Fulfilling Campaign Promises and Beyond

A Compendium of Reforms, Successes and Achievements of the Tinubu Administration

An initiative of the Office of the Special Adviser to the President on Economic Affairs, Office of the Vice President. Presented here for public engagement by SOWENON.

Original Author & Credit

Tope Fasua, PhD, FCA

Special Adviser to the President on Economic Affairs, Office of the Vice President

View the Original Compendium

A Note on the Compendium

The Years of the Reforms

The first two years of President Bola Ahmed Tinubu's leadership could rightly be tagged as the Years of the Reforms. It is a truism that after sowing, an effluxion of time is necessary to be able to reap results. The history of economies could also be written around the many challenges we all go through, and it takes valiance, perseverance and great vision to be able to seize the gauntlet and determine to make a profound difference. This is what Mr. President, leading a team of hardworking, focused, and determined troops, has set out to do.

Challenges were inherited. The assets and liabilities culminating from all the governments that Nigeria has had over decades, and even in pre-colonial times, were confidently assumed by the current administration, and under the guidance of Mr. President we have forged ahead, remaining forthright and astute to write a different, positive story from the past, away from blame-trading, but pressing into service all that we have in terms of intellect, optimal use of time, human capital and resources.

And results are beginning to show. Lasting, sustainable results. A number of those results have hereby been captured and presented in graphic terms, emphasising the numbers. Such a document is important to have as evidence of the sacrifice of the last two years, and as a marketing tool in Nigeria's continued drive for domestic and foreign direct investment, as well as for the maintenance of a positive, progressive trajectory and image.

The reforms have brought about the empowerment of subnational governments where the lives of most Nigerians will be touched going forward. The reforms have also led to improved macroeconomic performance including a positive Balance of Payment, accretion to Net Foreign Exchange Reserves, and all-time high performance in non-oil exports. Nigeria's petroleum and gas sector has also transformed, from a past scenario where Nigeria could not refine a single barrel of crude oil at some point, to a current reality where Nigerian refineries are able to export refined products to some of the most industrialised nations on Earth.

Mr. President has assured that the next two years will be about delivery, and about ensuring that the dividends of critical reforms are positively felt by businesses, households and individuals alike. The next few months will be about the commissioning of projects after projects which transform the landscape of Nigeria and upscale the standards of living of Nigerians from all walks of life. Reforms will be consolidated and protected so that Nigeria can maximise the benefits therefrom.

Chapter One

The Critical Reforms

A brief on the critical reforms that have defined President Bola Ahmed Tinubu's administration, and their centrality to the evolution of Nigeria from mediocre growth and underdevelopment to a bright new reality of uplifted human capital, investment attractiveness, and elevated standards of living for all Nigerians.

Oil Subsidy Removal

On May 29, 2023, right at the grounds of his inauguration, President Bola Ahmed Tinubu declared that petroleum subsidies, which had in the past consumed as much as a quarter of Nigeria's annual budgets, was gone. From his accountant's perspective, the President needed to be sure of exactly how much cash flow Nigeria could work with, and to also rid the nation of the intractable subsidy frauds that had plagued the land for decades. Between the subsidy reform and the Naira rebalancing, 5% of our Gross Domestic Product had been disappearing into the pockets of those powerful enough to game the system. The oil sector reforms have also empowered local players, recapacitated our local refineries, some of which now trade internationally and gain global respect. The odd $25 billion previously spent importing refined fuels has reduced considerably, leading to relative stability in the local currency and considerable accretion of Foreign Reserves.

$3.99B → $23B

Net Foreign Exchange Reserves growth, May 2023 to December 2024

Removal of Dollar-Naira Arbitrage

There was a period in time when a 75% arbitrage existed between the official and unofficial rates of the Naira against the US Dollar, and it was possible to take advantage of that arbitrage with the right connections. With the abolition of a multiple exchange rate regime, rates have converged and the arbitrage advantage has disappeared. More importantly, this reform has released considerable Naira liquidity to State and Local Governments, where many now receive thrice the amount of Naira they used to receive every month, and many have been able to double their Internally Generated Revenues.

75%

Arbitrage window closed between official and parallel FX rates

Stoppage of Arbitrary Ways-and-Means Advances

Not only has the practice of arbitrary overdrafts by the Central Bank of Nigeria to the Federal Government been halted, but over N30 trillion inherited in this basket has been resolved through paydowns and restructuring. This is quite remarkable because most other countries, including advanced ones, have been unable to resolve the overdrafts they incurred stemming from the last global recession precipitated by COVID-19. Beyond resolving this overdraft, Nigeria has also paid off the principal of a $3.4 billion emergency facility advanced by the International Monetary Fund in record time, all the while accreting significantly more to net foreign reserves.

