Our Reporter, Abuja
President Bola Ahmed Tinubu has reaffirmed that Nigeria remains on a firm growth trajectory and will continue to engage the international community through diplomacy and reforms—despite the recent redesignation of the country by the United States as one of “particular concern” (CPC) over alleged religious freedom violations.
Speaking on Thursday at the Federal Executive Council (FEC) meeting in Abuja—held shortly after the swearing-in of two new ministers, Dr. Bernard Mohammed Doro (Humanitarian Affairs and Poverty Reduction) and Dr. Kingsley Tochukwu Udeh, SAN (Innovation, Science and Technology)—President Tinubu said Nigeria’s stability, economic progress, and reform momentum speak louder than any political labeling.
“The most important thing is the fact that despite the political headwinds and the fear of our people, we will continue to engage with partners,” the President declared.
“The success of the $2.3 billion Eurobond that was oversubscribed by 400% is the most assuring. So, the task ahead is immense; we are engaging the world diplomatically, and we assure all of you that we will defeat terrorism in this country.”
Addressing the CPC redesignation directly, President Tinubu said Nigeria’s commitment to peace, unity, and religious freedom is unwavering, adding that such external classifications will not deter the government from its developmental and security objectives.
“Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation. Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society,” he said.
“We want our friends to help us as we step up our fight against terrorism, and we will eliminate it.”
The President called for disciplined communication among cabinet members and urged consistency in public messaging to avoid misrepresentation of government policies.
During the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, briefed the Council on the country’s improving economic outlook, emphasizing that reforms under the Renewed Hope Agenda were beginning to yield tangible results both domestically and internationally.
Edun disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 4.23% in Q2 2025, the strongest performance in a decade outside the post-COVID rebound. He added that 13 sectors of the economy recorded growth above 7%, up from nine in the previous quarter.
“The industrial sector nearly doubled its growth from 3.72% to 7.45%, reflecting rising productivity and investor confidence. Inflation eased to 18.02% in September 2025, while foreign exchange reserves topped $43 billion, and our trade surplus reached N7.4 trillion,” Edun reported.
The Finance Minister said the $2.35 billion Eurobond issued on Wednesday—oversubscribed by over 400%, with an order book exceeding $13 billion—demonstrated global investor confidence in Nigeria’s economic fundamentals and the Tinubu administration’s leadership, even in the face of geopolitical headwinds.
He also noted that Nigeria’s recent removal from the Financial Action Task Force (FATF) Grey List marked a milestone in strengthening financial integrity and global credibility.
“At the recent World Bank and IMF annual meetings, global leaders commended our reforms and progress, while the IMF raised its growth forecast for Nigeria to nearly 4%, with improved credit ratings,” Edun said.
Reiterating the administration’s vision to achieve a $1 trillion economy by 2030, Edun said this target is attainable through sustained 7% annual growth, continued structural reforms, and targeted investments in key sectors such as infrastructure, energy, education, agriculture, and digital innovation.
He urged ministers to work with sub-national governments and private investors to identify and deliver projects that drive inclusive, job-rich growth.
“Every naira must be optimised amid global liquidity constraints. The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and attract more investments,” he added.
President Tinubu concluded the session by emphasizing that Nigeria will stay the course of reform and diplomacy, deepening global partnerships while safeguarding national interests and unity.
“Our message to the world is clear,” he said. “Nigeria is open for partnership, committed to freedom, and determined to rise above every challenge.”
