President Bola Ahmed Tinubu on Monday called on Nigerians to support Africa’s richest man, Aliko Dangote, describing him as a “national asset” whose investments have played a pivotal role in the country’s economic transformation.
Speaking at the opening of the 31st Nigerian Economic Summit (NES#31) in Abuja, themed “Building a Prosperous and Inclusive Nigeria by 2030,” Tinubu, represented by Vice President Kashim Shettima, said the nation’s treatment of its business icons would influence how the international community perceives its economic environment.
“How we treat this gentleman will determine how outsiders will judge us,” Tinubu said. “If he had invested $10 billion in Microsoft, Amazon, or Google, he might be worth $70 to $80 billion today. But he chose to invest in this country, and we owe it to future generations to protect, promote, and preserve the interests of this very Nigerian.”
The President’s remarks came in the wake of recent tensions between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery, which was resolved following federal intervention.
Describing Dangote as “an institution rather than an individual,” Tinubu urged the private sector to act with restraint, responsibility, and a shared sense of purpose in advancing national growth. “Nigeria is greater than PENGASSAN,” he added pointedly.
Tinubu said recent economic reforms under his administration were beginning to yield tangible results, citing improved fiscal indicators, rising revenue, and renewed investor confidence. According to him, the economy expanded to ₦372.8 trillion in 2024, up from ₦309.5 trillion the previous year, while total revenue rose from ₦19.9 trillion to ₦25.2 trillion within the same period.
“Our debt service-to-revenue ratio has dropped from 97 percent to below 50 percent,” he said. “Both Fitch and Moody’s have upgraded Nigeria’s credit ratings, acknowledging our fiscal discipline and clearer policy direction.”
Tinubu said Nigeria’s external reserves now stand at $43 billion, with the trade balance improving to ₦7.46 trillion in the second quarter of 2025. He reaffirmed his administration’s commitment to stabilising prices, industrialising the economy, and ensuring governance that “respects and serves every citizen.”
He also highlighted the government’s ongoing infrastructure and social development initiatives, including over 440 active road projects covering 2,700 kilometres nationwide and the Renewed Hope Ward-Based Development Programme targeting all 8,809 wards across the country.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, echoed the President’s optimism, noting that reforms are beginning to stabilise the exchange rate and ease inflationary pressures. He said headline inflation dropped to 20.12 percent in August 2025 from 32.15 percent a year earlier, while food inflation fell to 21.87 percent from 37.52 percent.
Bagudu described the reforms as difficult but necessary, stressing that “stability is emerging and with it, renewed investor confidence.”
