By DANJUMA AMODU
Governor of Imo State and Chairman of the Progressive Governors’ Forum, Hope Uzodimma, has mounted a robust defence of President Bola Tinubu’s economic reforms, saying Nigeria is moving from decades of structural decay to fiscal stability, economic recovery and institutional renewal.
Addressing the diplomatic corps in Abuja on Monday, Uzodimma, who also serves as Director-General of the Renewed Hope Ambassadors, said the administration had dismantled entrenched corruption and restored confidence through bold measures, notably the removal of fuel subsidy and the floating of the naira. He called for stronger support from foreign governments, investors and development institutions, arguing that Nigeria was now better placed for long-term partnerships and capital inflows.
“In the past two and a half years, the tone of the periodic reports sent to your capitals and headquarters by a good number of you must have gradually but unmistakably shifted from concern to cautious optimism, and, more recently, to genuine confidence,” Uzodimma told the diplomats. He urged missions and investors to align with the Renewed Hope agenda, saying the country now offered a more predictable and transparent environment for investment.
“The conditions for entering into such partnerships with Nigeria have not been this favourable in decades,” he said.
Uzodimma described the subsidy regime as “the single largest organised corruption pipeline” in Nigeria’s public finance system, alleging that trillions of naira were lost annually through inflated import claims, fictitious fuel allocations and cross-border smuggling. He said successive governments avoided removal because of political backlash, but Tinubu acted immediately on assuming office in May 2023.
“Some leaders stop at giving speeches about fighting corruption, but President Tinubu shut down the biggest corruption avenue with the announcement of just one policy,” he said.
The governor said ending subsidy payments and liberalising the foreign exchange market had boosted federation revenues, enabling federal and state governments to fund infrastructure and social investment. Monthly allocations from the Federation Account Allocation Committee now range between N1.8 trillion and N2.6 trillion, compared with years when states relied on bailouts and commercial borrowing to pay salaries.
“As Chairman of the Progressive Governors’ Forum, I can say states have not experienced this level of fiscal health in living memory,” he said.
Uzodimma cited ongoing projects including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway as evidence of “foundational repair”. He said more than 440 road projects and over 2,700 kilometres of highway construction were under way nationwide, while long-abandoned projects such as the East-West Road were nearing completion.
On monetary reform, he defended the unification of the exchange rate, saying the previous multiple-rate system encouraged arbitrage and rent-seeking. Though the policy initially fuelled inflation and naira depreciation, he said the economy had since stabilised. External reserves had grown from about $32 billion in 2024 to nearly $50 billion by March 2026, and the gap between official and parallel rates had narrowed significantly.
“The chaos that used to make Nigeria’s macroeconomic indicators effectively fictitious has been retired. That is the gift of the float. It is the prerequisite for serious capital, and Nigeria is now ready for serious capital,” he said.
He added that diaspora remittances, foreign exchange liquidity and investor confidence had improved, with Fitch and Moody’s upgrading Nigeria’s outlook. Businesses could now build financial models that hold, he said.
Despite global shocks from Middle East tensions and disruptions in the Strait of Hormuz, Uzodimma said Nigeria grew by more than 4% in the last quarter of 2025. Inflation, which rose above 27% earlier in the administration, had moderated before recent global events caused a slight reversal.
Savings from the reforms are funding interventions such as the student loan scheme under the Nigerian Education Loan Fund, with over N242 billion disbursed to more than 1.3 million students. Tax reforms, small business incentives, digital economy expansion, telecoms investment and security sector restructuring were also cited as signs of institutional transformation.
On security, the federal government is pushing constitutional amendments to create state police while increasing recruitment and strengthening intelligence cooperation with international partners.
“This work is not finished, and I will not pretend otherwise. But the direction is correct, and it is being pursued with sustained seriousness,” he said.
Responding for the diplomatic community, EU Ambassador to Nigeria and ECOWAS Gautier Mignot said partners saw Nigeria as a country of immense opportunity and acknowledged the growing role of state governments in development and governance. Minister of Budget and Economic Planning Atiku Bagudu said the engagement reflected Nigeria’s commitment to cooperation with development partners, highlighting opportunities in infrastructure, renewable energy, agriculture, innovation, climate action and security.
