Hot Source•Declares Nigeria greater than PENGASSAN
•Describes Africa’s richest man as an institution, tasks NESG on industrial harmony
•Abubakar Bagudu: Poverty elimination, $1tn economy realisable by 2030
Deji Elumoye and James Emejo in Abuja
President Bola Ahmed Tinubu yesterday rallied Nigerians to support and appreciate the contributions of the President of Dangote Group, Alhaji Aliko Dangote, especially given his contributions to the nation’s economy.
Speaking at the opening of the 31st Nigerian Economic Summit (NES#31) with the theme: “Building a Prosperous and Inclusive Nigeria by 2030,” in Abuja, Tinubu said Dangote remained the leading light in the country’s economic development trajectory, adding that “how we treat this gentleman will determine how outsiders will judge us”.
The President’s remarks came against the backdrop of a series of antagonism against Africa’s richest man by some business interests and labour unions in the oil sector, the latest being the dispute between Dangote and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which has now been resolved.
Describing Dangote as an institution rather than an individual, Tinubu said: “I wish to call for caution, retrospection, and a sense of accountability from all the organised and independent private sector as they participate in defining and improving the relationship between people and industry, in the interest of maintaining and sustainably improving economic cultures.”
Represented by Vice President Kashim Shetima, the President further declared that “Nigeria is greater than PENGASSAN.”
The president said: “If he (Dangote) had invested $10 billion in Microsoft, in Amazon, in Google, probably he might be worth $70 billion to $80 billion by now. But he opted to invest in this country, and we owe it to future generations to generously protect, promote, preserve, and protect the interests of this very Nigerian.
“Nigeria is greater than each and every one of us. I’m not coming to you as a partisan. I’m coming to you as a person in search of solutions to our national challenges.”
This came as the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the federal government remained ambitious and certain to eliminate poverty as well as achieve the $1 trillion economy by 2030.
However, Tinubu vowed that the government will humanise governance so that every citizen feels respected and served.
He said: “I wish to re-emphasise that in the interest of improving the cultures, the government is hereby tasking the Nigerian Economic Summit Group to take more than a passing interest in the matter.
“The government will expect far-reaching recommendations from the NESG in addressing this issue, even as the government is also taking steps to protect the industry and ensure the industrial harmony for the whole population of Nigeria.”
Nonetheless, Tinubu said while the country’s challenges are daunting, they are not insurmountable, noting that the ticket to achieving inclusive and lasting prosperity depended on a series of sound policies, strong partnerships, and the commitment of the private sector.
He said: “We are not condemned to low growth, high costs, and low trust. We will stabilise. We will industrialise. We will humanise our economy. We will stabilise prices and the currency. We will industrialise through power, logistics, and technology. We will humanise governance so that every citizen feels respected and served.”
The President said there’s a resounding consensus that recent reforms have stabilised the macroeconomic environment, with the economy expanding to N372.8 trillion in 2024, up from N309.5 trillion in 2023.
He said total revenue collection also rose from N19.9 trillion in 2023 to N25.2 trillion in 2024, adding that as of August 2025, it had reached N27.8 trillion, surpassing the revenue target of N18.32 trillion.
Tinubu further pointed out that these triumphs and projections are guided by his administration’s promise to the nation—to grow the debt service-to-revenue ratio from 97 per cent, where we met it, to a sustainable level.
He said: “Aside from the good news that this ratio has now reduced to less than 50 per cent, I am proud to share that this performance, in our early days in office, inspired Fitch to upgrade Nigeria’s sovereign rating to B with a stable outlook, and Moody’s to lift our issuer rating to B3 with a stable outlook. Both praised our improved economic foresight and clearer policy direction as their barometers.
“The reforms championed by my administration have begun to yield tangible results across sectors and beyond the GDP growth of 4.23 per cent recorded in September 2025—a number which surpasses projections from multilateral agencies and local think tanks. Non-oil revenues grew by 411 per cent year on year in the same month, while the tax-to-GDP ratio now nudges 13.5 per cent, up from barely seven per cent a few years ago.
“Our debt-to-GDP ratio now stands at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent. These numbers tell the story of a nation prepared for the present; they represent the promise we made to Nigerians.
“We came to office fully aware that the secret to a successful federation lies in empowering each federating unit with the resources and autonomy to pursue development peculiar to its needs. This is why we increased the states’ monthly allocations, giving them room to fund critical projects and social interventions.
“Simultaneously, our commitment to redeeming our industrial and infrastructural deficits has enhanced productivity across sectors. We are now producing an average of 1.8 million barrels of oil per day and are working towards achieving 2 million barrels per day by the end of the 2025 fiscal year.
“As experts in the economy, you know more than the average citizen that the stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody.
“Along with subsidy removal, these decisions have rescued our public finances, stabilised the economy, and reassured investors at home and abroad. We owe this progress to the sacrifices of Nigerians, whose patience and understanding have been the bedrock of our endurance. To them, I say: the better days we promised are already within sight.”
Continuing, Tinubu said through these reforms, Nigeria’s external reserves have grown to $43 billion as of September 2025, while trade balance also improved to N7.46 trillion in the second quarter of 2025, up from N5.17 trillion in the first quarter.
