Tinubu cites oil theft drop, >4% growth as Nigeria's economy recovers

President Bola Tinubu said oil theft has declined in Nigeria, crediting the drop alongside growth in both oil and non-oil sectors for the country's improved economic performance. Speaking during Nigeria's 66th Independence Day address, he reported that the economy expanded by more than four percent in 2026, inflation fell substantially from its peak, foreign reserves rose, and the foreign exchange market stabilised. Tinubu also noted that Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, highlighting the growing contribution of local businesses.

He linked the reduction in oil theft to better performance in the oil sector, which continues to suffer from pipeline vandalism that causes revenue losses and production disruptions. The president outlined reforms undertaken since his administration took office in May 2023—including petrol subsidy removal and foreign-exchange adjustments—that have addressed long-standing structural weaknesses and attracted renewed interest from international oil companies such as Shell and TotalEnergies.

Tinubu urged Nigerians to sustain these reforms, warning against a return to inefficient subsidy arrangements that strain public finances, and said the emergency phase of reform is complete, with focus now on turning economic stability into better living conditions, jobs and higher productivity.

Will these macro-level gains translate into lower prices, more employment opportunities, or improved services for ordinary Nigerians, or will citizens need to see more concrete changes before they feel the impact?

SOURCE: https://www.premiumtimesng.com/business/business-news/913726-oil-theft-has-reduced-tinubu-says.html