By Jobson Oseodion Ewalefoh
Every nation reaches a defining moment when reform moves beyond promise and becomes real, visible on the roads people travel, the hospitals they enter, and the infrastructure that powers their daily life. For Nigeria, that moment is no longer ahead. It is here.
Three years since President Bola Ahmed Tinubu, GCFR, assumed office on May 29, 2023, the evidence is no longer measured only in policies announced. It is measured in concessions signed, airports handed over, power plants commissioned, and investors arriving at our doorstep with capital in hand. This administration is no longer defined simply by the courage to make tough decisions, but by the visible results those decisions are delivering.
The road here was not easy, and President Tinubu never pretended it would be. According to the National Bureau of Statistics (NBS), he inherited an economy under severe strain, a fiscal deficit at 5.4% of GDP, net foreign reserves of $3.99 billion, and an investor community that had grown deeply skeptical of Nigeria’s promises. In those first decisive hours, he told Nigerians the truth about the cost of the journey ahead. The subsidy removal, the exchange rate unification, and the coordinated fiscal and monetary reforms that followed were acts of political courage rarely seen in any democracy. They also reflected strategic foresight, because no nation can attract the private capital needed to build a modern economy while continuing to subsidize a broken status quo.
A Nation the World Now Trusts
Three years on, the verdict of the world’s most respected financial institutions tells the story better than any government statement can.
Nigeria’s external reserves have climbed from a net $3.99 billion in 2023 to about $50 billion in May 2026. The fiscal deficit has been more than halved, from 5.4% to 3.0% of GDP. GDP grew at 4% in 2025, while the World Bank has projected a 4.2% growth rate for 2026. The Nigerian Exchange Group (NGX) posted a 48.12% gain in 2025. Foreign direct investment surged to $720 million in Q3 2025, up from $90 million one quarter prior.
Beyond these numbers, a cascade of independent global validations has reshaped how the world sees Nigeria.
In 2025, Fitch Ratings upgraded Nigeria’s long-term issuer default rating from B- to B, citing exchange rate liberalization and sustained fiscal reform. Moody’s also raised Nigeria’s sovereign outlook, pointing to policy consistency and a stronger external position. On May 15, 2026, S&P Global Ratings announced Nigeria’s first upgrade in fourteen years, lifting the country’s rating from B- to B with a stable outlook, supported by sustained structural reforms, stronger reserves, and growing domestic refining capacity.
In October 2025, Nigeria exited the Financial Action Task Force (FATF) grey list, signaling stronger financial governance and lower risk premiums. In April 2026, FTSE Russell restored Nigeria from “Unclassified” to Frontier Market status, reopening the country to global index funds and the capital flows that follow.
Nigeria also deepened engagement with major international financial institutions. In March 2025, the country became the 77th shareholder of the European Bank for Reconstruction and Development (EBRD). By early 2026, the EBRD had signed a $100 million trade finance facility with Access Bank Nigeria Plc, while its President, Odile Renaud-Basso, visited Nigeria to strengthen the country’s position as the institution’s hub for expansion in Sub-Saharan Africa. The International Finance Corporation (IFC) also advanced major financing commitments into Nigeria’s private sector to develop a pipeline of bankable PPP projects across transport, energy, ICT, and sanitation.
Each of these is an independent verdict rendered by institutions that do not respond to rhetoric. They respond to results. And the results are what this administration has delivered.
Nigeria’s macroeconomic reforms were never an end in themselves. They were necessary to unlock long-term infrastructure investment. Public private partnerships (PPPs) thrive on investor confidence, fiscal stability, transparent market signals, and policy consistency. No serious investor commits capital to airports, power plants, highways, or seaports in an uncertain economic environment. By restoring credibility and stability, these reforms repositioned Nigeria as a destination for long-term PPP investment and infrastructure financing.
The Signal: A Summit That Moved the World
In June 2025, President Tinubu convened the Nigeria PPP Summit, hosted by the Infrastructure Concession Regulatory Commission (ICRC) themed “Unlocking Nigeria’s Potential: The Role of Public Private Partnerships in Delivering the Renewed Hope Agenda.” Represented by Vice President Kashim Shettima GCON, the President brought the African Development Bank (AfDB), the IFC, Afreximbank, Africa50, UK-Nigeria Infrastructure Facility, International Development Island (IDI), Nigerian Economic Summit Group (NESG), African Export Import Bank (Afrixem), PAC Capital and leading private sector institutions to Abuja not as observers, but as partners ready to deploy capital.