₦30 Trillion

Inherited overdrafts resolved through restructuring and paydowns

Declaration of War Against Food Insecurity

The President also declared a war against food insecurity. This war has been largely successful, evidenced by decreasing food prices and the smoothening of seasonal volatilities. The drop in the prices of staples has started to contribute to softer inflation figures, as Nigeria looks to achieve inflation of 15% or less by December 2025. Over 160,000 hectares of additional cultivation has been done in staples like wheat and rice, encouraged and driven by the Ministry of Agriculture and Food Security. Initiatives driven by the First Lady, Senator Mrs. Oluremi Tinubu, have also contributed to urban farming, increasing Nigeria's stock of food.

160,000+

Hectares of new cultivation in staple crops

Further Capacitation of State Governments

The upshot of the removal of subsidy in petroleum, as well as the abolition of multiple exchange rates, has led to benefits that used to be enjoyed by speculators and racketeers being enjoyed instead by Nigerian states and local governments. This is evident in the tripling of their federally-derived allocations, which now cover gratuities, pensions, and other emoluments of their workers, meaning the states are being reflated from the ground up. States are now in a stronger position to fund infrastructure, human capital investment, and social programmes without perpetual dependence on federal bailouts.

3×

Federal allocations to states have tripled since 2023

Local Government Autonomy

To reinforce the empowerment of subnational governments, the President has also pursued Local Government autonomy as a policy, to ensure that allocations due to that level of government are administered directly by elected local government chairmen and chairwomen. To this extent, all Nigerian states have conducted transparent elections, putting in place responsible administrators. This solidifies the benefits of trickle-down economics, ensuring that the most vulnerable local dwellers become part of the larger economy, with the goal of economic and financial inclusiveness. As part of the tax reforms, the federal government is ceding 5% of its 15% share of Value Added Tax to local governments because the President is aware of where the shoe pinches.

Of federal VAT share ceded directly to Local Governments

War Against Human and Physical Insecurity

The administration has moved decisively to restore security across the country. Coordinated operations against banditry, terrorism, and other forms of organised violence have intensified, with the President framing the effort as a national war to reclaim the everyday safety of Nigerians and unlock the economic growth that insecurity has held back. The administration acknowledges that Nigeria's security struggles carry political dimensions, and that the country's prospects as a great nation have always been evident. With renewed vigour and the participation of every citizen, the enemies of Nigeria's predestined greatness are being confronted and will be defeated.

Nationwide

Renewed operational tempo deployed against non-state actors, bandits and terrorists

Buy Nigeria Programme

Under the Buy Nigeria policy, the administration has turned domestic procurement into a deliberate engine of economic growth, drawing on the country's own financial resources as catalyst. Every government agency is now mandated to prioritise made-in-Nigeria goods and services in what it purchases. The Federal Executive Council, chaired by the President, has further directed that Nigerian contractors, producers and service providers be patronised first, with foreign alternatives reserved for cases where local capacity is genuinely unavailable. The intent is to keep Nigerian earnings recirculating within Nigerian value chains, backing our own manufacturers, tradespeople and enterprises as the foundation of sustained development.

Local First

Federal Executive Council directive giving Nigerian contractors and producers first patronage

Chapter Two

Landmarks from the Office of the Vice President

Ten landmark thrusts driven from the Office of the Vice President, complementing the President's critical reforms with focused interventions across coordination, agriculture, human capital, inclusion, and grassroots delivery.

National Economic Council

Strengthened coordination between federal and state governments to advance economic development and lift living standards for all Nigerians. Active sub-committees have been inaugurated to tackle the most urgent concerns affecting citizens at state and local levels, and the President's vision is being planned and implemented in a collegiate fashion that encourages peer review among state governments.

Agriculture

Nigeria was promoted as a safe haven for agricultural investment at the third Belt and Road Forum held in China in November 2023. An MoU with John Deere secured the supply of 2,000 tractors yearly for five years alongside the establishment of an assembly plant in Nigeria. African Development Bank interventions in the country tripled, moving from $500 million to over $1 billion. Ground was broken on Federal Government Special Agro-Processing Zones in Kaduna and Cross River states, and the $1.1 billion Nigeria-Brazil Green Imperative Project was commercially signed to support smallholder farmers and connect them to global value chains. Tractors, seeds, fertilisers and herbicides were distributed ahead of the 2024 farming season, with financial support of ₦100,000 per month for four months to 50 beneficiaries, and ₦30 million provided for farmer cooperatives through the Kashim Shettima Foundation. Nigeria-Brazil bilateral ties, dormant for more than a decade, have also been revived.

2,000 Tractors

Annually for five years under the John Deere partnership, plus a Nigerian assembly plant

Food Security

The Presidential Food Systems Coordination Unit has been inaugurated, tasked with drawing resources and ideas from stakeholders across the food value chain to modernise farming practices, raise crop yields, and secure national food sufficiency.

NCP and Economic Reforms

The administration has moved to entrench a market-driven economy while restoring institutions built to serve the rural real sector. Central to this is the revitalisation of the Bank of Agriculture, with a capital base being pushed up to ₦1.5 trillion to unlock rural finance at genuine scale.

