Nigerian President Bola Ahmed Tinubu said on Friday his economic reforms stabilised the country and revived investor confidence, despite a \u200bsteep cost-of-living squeeze on households three years into his presidency.<\/p>\n
Tinubu, \u200cwho is\u00a0seeking re-election in January, cited a near fivefold surge in the stock market to a record 250,000 points; rising market capitalisation; and increased infrastructure spending, \u200bincluding more than 2,700 km (1,678 miles) of roads under construction or \u200brehabilitation and ongoing rail upgrades.<\/p>\n
Since 2023, Tinubu’s reforms \u2013 scrapping \u2060a costly petrol subsidy, cutting electricity subsidies and devaluing the naira currency \u2013 have triggered the worst cost-of-living crisis in a generation.<\/p>\n
In an anniversary statement \u200bon Friday, Tinubu said that painful reforms were beginning to yield\u00a0macroeconomic gains\u00a0\u2014 stronger public finances, rising market confidence and fresh investment.<\/p>\n
“Today, I can say with confidence that \u200bNigeria has stabilised and is moving forward again. Across the country, \u200bvisible progress is taking shape,” he said.<\/p>\n
He also said reforms had drawn new oil \u200cand \u2060gas investment and lifted domestic refining, cutting fuel imports and easing foreign exchange pressure, adding that efforts to clear 4 trillion naira ($2.92 billion) in power sector debts, expand transmission and increase output were ongoing, with better \u200belectricity supply key \u200bto growth.<\/p>\n
Security operations\u00a0\u2060against armed groups and criminal gangs have intensified, he said, with some gains despite ongoing challenges.<\/p>\n
Nigeria has \u200bbattled banditry in the northwest, communal violence in central \u200bstates, a \u2060separatist movement in the southeast and a 17-year Islamist insurgency in the northeast, with militants this year stepping up attacks on military bases.<\/p>\n
Tinubu urged \u2060Nigerians to \u200bstay the course, saying the “foundation for recovery \u200bhas been laid” and that the benefits of reform would become more visible over time.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigerian President Bola Ahmed Tinubu said on Friday his economic reforms stabilised the country and revived investor confidence, despite a \u200bsteep cost-of-living squeeze on households three years into his presidency. Tinubu, \u200cwho is\u00a0seeking re-election in January, cited a near fivefold surge in the stock market to a record 250,000 points; rising market capitalisation; and increased […]<\/p>\n","protected":false},"author":1,"featured_media":15698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":5,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[1433,175],"class_list":["post-21016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-bola-ahmed-tinubu","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=21016"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21016\/revisions"}],"predecessor-version":[{"id":21017,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21016\/revisions\/21017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/15698"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=21016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=21016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=21016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}