Fellow countrymen,
I welcome you all into 2026 with gratitude to God and confidence in our collective resolve that this New Year will be more prosperous for our country, our citizens and all who call Nigeria home.
During 2025, we maintained the momentum of our key reforms. We carried out fiscal restructuring and also recorded steady economic growth. Despite persistent global economic headwinds, we have recorded solid and measurable gains, particularly in the economy. These achievements reaffirm our belief that the difficult but necessary reforms we have embarked on are taking us in the right direction with more concrete results on the horizon for the ordinary Nigerian.
Economic progress and outlook
As we enter 2026, our focus is on building on these gains and continuing to build a resilient, sustainable, inclusive and growth-oriented economy.
We close 2025 on a strong note. Despite policies to fight inflation, Nigeria recorded strong GDP growth in each quarter, with annual growth expected to exceed 4 percent for the year. We maintained trade surpluses and achieved better exchange rate stability. Inflation declined steadily and reached below 15 per cent, in line with our target. In 2026, we are committed to further reducing inflation and ensuring that the benefits of the recovery reach every Nigerian household. In 2025, the Nigerian Stock Exchange outperformed its competitors, registering a strong gain of 48.12 percent and consolidating its uptrend that started in the second half of 2023.
Supported by sound monetary policy management, our foreign reserves stood at $45.4 billion as of December 29, 2025, providing an adequate buffer against external shocks to the Naira. We hope that this situation will become stronger in the new year.
Foreign direct investment is also giving positive response. In the third quarter of 2025, FDI increased from $90 million in the previous quarter to $720 million, reflecting investors' renewed confidence in Nigeria's economic direction, which has been consistently confirmed and appreciated by global credit rating agencies including Moody's, Fitch and Standard & Poor's.
Fiscal discipline and tax reform
A few days ago, I presented the 2026 Appropriation Bill in the National Assembly. In that address, I emphasized that our Administration has implemented important reforms that are laying a solid foundation for long-term stability and prosperity. With patience, fiscal discipline and unity of purpose, Nigeria will emerge stronger and better positioned for sustained growth in 2026.
As inflation and interest rates decline, we expect fiscal space to increase for productive investment in infrastructure and human capital development. We are also facing the challenge of multiple taxation at all levels of government. I commend the States that have aligned with the National Tax Harmonization Agenda by adopting harmonized tax laws to reduce the excessive burden of taxes, levies and duties on our people and on basic consumption.
The new year marks an important stage in implementing our tax reforms, designed to create a fair, competitive and strong fiscal foundation for Nigeria. By harmonizing our tax system, we aim to sustainably increase revenues, eliminate fiscal distortions, and strengthen our ability to finance infrastructure and social investments that will deliver shared prosperity.
Security and national stability
My fellow Nigerians, the path to recovery is never easy, but it is necessary. We are conscious that economic progress must be accompanied by security and peace.
Our nation faces security threats from criminal and terrorist elements determined to disrupt our way of life. With the cooperation of international partners, including the United States, on 24 December, decisive action was taken against terrorist targets in parts of the northwest. Our armed forces have since conducted sustained operations against terrorist networks and criminal strongholds in the North-West and North-East.
In 2026, our security and intelligence agencies will deepen cooperation with regional and global partners to eliminate all threats to national security. We are committed to protect life, property and territorial integrity of our country. I believe that a decentralized police system with appropriate security measures, complemented by properly regulated forest guards, all based on accountability, is the key to effectively addressing terrorism, banditry and related security challenges.
Inclusive growth and social development
The New Year marks the beginning of a more robust phase of economic growth with concrete improvements in the lives of our people. We will accelerate the implementation of the Renewed Hope Ward Development Programme, which aims to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.
Through agriculture, trade, food processing and mining, we will stimulate local economies and expand grassroots opportunities. We will also continue to invest in modernizing Nigeria's infrastructure – roads, power, ports, railways, airports, pipelines, health care, education and agriculture – to strengthen food security and improve quality of life. All ongoing projects will continue without any interruption.
Call for unity and responsibility
We all have to play our part to achieve our objectives in 2026. Nation building is a shared responsibility. We must stand together with unity and purpose, uphold patriotism and serve our country with honor and integrity in our respective roles. Let us resolve to be better citizens, better neighbors and better stewards of our nation.
Fellow Nigerians, I wish you all a peaceful, productive and prosperous New Year. May God continue to bless and protect our beloved country,
Protect our troops and destroy enemies bent on disrupting our national peace, security and stability.
Happy New Year to you all.
Said Ahmed Tinubu
President, Federal Republic of Nigeria
1 January 2026