₦1.5 Trillion

Target capital base of the revitalised Bank of Agriculture

Nutrition

The Vice President chairs the National Council on Nutrition, under which a five-year national multisectoral plan of action for food and nutrition has been established. The Nutrition 774 initiative, rolled out through the National Economic Council, provides lifesaving nutritional support in every local government area of the federation. House committees on nutrition have also been created at both federal and state legislatures to keep the issue permanently on the policy agenda.

774

Local government areas covered by the Nutrition 774 initiative

Human Capital Development

Nigeria is positioning itself for entry into the top 80 countries on the Global Human Capital Index, addressing this through parallel investments in education, healthcare and skills training aimed at building a stronger and more productive workforce. An HCD dashboard has been launched to publicly track progress against youth unemployment and learning poverty.

24 Million

Nigerians projected to benefit from federal HCD initiatives

MSMEs

Expanded MSME clinics have been rolled out across the country, with active clinics operating in Ogun, Benue, Enugu, Jigawa and Ekiti states and distributing federal grants to small business owners. These clinics support enterprises with access to finance, markets, skills training and regulatory guidance. Major ultramodern fashion hubs have also been launched as part of the wider push to formalise and scale Nigeria's creative and light-manufacturing sectors.

Energy Infrastructure

The board of the Nigeria Independent System Operator (NISO) has been inaugurated to address national grid stability. The administration is also championing the African Atlantic Gas Pipeline and the Lake Chad Recharge project, both aimed at addressing chronic energy and water shortages across West Africa, strengthening Nigeria's export footprint, and boosting agricultural resilience across the Sahel.

RSPIC

The Vice President has represented the President in inaugurating groundbreaking projects under the Resettlement Scheme for Persons Impacted by Conflict, currently active in seven states: Sokoto, Kebbi, Benue, Katsina, Zamfara, Niger and Kaduna. The scheme is restoring homes and livelihoods for communities displaced or disrupted by insecurity.

7 States

Sokoto, Kebbi, Benue, Katsina, Zamfara, Niger and Kaduna — covered by RSPIC

Financial Inclusion

The administration has played a leading role in advancing financial and economic inclusion. The Aso Accord for Economic and Financial Inclusion has been signed, bringing federal and state actors, financial institutions and development partners around a shared commitment to integrate over 30 million unbanked Nigerians into the formal economy. A national operating model has been launched with the ambition of transforming Nigeria into a $1 trillion economy by 2030, powered by expanded access to credit, digital payments, and financial literacy. The Presidential Committee on Economic and Financial Inclusion (PreCEFI) has also been inaugurated to keep implementation on track.

$1 Trillion

Target economy size by 2030, powered by the national inclusion operating model

Chapter Three

The Economic Engine

The three interlocking reforms rebuilding Nigeria's economic foundations: fiscal discipline that has reflated the states, monetary orthodoxy that has stabilised the Naira, and a tax code that finally lifts the burden off ordinary Nigerians and small businesses.

Fiscal Policy

The Reflation of Subnational Governments

Mr. Wale Edun · Minister of Finance and Coordinating Minister for the Economy

Federal allocations to Nigerian states have tripled since 2023, and most subnationals have doubled their internally generated revenues. Local governments now receive their allocations directly under the President's autonomy push. States are settling salaries, gratuities and pensions on time, and paid down a striking 32% of their local and foreign debts in 2024 alone. Company profitability has strengthened across banking, telecoms and manufacturing, translating into better remuneration for millions of workers. Nigeria's sovereign ratings have improved on reform consistency and improved balance of payments, and multilateral agencies and top employers have publicly endorsed the direction of travel.

$3.4 Billion

IMF COVID facility principal paid down 100% by 2025

120% → 64%

Debt servicing as share of revenue, December 2022 to December 2024

3.4%

GDP growth rate in 2024, the highest in a decade

32%

Share of state debts (local + foreign) paid down in 2024 alone

Monetary & Foreign Exchange

A Cleaner CBN and a Stabilised Naira

Mr. Olayemi Cardoso · Governor, Central Bank of Nigeria

The Central Bank has cleared $7 billion in inherited FX backlogs and forwards from the previous administration, and the President and CBN have jointly resolved over ₦30 trillion of inherited Ways and Means exposures through paydown and securitisation. The abusive Ways and Means window has been closed, restoring an orthodox relationship between the CBN and the Federal Government. Official and parallel exchange rates have been unified, ending the multiple-rate regime that fuelled arbitrage. Nigeria recorded a $6 billion Balance of Payment surplus in 2024 after three consecutive years of deficit, and Moody's upgraded Nigeria's sovereign rating from Caa1 to B3.

