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Tinubu’s reforms yielding results, GDP rises to $375bn, Yilwatda
🇳🇬 Nigeria /Economy & Trade

Tinubu’s reforms yielding results, GDP rises to $375bn, Yilwatda

From Premium Times · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Nigeria's Gross Domestic Product (GDP) has risen to approximately $375 billion from below $300 billion in two years, according to the APC National Chairman.
  • The chairman attributed this growth to President Tinubu's economic reforms, citing increased exports exceeding imports and returning investor confidence.
  • These reforms, including subsidy removal and tax adjustments, are viewed as long-term restructuring efforts aimed at building a future economy, despite public debate and economic difficulties.

Nigeria's Gross Domestic Product (GDP) has surged to an estimated $375 billion from below $300 billion over the past two years, a development attributed by the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, to President Bola Tinubu's economic reforms. Yilwatda presented this data at a colloquium in Jos, Plateau State, asserting that the reforms are yielding positive results despite the economic challenges they have presented.

For the first time, our exports have exceeded our imports. Investors are returning to Nigeria because confidence has returned. The productive economy we have long desired is beginning to emerge.

— Nentawe YilwatdaAPC National Chairman, speaking at a colloquium in Jos, Plateau State.

According to Yilwatda, Nigeria's economic growth now surpasses its population growth rate. He pointed to increased exports, which he stated have for the first time exceeded imports, and a renewed investor confidence as indicators of a recovering productive sector. The APC chairman highlighted ongoing infrastructure investments in deep seaports, railways, and highways as crucial for reducing business costs and enhancing Nigeria's competitive edge in regional and international trade, aligning with the federal government's ambition to reach a $1 trillion economy.

Every kilometre of road constructed represents increased commerce, improved security and accelerated economic development.

— Nentawe YilwatdaAPC National Chairman, discussing infrastructure projects.

Governor Caleb Mutfwang of Plateau State, who delivered the keynote address, echoed support for the $1 trillion economic target, identifying subsidy removal, tax restructuring, and investments in key sectors like agriculture and technology as central to achieving this goal. However, the administration's economic measures, particularly the removal of petrol subsidies and tax reforms, have sparked significant public debate and economic adjustments, underscoring the complex landscape in which these reforms are being implemented.

President Tinubu has a master plan. He is not building for today alone; he is building a future that our children and grandchildren will inherit.

— Nentawe YilwatdaAPC National Chairman, describing the long-term vision of the economic reforms.
DistantNews Editorial

Originally published by Premium Times in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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