Tinubu: Tough reforms deliver trade surplus, record reserves, higher credit rating

President Bola Ahmed Tinubu has declared that the economic reforms implemented by his administration are beginning to produce visible results, citing Nigeria’s trade surplus, stronger foreign reserves, improved credit rating and rising oil and gas production as evidence of progress under the Renewed Hope Agenda.

Tinubu said the government’s decision to implement difficult reforms had begun to reposition the Nigerian economy and restore investor confidence.

“The results of our efforts are becoming very clear to all: The Renewed Hope Agenda is working,” the President said.

According to him, Nigeria’s foreign exchange position has strengthened significantly, with the country’s foreign reserves reaching their highest level in 17 years.

He also pointed to the country’s trade performance, saying Nigeria was now recording trade surpluses as a result of ongoing economic measures.

The President further noted that Nigeria’s international credit standing had improved, with the country’s credit rating moving up several notches.

Tinubu said the improved economic outlook was also being reflected in increased investment and infrastructure development across the country.

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He listed the construction and rehabilitation of roads, railways and superhighways among the administration’s major achievements, saying the projects were being developed to provide long-term infrastructure for economic growth.

The President also said investor confidence was returning, with some investors who previously exited the Nigerian market beginning to reconsider their positions.

“Investors who left are returning,” he said, linking the development to the government’s economic reforms and efforts to create a more attractive investment environment.

Tinubu also highlighted developments in the oil and gas sector, saying production was increasing.

The President has repeatedly identified higher crude oil production as critical to improving government revenues, strengthening foreign exchange earnings and supporting the country’s economic recovery.

Beyond the economy and infrastructure, Tinubu drew attention to developments in the education sector, particularly the reduction in disruptions caused by industrial actions in Nigerian 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 attributed part of the administration’s education intervention to the Nigeria Education Loan Fund (NELFUND), which provides student loans to eligible Nigerians to support access to tertiary education.

Tinubu said the programme was helping to make education more accessible to students who might otherwise struggle to finance their studies.

He also cited the role of the Nigerian Consumer Credit Corporation (CreditCorp) in providing affordable credit to civil servants, describing access to credit as another component of the government’s effort to improve citizens’ economic wellbeing.

The President’s comments come amid continuing debate over the impact of his administration’s economic policies, including reforms aimed at stabilising public finances, improving foreign exchange liquidity, attracting investment and strengthening domestic production.

While acknowledging the difficulties associated with the reforms, Tinubu maintained that the government’s approach was beginning to deliver measurable gains.

He said the combination of stronger external reserves, trade surpluses, improved creditworthiness, infrastructure investment, increased oil and gas output, greater access to education financing and consumer credit demonstrated that the Renewed Hope Agenda was yielding results.

The President urged Nigerians to remain focused on the long-term benefits of the reforms, stressing that the administration’s objective was to build a more resilient economy capable of supporting sustainable growth and improving living standards.