Tinubu says non-oil sector now makes up 96 percent of Nigeria's GDP

President Bola Tinubu said non-oil activities now account for about 96 percent of Nigeria's gross domestic product. He added that the country's non-oil exports have crossed $6bn, the highest level in its history.

External reserves have risen to about $55bn, representing more than 14 months of import cover, according to the president. Tinubu made the remarks on Thursday in Abuja at the public presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future.

“We chose reform over ruin. We removed the fuel subsidy. We unified the exchange rate. These were not easy decisions, and I know the weight they placed on every household. But they were necessary, and today the pain is yielding its promise.”

The book was authored by Abdulmumin Jibrin Kofa, the member representing Kiru/Bebeji Federal Constituency of Kano State. Tinubu was represented at the event by Tajudeen Abbas, the Speaker of the House of Representatives.

Tinubu said the figures reflected progress in efforts to move the economy away from its historical dependence on crude oil. He noted that Nigeria had depended heavily on oil revenues for decades, leaving its budget, currency and livelihoods vulnerable to international oil market fluctuations.

The administration inherited a difficult economic situation marked by a weakening naira, high debt-service obligations, depleted foreign reserves, fuel subsidy costs and declining industrial activities. Tinubu said his administration chose difficult but necessary reforms, including the removal of fuel subsidy and unification of the foreign exchange market.

Nigeria's economic priorities have shifted from stabilisation to shared prosperity, with the government targeting a $1tn economy by 2030 under the Medium-Term National Development Plan 2026–2030. Non-oil revenue grew from N13.63tn in 2023 to N16.4tn in the first half of 2026.