$23 Billion

Unencumbered net FX reserves as at December 2024, up from $3.99B a year earlier

~$40 Billion

Total foreign exchange reserves

$2 Billion

Airline FX obligations cleared 100%

$6 Billion

Balance of Payment surplus recorded in 2024

Tax Reforms

A Simpler, Fairer Tax Regime

Dr. Zacch Adedeji · Chairman, FIRS · Taiwo Oyedele · Chair, Presidential Fiscal Policy and Tax Reform Committee

The presidential tax reform programme is rewriting the code around ordinary Nigerians and small businesses. Small businesses with annual turnover below ₦50 million are now fully tax and VAT exempt. Nigerians earning below ₦1 million per year pay zero income tax, and those earning up to ₦1.7 million enjoy substantial relief. VAT has been lifted on food, healthcare, baby products, rent and fuel, among other essentials. Multiple taxation and levies on businesses have been repealed, cash payments to tax authorities have been abolished, and physical roadblocks that once impeded commerce have been dismantled. Companies now enjoy tax breaks for hiring more Nigerians, wage awards and transport subsidies for low-income workers attract zero tax, and the federal government is ceding 5% of VAT revenue to state governments to fund grassroots delivery.

300,000+

New taxpayers onboarded by FIRS in the last two years

97%

Growth in non-oil revenues

₦10.2T → ₦21.6T

FIRS revenue collection trajectory

10 Reliefs

Landmark tax changes benefiting workers, families and small businesses

Chapter Four

Ministry by Ministry

Where the reforms are being translated into delivery, ministry by ministry, ministry after ministry. Twenty portfolios, one national renewal agenda.

Ministry of Education

Dr. Maruf Tunji Alausa

The establishment of NELFUND (Nigeria Education Loan Fund) has transformed access to higher education. The scheme is disbursing school fees and allowances directly to students, ensuring that no Nigerian student is forced to abandon their education for lack of funds.

₦55 Billion

Disbursed as school fees and allowances via NELFUND

500,000+

Students impacted by NELFUND

Ministry of Power

Chief Adebayo A. Adelabu

On 2 March 2025, Nigeria attained a historic peak generation of 6,003 MW, the highest ever recorded in the country's history, with 5,801 MW distributed. Grid capacity is being pushed towards 13,000 MW through hydropower expansion, thermal restoration, and the Presidential Power Initiative. Rural electrification is being scaled via solar mini-grids in Plateau, Cross River and Niger states, and a nationwide metering rollout is underway.

6,003 MW

Historic peak power generation attained on 2 March 2025

700 MW

Added to the grid across 13 locations under PPI Pilot Phase 2024

$750 Million

World Bank DARES project bringing electricity to 17.5 million Nigerians

10 Million

Smart meters to be deployed between 2025 and 2030

Also Delivered

Zungeru Hydro Plant currently evacuating 550 MW out of 700 MW capacity
Kaduna Thermal Plant (215 MW) being restored after six years of dormancy, operational by end of 2025
World Bank DISREP funding 1.3 million meters, with 75,000 already deployed in April 2025

Ministry of Marine and Blue Economy

Adegboyega Oyetola

Nigeria's major ports are being revamped and modernised, with a landmark $5 billion Maritime Bank berthed for West and Central Africa. Revenue from the ministry's key agencies has nearly doubled year on year, and dry ports are being completed across the country to unlock inland trade.

$5 Billion

Berthing of Maritime Bank for West and Central Africa

₦126B → ₦242B

Revenue from major ministry agencies, Q1 2023 to Q1 2024

2,000 Units

High-capacity life jackets procured for free distribution to passengers

350

River Marshalls recruited to strengthen inland waterway safety

Also Delivered

10% increase in vessels calling at Nigerian ports on new port infrastructure investment
Completion of Funtua Dry Port in 2024; Ogun Dry Port at advanced stage
Training of 100 seagoing officers, 200 fishing artisans and 400 fish farmers
Seven 13-metre armoured patrol boats acquired for coastal state operations

Ministry of Petroleum Resources (Crude Oil & Gas)

Sen. Heineken Lokpobiri (Oil) · Rt. Hon. Ekperikpe Ekpo (Gas)

The petroleum sector has undergone one of the deepest transformations in the country's history. The 614-kilometre Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, priced at $2.8 billion with 3.5 billion cubic metres annual capacity, has been prioritised for completion in 2025. The $20 billion Dangote Refinery began operations in September 2024 with 650,000 barrels per day capacity, alongside the reactivated Port Harcourt and Warri refineries and a nearly-complete BUA Refinery. Nigeria now exports refined jet fuel to the United States and Saudi Arabia, and the downstream sector has been fully deregulated. Domestic refining is projected to save $10 billion annually in imports, while the Brass Fertilizer and Petrochemical Company is expected to generate $1.5 billion annually from exports.

