Tinubu targets prosperity from economic stability
Nigeria's gross external reserves reached $55.07 billion in October 2026, the highest in 18 years.
President Bola Tinubu stated that Nigeria's next economic priority is to convert current reform gains into prosperity through enterprise, industrial growth, and expanded trade. He spoke at the 40th Lagos International Trade Fair, held at Tafawa Balewa Square in Lagos over the weekend. The government has made progress in stabilising the economy and will now focus on stimulating production, creating jobs, and expanding business opportunities.
Tinubu, represented by Minister of State for Industry Senator John Enoh, reported that Nigeria's gross external reserves rose to approximately $55.07 billion in October 2026, the highest level in 18 years, with net reserves exceeding $40 billion. Inflation declined to 14.63 per cent in September 2026, and the economy grew by 4.43 per cent in the second quarter. The administration supported over 115,000 MSMEs in 2025.
Non-oil exports exceeded $6.1 billion in 2025, while capital importation reached about $21 billion, with Nigerian businesses encouraged to leverage the African Continental Free Trade Area (AfCFTA). The National Industrial Policy aims to strengthen manufacturing and deepen local value chains. Nigeria will host the Intra-African Trade Fair in 2027.
Why it mattersNigerian businesses and citizens will be affected by efforts to translate economic stability into prosperity through job creation and expanded trade opportunities.