Nigeria’s fiscal outlook recorded a historic shift as the Federal Government announced that it had exceeded its N20 trillion non-oil revenue target by August 2025. President Bola Tinubu disclosed the achievement during his Independence Day address, underscoring the administration’s economic reforms and emphasis on domestic productivity.
In his national broadcast marking Nigeria’s 65th Independence Anniversary, Tinubu said the country has now achieved trade self-sufficiency, becoming a net exporter for the first time in recent history. According to him, Nigeria is “selling more to the world than it is buying,” a development that has helped stabilise the naira and strengthen economic resilience.
“Our nation must become a hub of productivity, not just consumption. The Federal Government is committed to repairing the plumbing of our economy, but we need citizens and businesses alike to open the taps of innovation and enterprise,” Tinubu declared.
The president revealed that non-oil revenues for September stood at N3.65 trillion, marking a 411 percent rise compared with collections in May 2023. He added that Nigeria’s trade surplus has now been sustained for five consecutive quarters, rising 44.3 percent in the second quarter of 2025 to N7.46 trillion – the highest in three years.
Highlighting diversification efforts, Tinubu said exports of locally manufactured goods surged by 173 percent, with non-oil exports now contributing 48 percent of total export earnings, compared to oil’s 52 percent. “This is proof that we are reducing our overdependence on crude oil and expanding our foreign exchange sources,” he explained.
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, in her Independence Day remarks, urged Nigerians to actively support domestic industries. “Buying what we produce and producing what we consume is the pathway to national growth, job creation, and sustainable development,” she said.
Echoing this sentiment, the Director-General of the Nigerian Export Promotion Council (NEPC), Dr. Nonye Ayeni, reaffirmed the agency’s commitment to strengthening export capacity from production to market access.
Tinubu concluded his address with a renewed call for citizens to patronise Made-in-Nigeria goods and fulfil their tax obligations, stressing: “Nigeria first – let us build a nation of producers, not just consumers.”
