Tinubu: We’ll turn stability into prosperity through enterprise

President Bola Tinubu has said Nigeria’s next economic priority is to translate the gains of ongoing reforms into prosperity through enterprise, industrial growth and expanded trade.

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Tinubu spoke on Thursday at the opening of the 40th Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), at Tafawa Balewa Square, Lagos.

The President, represented by the Minister of State for Industry, Senator John Enoh, said the Federal Government had made significant progress in stabilising the economy, adding that attention must now shift to stimulating production, creating jobs and expanding business opportunities.

“The emergency is over. The foundation has been repaired. Our task now is to turn stability into prosperity, and enterprise is at the heart of that task,” he said.

Highlighting the administration’s economic achievements, Tinubu said Nigeria’s gross external reserves rose to approximately $55.07 billion in October 2026, the highest level in 18 years, while net reserves exceeded $40 billion, compared with less than $4 billion in 2023.

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He also noted that inflation declined to 14.63 per cent in September 2026, while the economy grew by 4.43 per cent in the second quarter, describing the figures as evidence of improving economic fundamentals.

On trade, the President said non-oil exports exceeded $6.1 billion in 2025, while capital importation reached about $21 billion.

He expressed optimism that Nigerian businesses could leverage the African Continental Free Trade Area (AfCFTA) to access wider markets across the continent.

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However, he stressed that sustainable economic growth must be driven by domestic production and value addition rather than dependence on imports.

Tinubu said the National Industrial Policy provided a roadmap for strengthening manufacturing, deepening local value chains and converting the country’s raw materials into finished products.

He disclosed that the Federal Ministry of Industry, Trade and Investment and its agencies supported more than 115,000 micro, small and medium enterprises (MSMEs) in 2025.

He assured business owners of continued government efforts to improve their access to finance, electricity and markets.

The President described industrial and trade policies as complementary, explaining that while industry provides goods for export, trade creates markets for locally manufactured products.

He also welcomed exhibitors from more than 20 countries to the fair, announcing that Nigeria would host the Intra-African Trade Fair for the first time in 2027, in partnership with the African Export-Import Bank (Afreximbank).