$20 Billion

Dangote Refinery, 650,000 barrels per day, operational since September 2024

200% Increase

Nigeria's refining capacity

$13.5 Billion

Total Final Investment Decisions secured in 2024

1.7M bpd

Barrels per day achieved, with NNPCL rejig under new management

$10 Billion

Annual savings expected from domestic refining reducing import bill

150,000+

Vehicles covered under the President's CNG initiative

Also Delivered

Naira for Crude Policy made permanent in March 2025
Strategic asset acquisitions in 2024 exceeded $5 billion, including Seplat's $1.3B MPNU deal and Renaissance Consortium's $1.3B SPDC acquisition
Otakikpo Onshore Crude Oil Terminal completed — first privately developed by an African operator in over 50 years
Nigeria now exports refined products to the USA and Saudi Arabia (Dangote jet fuel exports)
Africa Energy Bank ($5B) scheduled to commence June 2025

Ministry of Water Resources and Sanitation

Engr. Prof. Joseph Terlumun Utsev

The ministry is focused on four subsectors: dams and hydropower, water supply, irrigation, and sanitation. Katsina-Ala Hydropower in Benue State (460 MW) is being concessioned alongside Kashimbila Hydropower. Three major dams have been completed, and 658 water supply schemes have been finished. The Kashimbila Agro Cargo Airport in Taraba State has been concessioned for ₦7.1 billion in generated revenue, and the Clean Nigeria "Use-A-Toilet" campaign has been relaunched with 40 additional local governments now covered.

460 MW

Katsina-Ala Hydropower being concessioned in Benue State

3 Dams

Completed: Niger (3.7 BCM), Kogi (3.5 BCM), and Amla-Otukpo in Benue

658

Water supply schemes completed

159

New sanitation facilities completed in two years

Also Delivered

3 major irrigation projects: Baokolori (Zamfara), Dadin Kowa (Gombe, 2,100 ha) and Igbogidigidi-Ipapo (Oyo)
Kogi State dam serving 2,800 farmers with 3.5 billion cubic metres of water
Regional water supply schemes in Yobe (Potiskum, Gashua, Damaturu, Nguru), Jigawa (Birnin Kudu), FCT (Kubwa), and Gombe

Ministry of Communication, Innovation & Digital Economy

Dr. Bosun Tijani

Nigeria is being repositioned as Africa's hub for digital entrepreneurship. The 3 Million Technical Talent (3MTT) programme has trained 300,000 youths already, on an ambitious pathway to 3 million by the third phase. The $617.7 million Investment in Digital and Creative Enterprises (iDICE) programme is supporting startups and creative-sector businesses. 90,000 kilometres of fibre optics are being laid to ramp up national internet speed. The Outsourcing to Nigeria Initiative (OTNI) targets $9.64 billion in revenue and 200,000 jobs by 2025.

300,000

Youths trained under 3MTT and matched into jobs

90,000 km

Fibre optic rollout under way to ramp up national internet speed

$617.7 Million

Total investment in the iDICE programme

$191 Million

FDI in digital space in Q1 2024, a ninefold increase

800,000

Direct and indirect jobs expected from iDICE

16% → 22%

Ministry's projected GDP contribution

Also Delivered

80,000 women benefiting from skills training, mentorship and startup funding under iDICE
500 government technologists trained in AI; 55 academic researches funded
₦300M invested in 10 AI-and-DPI startups enhancing agricultural productivity
OTNI targeting 100 outsourcing companies and 5 outsourcing hubs across Nigeria

Ministry of Agriculture and Food Security

Sen. Abubakar Kyari · Dr. Aliyu S. Abdullahi (State)

The Dry Season Wheat Farming Initiative has driven cultivation of over 160,000 additional hectares of wheat across 15 producing states, adding over 1.2 million metric tons to national food reserves and cutting import dependence. 280,000 farmers are benefiting from the 2024-2025 subsidy programme. Cocoa production has climbed to 340,000 metric tons in 2024 (up from 280,000 in 2023), and cocoa export proceeds have surged from $800 million to $2.8 billion. The National Agricultural Development Fund (NADF) has been established, and the 2025 budget allocates ₦132 billion to agriculture.

160,000+ ha

Additional wheat cultivation across 15 producing states

280,000

Farmers benefiting from government subsidies in 2024-2025

$800M → $2.8B

Cocoa export proceeds growth, 2023 to 2024

2,000

Tractors distributed under the mechanisation programme

100,000+ tonnes

Improved seeds distributed in two years

15%

Projected annual increase in agricultural output

Also Delivered

Cocoa production up to 340,000 MT in 2024 (from 280,000 MT in 2023) — National Cocoa Board approved
Bank of Agriculture being recapitalised to ₦1.5 trillion
₦1.6B invested in the ginger value chain
200,000 tonnes of organic fertilisers distributed in two years
80,000 different equipment distributed to farmers in two years

Ministry of Housing and Urban Development

Arc. Ahmed Musa Dangiwa

The Renewed Hope Cities and Estates Programme is delivering 10,112 housing units across 14 active construction sites, with an ambition to reach 100,000 units over the next three years. Affordable housing is being expanded through collaboration with the Federal Mortgage Bank on green mortgage models under the National Housing Fund, drawing on successful Mexican frameworks.

10,112 Units

Housing units under active construction across 14 sites

100,000

Target housing units over the next three years

₦50 Billion

Additional 2025 budget allocation to accelerate housing projects

Federal Ministry of Health and Social Welfare

Muhammad Ali Pate

A regional training hub for pharmaceutical manufacturing was established in May 2025 under the Empowerment Academy Nigeria, part of the Presidential Initiative to Unlock the Health Care Value Chain (PVAC). The initiative aims to shift Nigeria away from dependence on imported pharmaceuticals toward local production capacity.

