President Bola Tinubu has said Nigeria’s economy is making significant foundational progress despite the short-term hardships associated with his administration’s economic reforms.
The President made the remarks on Wednesday while receiving a delegation from Deloitte Africa, led by its Chief Executive Officer for Africa, Ruwayda Redfearn, at the State House in Abuja.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the delegation commended the administration’s financial and fiscal reforms, describing them as important steps toward strengthening the Nigerian economy.
Also present at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Chairman of the Nigerian Revenue Service, Zacch Adedeji, and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele.
Defending the pace and direction of the reforms, Tinubu acknowledged that the policies had imposed temporary hardships but insisted they were beginning to deliver positive results.
“Reforms are never easy. They are not like a McDonald’s customer experience, but if properly implemented, they produce lasting benefits, and that is exactly what we are pursuing,” the President said.
He added that ongoing revenue reforms would continue to stimulate economic growth, stressing that although the process required Nigerians to endure difficult adjustments, the outcome was already evident.
“Yes, taking the bitter medicine comes with challenges, but it is working. Nigeria is making serious foundational progress,” he said.
Tinubu maintained that the reforms had strengthened the country’s fiscal and revenue framework, repositioned financial institutions and enhanced Nigeria’s prospects of becoming more competitive in the global economy.
Reflecting on his professional background, the President recalled his early accounting career, noting that Deloitte’s tradition of professional training played a significant role in shaping his development.
“The Deloitte family reminds me of my early years in accountancy and where I cut my accounting teeth in Chicago. Deloitte has an excellent training culture, and I believe it will continue to uphold that tradition,” he said.
Tinubu urged the firm to deepen its engagement in Nigeria by investing in the country’s youthful population through training and recruitment, describing human capital development as critical to sustaining long-term economic growth.
In her remarks, Redfearn said Deloitte, which employs more than 500,000 people globally, including over 6,000 across Africa, and recorded revenue of $74 billion in 2025, was committed to supporting Nigeria’s reform agenda.
“We are here to say that we want to serve. Our local team on the ground, together with our global network, is ready to support your administration as you continue to lead the country,” she said.
The Chief Executive Officer of Deloitte West Africa, Yomi Olugbenro, said the administration had laid a solid foundation through its reforms but stressed that the next priority should be ensuring that the benefits are felt by ordinary Nigerians.
“Our philosophy is about making an impact that matters. We believe the groundwork has been solidly laid, but the focus now should be on translating those reforms into tangible benefits for citizens and delivering the dividends of democracy,” he said.
Olugbenro added that Deloitte was prepared to leverage its global experience in supporting economic transformation programmes in different countries to help Nigeria achieve its development objectives.
“We have supported nations around the world through similar reforms, and Nigeria can benefit from those experiences. We are ready to provide support wherever the government requires it,” he said.
Speaking on the administration’s reform efforts and their macroeconomic impact, Taiwo Oyedele urged Deloitte to prioritise investments in youth capacity building, describing it as one of the most valuable contributions the firm could make to Nigeria’s long-term development.
