By Peter Omopo
Former presidential aide, Reno Omokri, has commended President Bola Tinubu’s administration for what he described as a record-setting economic rebound, citing improvements in foreign reserves, oil production, financial markets, and key infrastructure indicators.
In a detailed statement shared on his X handle on Tuesday, Omokri asserted that Nigeria has recorded “the fastest economic turnaround in its modern history” within the president’s first 30 months in office. According to him, recent data reflects a period of sustained growth and stabilisation across multiple sectors.
Economic analysts have also noted that the figures highlighted by Omokri—though subject to further independent verification—align with broader indicators of recovery in foreign exchange, trade balance, and energy output.
Foreign Reserves, GDP Growth Lead Gains
Omokri said Nigeria’s foreign reserves have exceeded $45 billion, marking the highest level in six years and ranking as the fourth largest on the African continent. He also credited improved management of reserves for recent GDP growth of 3.93% and 4.23% in the last two quarters.
According to him:
- Nigeria has transitioned from a major importer of petrol to West Africa’s largest exporter, within two years.
- The country has exceeded its OPEC crude oil quota for three consecutive months, producing an average of 1.71 million barrels per day.
Oil, Aviation, and Energy Sector Progress
Omokri listed multiple gains in the aviation, oil, and energy sectors:
- The Federal Government reportedly secured direct international flight approvals for Nigerian airlines to destinations including London Gatwick, London Heathrow, São Paulo, Bogotá, Entebbe, Dar es Salaam, Algiers, and the Caribbean nation of St. Kitts and Nevis.
- Oil theft, he said, has fallen to below 10,000 barrels per day, the lowest in sixteen years.
- Nigeria achieved its annual revenue target by August 2025, a first in the nation’s history.
- The Nigerian Stock Exchange’s All-Share Index surpassed 130,000 points, the highest on record.
Private Sector and Price Stability
The former presidential adviser noted that Nigeria’s GDP expanded by $67 billion in two years, while non-oil tax revenue rose by 40.5% between January and August 2025.
Other indicators he cited include:
- MTN Nigeria becoming the first company in the country to hit a ₦10 trillion valuation.
- A significant drop in food prices contributing to a decline in inflation to 16.05%, from 20.12% in August 2025.
- Stabilisation of the naira, now trading below ₦1,500/$, reportedly placing it among the world’s best-performing currencies, according to Fitch Ratings.
- Fuel prices falling below ₦1,000, driven by private sector competition.
Record Power Output, Trade Surplus
Omokri also referenced record-breaking power generation, with output peaking at 5,801.84MW and daily energy delivery reaching 128,370.75MWh—the highest in Nigeria’s history.
He added that Nigeria’s trade surplus grew by 44.3% in Q2 2025, rising to ₦7.46 trillion from ₦5.17 trillion in the previous quarter.
Monetary Policy and Global Ratings
According to Omokri, the Central Bank of Nigeria recently cut interest rates by 50 basis points to 27%, the first downward adjustment since the COVID-19 pandemic.
He further noted:
- Fitch and S&P Global Ratings upgraded Nigeria’s economy to Stable B.
- Renowned economists—WTO Director-General Dr. Ngozi Okonjo-Iweala and former CBN Governor Dr. Chukwuma Soludo—publicly acknowledged improved economic stability.
Infrastructure Expansion
The statement also highlighted major infrastructure projects driving transport growth:
- Rail transport reportedly expanded by 43.08% in Q2 2025.
- Road transport grew by 24.50%, attributed to ongoing construction of the ₦13 trillion Illela–Sokoto–Badagry Superhighway and the ₦15 trillion Lagos–Calabar Coastal Highway.
Social Investment: Student Loans
As an addendum, Omokri noted that 500,000 Nigerian students have received federal student loans, with hundreds of thousands more awaiting approval—the largest rollout of tertiary support in the nation’s history.