70%

Target share of local drugs and vaccines under PVAC

30,000

Nigerians to be employed through the pharmaceutical value chain initiative

Ministry of Arts, Culture, Creative Industry & Tourism

Hannatu Musa Musawa

Nigeria's creative economy has entered a new commercial era. The "Detty December" phenomenon generated $200 million in estimated total forex inflow in December 2024 alone, with Lagos welcoming 1.2 million visitors and generating ₦111.5 billion in tourism and entertainment revenue. Cross River's Calabar Carnival drew 300,000 tourists (up 42% from 2023) and ₦2.79 billion in revenue. Nigeria has risen from 93rd to 77th on the Global Soft Power Index. The Destination 2030 initiative extends the tourism model across the full calendar year.

$200 Million

Estimated forex inflow into Nigeria in December 2024 alone

₦111.5 Billion

Lagos tourism and entertainment revenue in December 2024

1.2 Million

Visitors welcomed to Lagos for Detty December 2024

300,000

Tourists at Calabar Carnival, up 42% from 2023

93rd → 77th

Nigeria's rise on the Global Soft Power Index

Also Delivered

National intellectual property policy and IP asset securitisation framework achieved
FEC approval of the Creative Economy Development Fund
Hosting rights secured for 68th UN Tourism Commission Conference in Abuja, June 2025
Motherland 2025 Initiative driving Citizenship by Investment and year-round tourism
Global arena for international music and theatre nearing completion in Abuja

Federal Ministry of Industry, Trade and Investment

Dr. Jumoke Oduwole · Sen. John Owan Enoh (State)

Nigeria recorded its highest export trade since 2006, with 8,587 twenty-foot equivalent units (TEUs) recorded in April 2025, a 31.5% jump on the previous year. The trade balance has flipped to a 10-year-high surplus in 2024 on the back of reduced imports and stronger exports. Artisans are being trained en masse under the Skill-Up programme. MSME support has expanded aggressively: 18 MSME hubs are creating over 100,000 jobs, MSMEs can now access loans of up to ₦5 million at 9% via BOI, and the Presidential Syndicated De-Risked Fund (PSDF) has ₦74 billion available at 9% for MSMEs.

8,587 TEUs

Highest export trade since 2006, recorded April 2025

31.5%

Growth in export trade over the previous year

18 Hubs

MSME hubs creating over 100,000 jobs

₦74 Billion

Presidential Syndicated De-Risked Fund for MSMEs at 9%

₦5 Million

Maximum MSME loan via BOI at 9% interest rate

Also Delivered

₦300k grants approved for outstanding MSMEs during clinics
State governments providing ₦1 billion each in funding, matched by commercial banks
Lagos State launched ₦10 billion 9% de-risked fund for MSMEs
MSME loan financing of ₦500,000 to ₦3 million accessible for up to three years

Federal Capital Territory

Ezenwo Nyesom Wike

The FCT has undergone one of the most visible transformations of the current administration. Monthly revenue has grown tenfold, from ₦9 billion to ₦40 billion, a 344% jump driven by anti-corruption efforts, transparency and general efficiency. Over 200km of rural roads have been constructed in Bwari, Kwali, Abaji, Gwagwalada and other councils. 324 roads have been resurfaced in AMAC and every area council within two years. Ultramodern bus terminals have gone up in Kugbo, CBD and Mabushi, and the Abuja Metro Rail line has been fully revived.

₦9B → ₦40B

Monthly FCT revenue growth

344%

Percentage increase in FCT revenue

200+ km

Rural roads constructed across FCT councils

324 Roads

Resurfaced in AMAC and every area council within two years

80 New Vehicles

Introduced into the FCT transport system

150 Vehicles

Distributed to Nigeria Police for FCT-wide security

Also Delivered

Full operationalisation of Abuja Metro Rail: World Trade Centre to Airport, Idu to Kubwa
Completion of major bridges: Wuye, Area 1, Gudu, Garki, Asokoro, Maitama NNPC Junction and more
Renewal and refurbishment of Abuja International Conference Centre
Reform of Abuja Geographical Information System, recovering hundreds of billions in ground rent
12 new divisional police stations and 10 staff quarters for Nigerian Law School commenced

Federal Ministry of Works

Eng. David Umahi

The ministry inherited 2,604 projects and prioritised 440 alongside 65 new major projects and four critical legacy interventions. The 700km Lagos-Calabar Coastal Highway, valued at $12 billion, was approved by FEC in February 2024 with a 30% government / 70% contractor funding model and is being built with 10 lanes, dual rail lines and 20mm-reinforced concrete. The Sokoto-Badagry Road and the Renewed Hope Infrastructure Development Fund (RHIDF) are advancing connectivity across the country's regions.

