National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, has expressed optimism about Nigeria's economic future, despite current challenges. In an Independence Day message, Yilwatda stated that the country is moving towards becoming stronger and more prosperous. He acknowledged the difficult economic situation inherited by the administration of President Bola Tinubu, but noted that reforms have been introduced to address longstanding structural challenges.
Yilwatda cited the removal of the petrol subsidy, foreign exchange reforms, and efforts to improve domestic revenue mobilisation as some of the steps taken by the administration. He also mentioned monetary and fiscal measures aimed at stabilising the economy. While acknowledging that these reforms have created short-term difficulties for Nigerians, Yilwatda pointed to signs of macroeconomic stabilisation, including a 4.2 per cent growth in Nigeria's real Gross Domestic Product in the first half of 2026.
According to Yilwatda, World Bank figures show that Nigeria's gross foreign reserves stood at $51.9 billion at the end of July. He also highlighted developments in the energy sector, digital economy, investment, and social protection as indications of a movement from economic stabilisation towards structural transformation. These developments, Yilwatda said, demonstrate the country's potential for growth and progress.
Yilwatda emphasised that the focus should now be on translating economic gains into improved household incomes, employment, food security, and greater opportunities for Nigerians. He acknowledged that progress has been recorded, but recognised that much work remains to be done. The APC chairman expressed hope that economic stabilisation will rapidly translate into tangible benefits for the people.
The administration's efforts to address economic challenges have been multifaceted. The removal of the petrol subsidy, for instance, has been a significant step towards reducing the financial burden on the government. Additionally, foreign exchange reforms aim to improve the country's exchange rate and make it more competitive. These reforms, Yilwatda said, are crucial for Nigeria's economic growth.
Yilwatda's message comes at a time when Nigerians are seeking tangible improvements in their living standards. The country's economic challenges have had a significant impact on household incomes, employment, and food security. However, with the government's focus on economic growth and development, there is hope that the situation will improve. The APC chairman's statement reflects the government's commitment to addressing the country's economic challenges.
As Nigeria marks its 66th Independence anniversary, Yilwatda's message serves as a reminder of the country's progress and potential. With continued efforts to address economic challenges and implement reforms, Nigeria may yet achieve its goal of becoming a stronger and more prosperous nation. The country's future, Yilwatda said, is promising, with opportunities for growth, development, and improved living standards for all Nigerians.
Key points
- Nigeria's real GDP grew by 4.2 per cent in the first half of 2026.
