• Nigeria posted 4.23% GDP growth in Q2 2025, driven by oil output and non-oil sector expansion.

• Reforms, including fuel subsidy removal and FX unification, released over ₦10 trillion for social programs and infrastructure.

• Foreign reserves exceeded $42 billion, with a $13.17 billion trade surplus, attracting investor interest and credit upgrades.

Nigeria celebrated its 65th Independence Day on October 1, 2025, as President Bola Ahmed Tinubu addressed the nation from Abuja under the theme “We’re Racing Against Time.” He reported Q2 GDP growth of 4.23%, the highest in four years, citing increased oil output and robust non-oil sector activity.

The government expanded foreign reserves to more than $42 billion and recorded a trade surplus of $13.17 billion. Tax revenue has surged over 400% since 2023. Tinubu highlighted key reforms, including fuel subsidy removal and the unification of the foreign exchange system, which collectively freed over ₦10 trillion for infrastructure investment and social programs.

Under a new cash transfer scheme, the government distributed ₦330 billion to eight million households. Major transport and energy projects are progressing, aided by the resolution of labor disputes at the Dangote Refinery. The administration also broadened social safety nets and launched initiatives to improve infrastructure, energy supply, and employment opportunities for vulnerable groups, under the Renewed Hope Agenda.

When Tinubu assumed office in May 2023, public finances faced strain, tax collection was weak, and infrastructure required upgrades. The reforms aim to establish a sustainable growth framework and strengthen fiscal resilience.

International institutions have reacted positively. The World Bank projects 2025 GDP growth at 3.6% while noting stronger external reserves and current account balances. It supports Nigeria through programs such as RESET and ARMOR, focused on revenue generation and social assistance. The IMF acknowledged progress but emphasized the need to sustain reform momentum.

Investors and credit rating agencies are closely monitoring fiscal and monetary developments. Portfolio inflows have increased, accompanied by rising interest in infrastructure projects.

At 65, Nigeria is advancing with a reform-driven agenda designed to stimulate growth, enhance social programs, and create broader opportunities for the coming years.

By Cynthia Ebot Takang