2,604

Projects inherited; 440 prioritised alongside 65 new major projects

260 Palliative

Projects completed valued at ₦208 billion across all six geopolitical zones

700 km

Lagos-Calabar Coastal Highway approved in February 2024

$12 Billion

Value of the Lagos-Calabar Coastal Highway project

85.6%

Completion rate on over 330 bridges and roads earmarked for repair

Also Delivered

Renewed Hope Infrastructure Development Fund (RHIDF) approved March 2024 covering transport, energy, health, education
Buruku/Gboko Water Supply project approved at ₦18.89 billion, benefiting 506,000 residents
₦20 billion approved for Nigeria Customs Service for CNG vehicles and facilities
10 MSME hubs built creating 240,000 jobs, with five more in progress
East-West Road being redesigned to improve connectivity

Credit Culture

Uzoma Nwagba · MD/CEO, CrediCorp

The Nigeria Consumer Credit Corporation has been established with ₦100 billion in capital to formalise and expand consumer credit access in Nigeria, laying the foundation for a genuine credit-based middle class.

₦100 Billion

Establishment capital of the Nigeria Consumer Credit Corporation

₦5 Billion

Disbursed to consumers so far

90,000

Beneficiaries reached

Ministry of Labour

In response to rising living costs, Nigerian lawmakers passed legislation in July 2024 raising the national minimum wage from ₦30,000 to ₦70,000 per month, with mandatory review every three years to keep compensation aligned with economic realities. Many states have gone further, adopting benchmarks as high as ₦80,000, and Technical College students now receive ₦45,000 monthly on presidential approval.

₦30k → ₦70k

National minimum wage more than doubled per month

₦80,000

Higher benchmark adopted by many states

₦77,000

Monthly allowance paid to each youth corper from March 2025

₦45,000

Monthly allowance approved for Technical College students

Ministry of Women Affairs and Social Development

Imaan Sulaiman-Ibrahim

The $500 million World Bank-funded Nigeria for Women Project Scale-Up (NFWP-SU) is empowering 4.5 million women through financial inclusion, skills training and entrepreneurship support, as part of the broader Renewed Hope Agenda ambition to empower 10 million Nigerian women. The MOWA-SARA Accelerator Programme launched Phase 1 in Kano in January 2025, training women in computer applications, food processing, tailoring and hairdressing.

$500 Million

World Bank-funded Nigeria for Women Project Scale-Up (NFWP-SU)

4.5 Million

Women targeted through NFWP-SU financial inclusion and training

10 Million

Broader Renewed Hope target for women empowerment

500,000

Women targeted for training nationwide with WEMA Bank support

Also Delivered

Violence Against Persons Prohibition (VAPP) Act now domesticated in 35 of 36 states
Child Rights Act (CRA) adopted in 34 states
MOWA-SARA Phase 1 launched in Kano, training 500 women

National Sport Commission

Shehu Dikko · Chairman

Nigerian sport has posted headline achievements across football and basketball between 2023 and 2025. The Super Eagles reached the AFCON 2023 final in February 2024 and are on track to qualify for the 2026 FIFA World Cup. The Golden Eagles won Unity Cup 2025, the Flying Eagles took bronze at U-20 AFCON 2025, and D'Tigress reached the Paris 2024 Olympic quarterfinals while winning a fourth consecutive AfroBasket title.

AFCON 2023 Finals

Reached by the Super Eagles in February 2024

4× AfroBasket

D'Tigress fourth consecutive continental title, 2023

Bronze

Flying Eagles at U-20 AFCON 2025

Federal Ministry of Youth Development

Hon. Ayodele Olawande

1.2 million youths have been trained in digital and vocational skills, and 230,000 youth-led businesses have been formally registered through CAC and SMEDAN. The Nigeria Youth Investment Fund (NYIF) has disbursed ₦38 billion, and 18 tech hubs and innovation centres have been launched in partnership with the private sector. The Graduate Work Experience Programme (GWEP) has employed 400,000 young Nigerians.

1.2 Million

Youths trained in digital and vocational skills

230,000

Youth-led businesses formally registered via CAC/SMEDAN

₦38 Billion

Disbursed under Nigeria Youth Investment Fund (NYIF)

400,000

Employed via Graduate Work Experience Programme (GWEP)

₦4.5 Billion

Allocated to National Youth Development Fund

₦500 Million

Legislative fund for the Youth Parliament

Also Delivered

18 tech hubs and innovation centres launched in partnership with private sector
6 youth-focused MoUs signed with EU, UNDP and AU Commission
38 youth cooperative clusters established for agri-business and manufacturing
National Youth Service Corps scheme digitised and enhanced with e-learning
₦1.2 Billion secured in startup capital from international development partners

Ministry of Aviation and Aerospace Development

Festus Keyamo SAN, CON

Nigeria has joined ICAO's Tier 1 member states on aviation safety, and the National Aviation Leasing Company (NALC) has been launched to reduce capital flight from foreign aircraft leasing. 12 new domestic airline licences have been issued, five international airports have been upgraded to Category II safety standards, and 24-hour operations have been restored at seven key airports. ₦98 billion in private investment has been attracted via PPP into airport terminals.

