President Tinubu's three years: Nigeria sees infrastructure transformation and economic credibility

Three years into President Bola Ahmed Tinubu's term, Nigeria is showcasing tangible infrastructure transformations alongside economic reforms, moving beyond mere policy announcements to visible results. The administration highlights achievements in concessions signed, airport handovers, power plant commissions, and attracting foreign investment, framing its tenure not just by the courage to make difficult decisions but by the concrete outcomes delivered.

Upon taking office on May 29, 2023, Tinubu inherited an economy facing severe challenges, including a 5.4% fiscal deficit and critically low net foreign reserves of $3.99 billion. The investor community was reportedly skeptical of Nigeria's commitments. The president's administration acknowledges the difficult path ahead, having implemented subsidy removals, exchange rate unification, and coordinated fiscal and monetary reforms. These actions are presented as acts of political courage and strategic foresight, necessary to attract private capital by moving away from a "broken status quo."

The economic narrative is bolstered by figures from the National Bureau of Statistics and international bodies. Nigeria's external reserves have reportedly climbed to approximately $50 billion as of May 2026, a substantial increase from $3.99 billion in 2023. The fiscal deficit has been more than halved to 3.0% of GDP. Economic growth reached 4% in 2025, with projections for 4.2% in 2026. The Nigerian Exchange Group (NGX) saw a significant gain of 48.12% in 2025, and foreign direct investment surged to $720 million in the third quarter of 2025, up from $90 million in the preceding quarter.

These domestic indicators are complemented by international validation. In 2025, Fitch Ratings upgraded Nigeria's long-term issuer default rating to B, citing exchange rate liberalization and fiscal reforms. Moody's also revised Nigeria's sovereign outlook upward, referencing policy consistency and a stronger external position. S&P Global Ratings provided Nigeria's first upgrade in fourteen years in May 2026, raising the country's rating to B with a stable outlook, supported by sustained structural reforms, growing reserves, and increased domestic refining capacity. Nigeria also exited the Financial Action Task Force (FATF) grey list in October 2025 and was restored to Frontier Market status by FTSE Russell in April 2026, signaling improved financial governance and reduced risk premiums.