The Federal Government has said Nigeria’s economy is gradually moving towards greater stability, with the economic reforms introduced by President Bola Ahmed Tinubu helping to strengthen investor confidence and improve the country’s economic outlook.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, stated this while speaking on the state of the Nigerian economy and the country’s response to changing global trade conditions.

Oduwole said the administration’s economic policies had begun to address some of the structural challenges that had affected the economy for years, describing the reforms as necessary steps towards building a stronger and more competitive economy.

According to the minister, even some of the administration’s critics would acknowledge that the reforms had contributed to economic stabilisation, particularly through changes in monetary, fiscal and trade policies.

She pointed to the removal of fuel subsidy and reforms in the foreign exchange market as some of the major measures introduced by the Tinubu administration to correct distortions in the economy.

The minister said the government remained committed to creating an environment that would support investors and encourage the expansion of businesses across the country.

Her comments came amid concerns over the impact of a new United States tariff on Nigerian exports. The US had announced a 15 per cent tariff on Nigerian exports, prompting discussions about how the development could affect trade between both countries.

Oduwole, however, said Nigeria would not respond hastily to the tariff but would continue to strengthen its domestic economy while expanding its trade relationships with other countries.

She explained that the government was working to diversify Nigeria’s export destinations and reduce excessive dependence on any single international market.

According to her, Nigeria is already exploring opportunities to increase trade with other African countries as well as countries such as Brazil, China, Japan and the United Arab Emirates.

The minister also highlighted the growth recorded in non-oil exports, noting that the sector recorded a significant increase year-on-year in the first quarter of 2025.

She said products including fertiliser, lead, cocoa and other Nigerian commodities have opportunities in emerging international markets, stressing the need to strengthen local production and improve access to global markets.

Oduwole further disclosed that the Federal Government was supporting investments in areas such as agriculture, infrastructure, digital trade and manufacturing as part of efforts to diversify the economy and create more opportunities for businesses and young Nigerians.

She maintained that the government would continue implementing policies aimed at improving the business environment, attracting investment and strengthening Nigeria’s position in the global economy.

The minister acknowledged that economic reforms could come with difficulties, particularly during the adjustment period, but insisted that the administration remained focused on achieving long-term economic stability.

She said the government would continue to support domestic investors, expand market access for Nigerian businesses and take advantage of emerging opportunities in the global economy.

The Federal Government has continued to defend the Tinubu administration’s economic reforms, arguing that measures such as fuel subsidy removal, foreign exchange reforms and broader fiscal changes are necessary to correct longstanding economic imbalances and place Nigeria on a sustainable growth path.

However, the reforms have also continued to attract public debate, with Nigerians and economic stakeholders assessing their effects on inflation, household purchasing power, businesses and the overall cost of living.