The concerted efforts to revitalize the economy are yielding tangible results, positioning the nation for future growth and stability.
