Nigeria's president says "worst is over" on independence day

1/10/2025 17:54

Nigerian President Bola Tinubu declared on Wednesday that the “worst is over” following a series of painful economic reforms that have left millions struggling with rising costs and deepening poverty.



In a national address marking Nigeria’s 65th Independence Day, Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate - moves that triggered inflation and widespread public anger but, he said, were necessary to “reset” the economy.



“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said.



He cited second-quarter GDP growth of 4.23% - the fastest in four years - and a decline in inflation to 20.12% in August, the lowest in three years.



Tinubu also pointed to five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and a rise in external reserves to $42.03 billion - the highest since 2019.