Nigeria’s President Bola Ahmed Tinubu launched his re-election manifesto on Tuesday targeting 6% annual growth by 2031, 78,000 additional security personnel, and 200,000 affordable homes.
Tinubu Implemented Economic Reforms After Taking Office
The re-election plan, titled From Reform to Prosperity, was launched on 10 November by his party, the All Progressives Congress (APC). Peter Obi and former Vice-Atiku Abubakar stand among the main challengers for the general election due in January 2027.
Tinubu undertook economic reforms in Africa’s largest oil producer after taking office in 2023. These measures included removing fuel subsidies, harmonising official and parallel foreign exchange rates, and carrying out tax reforms.
Fuel Prices and Consumption Costs Rose for Citizens
Citizens have felt immediate financial pain. Fuel prices went up, and everything that Nigerians consume skyrocketed, Osiyemi told the BBC.
“The Central Bank of Nigeria's decision to devalue the currency at the start of the year – aligning it with the widely-used black market rate – marked a shift towards a more flexible exchange regime,” Mike Kruiniger at Fitch Solutions told the reporter.
Analysis by Nigeria’s International Centre for Investigative Reporting (ICIR) showed that imported rice prices surged by 184% between May 2023 and October 2025. Substantial increases also hit beans, garri, and bread.
Inflation Rates Shifted Following Economic Reforms
The World Bank and the International Monetary Fund lauded the reforms for their effectiveness. Nigeria’s headline inflation stood at 14% in September 2026 according to the National Bureau of Statistics.
Tinubu said the removal of fuel subsidies freed up more than one trillion ($740m; £550m) naira in government resources during the first two months alone. The gap between official and parallel exchange rates narrowed.
Preparing a pot of jollof rice fell in cost by 11.5% between June and September 2026, SBM Intelligence reported.
Headline inflation stood at 34% in 2024.
