Non-Oil Sector Now Accounts for 96% of GDP, Says Tinubu
President Bola Tinubu says his administration’s economic reforms are yielding positive results, with non-oil activities now accounting for about 96 per cent of Nigeria’s Gross Domestic Product (GDP).
The President also said Nigeria’s external reserves had risen to about $55 billion, representing more than 14 months of import cover.
Tinubu said this on Thursday at a public presentation in Abuja of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future.
The President, represented by the Speaker of the House of Representatives, Abbas Tajudeen, said Nigeria is transitioning from economic stabilisation to shared prosperity.
He said the administration remained committed to building a one-trillion-dollar economy by 2030 through investments in infrastructure, agriculture, manufacturing, energy and the digital economy.
Tinubu recalled inheriting a difficult economic situation in May 2023, characterised by a weakening naira, rising debt-servicing obligations, depleted foreign reserves and an unsustainable fuel subsidy regime.
He said his administration opted for fundamental reforms, including fuel subsidy removal and foreign exchange market unification.
“These were not easy decisions, and I know the weight they placed on every household buut they were necessary, and today the pain is yielding its promise,” he said.
The President disclosed that non-oil exports had exceeded six billion dollars, the highest in the country’s history, while non-oil revenue rose from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
He said the government was relying on private-sector investments to drive economic growth, adding that the 2025 budget introduced a de-risking Framework expected to attract 86 per cent of the investments required to achieve the 2030 target.
Tinubu also said the administration was harmonising the tax system to eliminate multiple taxation and improve the business environment.
“We cannot tax our way into prosperity; we must produce our way there,” he said.
On infrastructure, he highlighted efforts to revive the Mambilla Hydroelectric Power Project following Nigeria’s victory in a 3.38-billion-dollar 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 as essential for industrial growth.
The President listed the Kano-Katsina-Maradi Railway, Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway among major projects expected to expand trade and economic activities.
On agriculture and industrial development, Tinubu said the government is promoting irrigation, mechanisation and livestock reforms, while supporting local industries with affordable credit and encouraging domestic processing of mineral resources.
He further highlighted investments in digital infrastructure and skills development, including the deployment of 90,000 kilometres of fibre-optic cables and the 3 Million Technical Talent (3MTT) programme.
He said the Bank of Industry is also extending low-interest loans and grants to market women, artisans and young entrepreneurs across the 774 local government areas.
On social development, Tinubu said NELFUND is expanding access to higher education, while the university solarisation programme would address electricity challenges in tertiary institutions.
He added that more than 10,000 homes 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 also provided about N128 billion in mortgages to 1,859 families across 25 states.
The President pledged to work with the National Assembly and relevant stakeholders to establish a strong regulatory authority for the housing and real estate sector.
Tinubu commended the author, Dr Abdulmumin Jibrin, a member of the House of Representatives, representing Kiru/Bebeji Federal Constituency, Kano State, for documenting Nigeria’s economic transformation.
He also acknowledged Gov. Charles Soludo of Anambra, who delivered the keynote address; Alhaji Abdulsamad Rabiu, the book presenter; and Dr Reuben Abati, the reviewer.
Earlier, Jibrin 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; from agriculture and technology to solid minerals and industrial manufacturing and the creative industry,” he said.
Jibrin said his experience as chairman of several House committees, including Finance, Appropriations, Land Transport, Foreign Affairs, and Housing and Habitat, informed the book’s examination of Nigeria’s fiscal policies, infrastructure and economic development.
The 555-page book, reviewed by Abati, chronicled Nigeria’s economic journey, changing leadership and policies, and the search for prosperity beyond oil.
The highlight of the event was the book’s public presentation, with Tinubu expressing hope that its contents would inspire practical action to transform Nigeria’s economic fortunes.