“We have recorded a strong GDP growth rate of about 7 per cent. I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap. We are giving priority to agriculture and solid minerals, two sectors with great potential to create jobs and strengthen our economy. To move faster, we have entered into partnerships with other countries to bring in modern farming equipment, train our farmers, and expand extension services across the nation.
“Our reforms are deliberately cross-sectoral because we understand that diversification is the only pathway to sustainable growth. The contribution of the Ministry of Solid Minerals Development to the Federation Account has improved remarkably, with the sector generating N12.58 billion in 2024 through mineral title applications and related fees. This is a sign of the sector’s awakening and the result of deliberate reforms aimed at unlocking its full potential,” he emphasised.
As a people-oriented government, he said the priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable, as the government has created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises, innovate, and build sustainable livelihoods.
“We established a N200 billion intervention fund to support micro, small, and medium enterprises and manufacturers, helping them overcome structural challenges and enhance competitiveness.
“Our expansion of digital micro-loan access has improved financial inclusion, empowering small businesses and stimulating community-level productivity. These efforts underline our commitment to an economy that works for all Nigerians,” he pointed out.
The President resident further pointed out that the four Tax Reform Acts recently signed into law, including the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act—represened a bold recalibration of our fiscal architecture.
He said the new tax regime will boost domestic revenue mobilisation, reduce dependence on oil, and simplify compliance, explaining that these reforms protect low-income earners, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.
He said: “By promoting transparency and coordination among all tiers of government, we are laying the foundation for a fairer and more prosperous Nigeria.
“To improve connectivity and ease of movement, we are constructing highways, bridges, and rail lines across states, including interstate terminals, with over 440 ongoing road projects covering more than 2,700 kilometres of superhighways nationwide. These investments in infrastructure are the arteries of national prosperity, facilitating commerce and strengthening unity.
“The government has also unveiled the Renewed Hope Ward-Based Development Programme, a people-centred initiative designed to empower citizens at the grassroots. By targeting all 8,809 wards across the 774 Local Government Areas, the programme seeks to map local economic activities, human capital, infrastructure, and resource endowment, ensuring no community is left behind.
“Modelled after successful frameworks in China, India, and Kenya, it represents a bottom-up approach to addressing multidimensional poverty through participatory development. Community leaders, residents, and ward representatives will identify local priorities that feed into Local Government, State, and National Plans to ensure alignment and sustainability.
“To realise these noble goals, sub-national governments must play an active role. At the federal level, our commitment remains unshaken. We continue to strengthen coordination, policy coherence, and implementation across institutions. We therefore call on states to align with the Renewed Hope Agenda in the collective pursuit of a future where every Nigerian can thrive.”
Besides, in his opening remarks at the summit, Bagudu further reaffirmed the administration’s unwavering commitment to fostering sustainable inclusive economic growth, enhancing macroeconomic predictability, and improving the welfare of all Nigerians.
The minister said the economic reforms and policy initiatives being implemented are designed to address structural weaknesses, enhance productivity, and position Nigeria for long-term prosperity, noting that “results of the last two years have given us confidence”.
He said: “While we recognise the short-term hardships on our people, we are confident that our policies will yield tangible benefits over time. The stabilisation of the exchange rate, declining inflationary pressures, and improvements in fiscal management are already setting the stage for a more resilient and diversified economy.
“Our focus remains on driving job creation, reducing poverty, increasing non-oil revenue, and improving our external financial position. We are taking development to the grassroot via the Renewed Hope Ward Development Programme.”
The minister called on the private sector, development partners, and all Nigerians to support these efforts, adding that the journey towards economic transformation required collective commitment, innovation, and perseverance.
He said: “We are committed to a measured and deliberate path forward, ensuring each step is meticulously assessed. We must, therefore, remain resolute in our current strategy. While the necessary exchange rate unification policy led to a significant 125.2 per cent depreciation of the naira, from N672.85 per dollar in 2023 to N1,515.43 in 2024, stability is emerging.
“The exchange rate averaged N1,534.82 per dollar in December 2024 and strengthened to N1,493.99 per dollar by September 2025. This reflects an appreciation of 2.71 per cent, signaling the effectiveness of our stabilisation measures and a positive outlook for the economy.”
On inflation and cost of living, Bagudu said that despite persistent inflationary pressures, recent data presents encouraging signs of moderation.
He affirmed: “Headline inflation, measured year-on-year, decreased to 20.12 per cent in August 2025, a notable reduction from 32.15 per cent in August 2024 and 21.88 per cent in July 2025.
“This downward trend, reflected in the newly rebased Consumer Price Index (CPI), suggests a gradual easing of the cost of living. Particularly significant is the deceleration in food Inflation, which declined to 21.87 percent in August 2025 from 37.52 per cent in August 2024
“This trend will be sustained with deliberate policies to alleviate pressure on household budgets, stimulate consumer spending, and create a more conducive environment for economic growth. The reduction in inflationary pressures could also lead to more predictable economic planning, and a higher chance of increased investment, both domestic and foreign.”