ICAO Tier 1

Nigeria joins Tier 1 member states on aviation safety

12 Licences

New domestic airline licences issued

₦98 Billion

Private investment attracted via PPP in airport terminals

₦19.7 Billion

Revenue generated, target exceeded by 23%

3,500

Aviation personnel trained locally and abroad

₦4.3 Billion

Recovered from grounded aircraft debts

Also Delivered

Two aircraft maintenance hangars commissioned in Abuja and Lagos
17 new bilateral air service agreements (BASAs) signed
24-hour operations restored in 7 key airports
Cargo terminals activated in Kano, Enugu and Port Harcourt for agro-exports

Ministry of Solid Minerals Development

Mr. Henry Dele Alake

The solid minerals sector is delivering transformative revenue and job creation. Lithium processing investments have committed $150 million in Lagos and $200 million in Nasarawa State, and the sector received 10,534 new applications in 2024 alone, creating 70,650 jobs. Revenue grew from ₦6 billion in 2023 to ₦38 billion in 2024. A $700 billion Nigeria-Germany exploration pact has been signed, and Africa's first Gemology Department has been launched at Yakubu Gowon University.

10,534

Mining applications received in 2024

70,650 Jobs

Created in the solid minerals sector in 2024

₦6B → ₦38B

Revenue growth in the sector from 2023 to 2024

$350 Million

Combined lithium processing investments in Lagos and Nasarawa

$800 Million

In processing projects delivered in 2024

2,350

Mining Marshals deployed to protect assets and resources

Also Delivered

250+ artisanal cooperatives formed
First ISO 17025 internationally accredited mineral laboratory commissioned in Niger State
First Gemology Department in Africa launched at Yakubu Gowon University
GeoScan GmbH to explore up to 10,000 metres below ground at zero cost to Nigeria
Lithium Battery Plant underway in Nasarawa under the GANFENG project
Mining Cadastre fully digital with satellite monitoring launched
MoUs signed with France and South Africa for tech transfer, training and joint mining

Ministry of Interior

Hon. Olubunmi Tunji-Ojo

International airports have undergone full-scale modernisation, with contactless entry and exit achieved in Abuja and Lagos, and airport e-Gate systems introduced. International passport processing has been streamlined worldwide, and the passport backlog has been cleared nationwide with 18,700 passports now processed weekly. 13,000 prison inmates have been rehabilitated and reintegrated into society, and custodial centre congestion has dropped 70% through expanded non-custodial sentencing.

18,700 Weekly

Passports processed as backlog is cleared nationwide

13,000

Prison inmates rehabilitated and reintegrated into society

70%

Reduction in custodial centre congestion via non-custodial sentencing

32 Trucks

New fire service trucks deployed across 18 states

42 Stations

New operational fire stations commissioned

9,300

New NSCDC officers recruited and deployed

Also Delivered

Airport e-Gate systems introduced, easing travel into Nigeria
₦5.2 Billion invested in correctional facility upgrades
National Fire Academy upgraded to regional training hub
3 MoUs signed with EU, INTERPOL and ECOWAS on border and migration control
Biometric ID system integrated with border control in 6 pilot states
Border surveillance drones deployed

Chapter Five

Looking into the Future

Across the profound and foundational reforms captured here, and the litany of achievements documented in every ministry, one thing is clear: President Bola Ahmed Tinubu is a man on a mission, ably supported by Vice President Kashim Shettima, his ministers, and a formidable cavalry of lieutenants. Economic history has repeatedly shown that it is in the most difficult times that nations make the most consequential resolutions and pivot into greatness, and it has also shown that reforms are delicate and must be protected at their most vulnerable and critical moments.

This is that moment for Nigeria. It is the moment when reforms must be sustained, protected and deepened, just as they begin to deliver for our public in the form of new infrastructure, stronger social services, and the occasional cash transfer that lifts the weakest among us. Nation-building is arduous and complicated work, and it demands our greatest reserves of perseverance and consistency.

As we look into Nigeria's future, our perspective will always be shaped by our mindsets and our worldview. We urge Nigerians to remain positive, and to see the sheer privilege of being here at this epochal time, in a country full of hope, human and natural resources, and above all the space for development. Nigeria is our own plain canvas. The masterpiece we paint on the time we have depends entirely on our creativity, our productivity, and our willingness to work.

Nigeria is ours to build and nurture. Join President Bola Ahmed Tinubu, our great leader, in this quest.

Compendium Contributors

Tope Fasua, PhD, FCA

Special Adviser to the President on Economic Affairs, Office of the Vice President

Adenike Laoye

Senior Special Assistant to the President on Economic Matters

Sadiq Saleh Jambo

Special Assistant to the President on Economic Matters, Office of the VP

Content Courtesy of

Tope Fasua, PhD, FCA

Special Adviser to the President on Economic Affairs, Office of the Vice President

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