Non-oil sector now drives 96% of Nigeria’s economy– Tinubu
President Bola Tinubu has said non-oil activities now account for about 96 per cent of Nigeria’s Gross Domestic Product (GDP), while external reserves have risen to approximately $55 billion, providing more than 14 months of import cover.
The President attributed the figures to his administration’s economic reforms, saying Nigeria was moving from economic stabilisation towards shared prosperity through diversification, infrastructure investment and private-sector participation.
Tinubu, represented by Speaker of the House of Representatives, Abbas Tajudeen, disclosed this on Thursday at the public presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future in Abuja.
He said the administration remained committed to building a $1 trillion economy by 2030, driven by investments in agriculture, manufacturing, energy, infrastructure and the digital economy.
The President recalled that he inherited a difficult economic situation in May 2023, marked by a weakening naira, rising debt-servicing obligations, depleted foreign reserves and an unsustainable fuel subsidy regime.
He said the government responded with fundamental reforms, including the removal of the fuel subsidy and unification of the foreign exchange market, acknowledging the hardship the decisions imposed on households.
“These were not easy decisions, and I know the weight they placed on every household, but they were necessary, and today the pain is yielding its promise,” he said.
Tinubu disclosed that non-oil exports had exceeded $6 billion, the highest level recorded in the country’s history, while non-oil revenue increased from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
He said the government was counting on private-sector investment to accelerate growth, noting that the 2025 budget introduced a de-risking framework expected to attract 86 per cent of the investments required to achieve the 2030 economic target.
On fiscal reforms, he said the administration was harmonising the tax system to eliminate multiple taxation and improve the business environment, stressing that sustainable prosperity must be driven by production rather than increased tax burdens.
“We cannot tax our way into prosperity; we must produce our way there,” he said.
On power infrastructure, Tinubu highlighted efforts to revive the Mambilla Hydroelectric Power Project following Nigeria’s victory in a $3.38 billion arbitration at the International Chamber of Commerce in Paris.
He also cited plans to expand Geregu Power’s capacity to 1,300 megawatts and revive the Port Harcourt and Warri refineries, describing reliable electricity supply as critical to industrial expansion.
The President listed the Kano-Katsina-Maradi Railway, Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway among major infrastructure projects expected to improve connectivity, trade and economic activity.
In agriculture and industrial development, he said the government was promoting irrigation, mechanisation and livestock reforms, while supporting local industries with affordable credit and encouraging domestic processing of mineral resources.
He also highlighted plans to deploy 90,000 kilometres of fibre-optic cables and the implementation of the 3 Million Technical Talent programme to expand digital infrastructure and develop technology skills.
Tinubu said the Bank of Industry was providing low-interest loans and grants to market women, artisans and young entrepreneurs across the 774 local government areas.
On social investment, he said the Nigerian Education Loan Fund (NELFUND) was widening access to higher education, while a university solarisation programme was expected to address electricity challenges in tertiary institutions.
He added that more than 10,000 housing units were being developed across 14 states and the Federal Capital Territory under the Renewed Hope Cities and Estates Programme.
The MOFI Real Estate Investment Fund, he said, had provided about N128 billion in mortgages to 1,859 families across 25 states.
The President also pledged to work with the National Assembly and other stakeholders to establish a strong regulatory authority for the housing and real estate sector.
Earlier, the author, Dr Abdulmumin Jibrin, a member of the House of Representatives representing Kiru/Bebeji Federal Constituency of Kano State, said Nigeria’s future prosperity depended on unlocking the potential of non-oil sectors, including agriculture, technology, solid minerals, manufacturing and the creative industry.
“For too long, our nation has leaned heavily on a single economic pillar. The future of our macro-prosperity depends on our ability to aggressively unlock the vast potential of our non-oil sectors,” he said.
Jibrin said his experience chairing several House committees, including Finance, Appropriations, Land Transport, Foreign Affairs, and Housing and Habitat, informed the book’s examination of fiscal policies, infrastructure and economic development.
The 555-page publication, reviewed by Dr Reuben Abati, examines Nigeria’s economic history, changing leadership and policies, and the pursuit of prosperity beyond oil.
The event also featured a keynote address by Anambra State Governor, Prof Charles Soludo, while Alhaji Abdulsamad Rabiu presented the book.
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