President Bola Tinubu has welcomed the latest Gross Domestic Product, GDP, figures released by the National Bureau of Statistics, NBS, describing the growth as evidence that the economic reforms of his administration are beginning to yield tangible results.
The NBS report released on Monday showed that Nigeria’s real GDP grew by 4.43 per cent in the second quarter of 2026, Q2 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025.
According to the report, the growth was recorded across major sectors of the economy, including agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in Q2 2026, representing an 18.43 per cent increase from the N100.7 trillion recorded in Q2 2025.
Reacting to the figures, President Tinubu said the latest economic performance came at a critical time when his administration was facing sustained criticism from opposition political actors over the policies and reforms introduced since May 2023.
He argued that the figures demonstrated that the difficult decisions taken by his administration to stabilise the economy were beginning to produce measurable results.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy. Now the economy is stabilised, and we have laid the foundation for a prosperous nation.
“We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” the President said.
Mr Tinubu said the latest GDP performance was part of a broader improvement in Nigeria’s economic indicators, pointing to the country’s trade position, foreign reserves, credit ratings and increasing investment activities as evidence of progress.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working,” he said.
The President also cited the country’s trade surpluses, improved foreign reserves and stronger credit ratings as some of the outcomes of the reforms implemented by his administration.
According to him, Nigeria’s foreign reserves are now at their highest level in 17 years, while the country’s credit rating has also improved significantly.
Mr Tinubu further highlighted ongoing investments in infrastructure, including roads, railways and superhighways, saying the projects were designed to support long-term economic growth and improve connectivity across the country.
He also pointed to developments in the oil and gas industry, saying increasing production was contributing to the strengthening of the economy.
The President said investors who had previously left the Nigerian market were also returning, suggesting renewed confidence in the country’s economic outlook.
On the education sector, Mr Tinubu said the administration had also made progress in reducing disruptions to academic activities in the nation’s universities.
“And in our universities – for the first time in a long time – there are no strikes. Our children are in class,” he said.
He also highlighted the role of the Nigeria Education Loan Fund, NELFUND, in expanding access to higher education through student loans, while commending the availability of affordable credit to civil servants through the Nigerian Consumer Credit Corporation, CreditCorp.
Mr Tinubu, however, acknowledged that despite the improvement in headline economic indicators, many Nigerians were still facing significant economic difficulties.
He said the administration would, in the coming weeks, intensify measures aimed at cushioning the impact of economic challenges on vulnerable households and improving living conditions at the grassroots.
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
The President stressed that the administration’s ultimate objective was not merely to achieve stronger GDP figures but to ensure that macroeconomic improvements translate into better living conditions for ordinary Nigerians.
“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets,” Tinubu said.
He added that the administration would remain focused on sustaining the gains recorded so far and ensuring that the country’s economic recovery was not reversed.
“We are not resting on our oars. We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens.
“We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” the President stated.