His message was plain: “What matters to the average Nigerian is not promises, but, roads to their farms, access to clean water, modern hospitals, and quality schools. We must build. We must deliver. And we must do it together.”
For decades, infrastructure conversations in Nigeria often ended at conferences, communiqués, and announcements. What is changing now is execution. The difference Nigerians are beginning to see is that projects are no longer trapped between announcement and abandonment.
The President matched those words with action. In August 2025, the ICRC introduced new PPP guidelines under presidential directive, devolving powers of approval so ministries can clear projects worth up to twenty billion naira and agencies up to ten billion naira. The Commission also pledged to issue compliance certificates within days, while a model PPP agreement template developed with the Federal Ministry of Justice (FMoJ) is scheduled for release in June 2026. These are more than procedural changes. They represent a structural shift in how Nigeria works with the private sector, one designed to be more transparent, more efficient, and more effective in turning policy into delivery.
The Proof: Projects Delivered Across Every Sector
Between 2023 and today, the FEC approved over Seventeen PPP projects under President Tinubu’s leadership. Each represents private capital being mobilised for public infrastructure and national development.
Other older PPP projects are also now attracting needed private sector investment under this administration.
Aviation: Akanu Ibiam International Airport, Enugu, concession signed and airport handed over to a private operator in July 2025. Port Harcourt International Airport approved in November 2025. V-PASS contactless biometric verification system is currently being deployed across Nigerian airports. MMA2 dispute resolution, where President Tinubu resolved a twenty-year concession stalemate, reinforcing contract sanctity and restoring investor confidence in the aviation sector.
For years, Nigeria’s aviation concessions struggled under uncertainty and disputes. The current administration has instead used contract sanctity as a signal to investors that agreements will survive political transitions and remain protected under the law.
Energy: Farin Ruwa 20MW Hydropower Project, Nasarawa State has achieved commercial close, and implementation underway since October 2025. Ikere Gorge 6MW Hydropower Plant, Oyo State, was handed over to the concessionaire in January 2026. Katsina Ala 460MW Hydropower Plant, Benue State has achieved commercial close in May 2026. Onne Port 50MW and Apapa Port 36MW Independent Power Projects, both certified and advancing.
The significance of these projects lies not only in megawatts generated, but in the deliberate use of private capital to close longstanding infrastructure gaps that government funding alone cannot address.
Maritime: Ondo Multipurpose Deep and Bakassi Deep Seaports both approved in December 2025 to expand cargo capacity and reduce pressure on existing ports. Federal Coastal Fishery Terminal, Borokiri, Rivers State, approved in May 2025.
These projects are expected to reshape regional trade logistics, unlock industrial corridors, and position Nigeria more competitively within continental and global maritime commerce.
Health: MEDIPOOL is meant to centralise the procurement and distribution of medicines, vaccines, and consumables nationwide under a coordinated PPP framework.
Digital governance: Product Authentication and Tracking System commercial close achieved in March 2026 to combat counterfeiting and strengthen revenue assurance. Smart National Transport Data Bank approved under the Nigerian Institute of Transport Technology (NITT), creating a real-time digital intelligence backbone across road, rail, air, and marine transport.
The Road Ahead
Nigeria’s infrastructure deficit stands at an estimated $2.3 trillion. Closing it requires approximately $100 billion annually, far beyond what public spending alone can provide. That is precisely why President Tinubu has made PPP not just a policy, but a presidency-defining commitment. A new national PPP project pipeline, soon to be published by the ICRC, will give investors structured, real-time visibility into Nigeria’s most investment-ready opportunities across every sector and region.
Three years ago, President Tinubu promised not an easy path, but a rebuilt one. He promised to replicate across Nigeria what infrastructure development had achieved in Lagos. Project by project, concession by concession, reform by reform, that promise is steadily taking shape.
The Renewed Hope Agenda is no longer a vision document. It is a construction site stretching from Enugu’s airport to Rivers State’s fishery terminal, from Benue’s dam to Nasarawa’s highlands, from Aba’s factory floors to the ninety thousand kilometres of fibre cable being laid across Nigerian territory. Infrastructure that Nigerians can see, touch, and use.
At the PPP Summit, the President articulated an unambiguous message: the Nigerian people are not asking for pledges — they are asking for results. They seek reliable electricity in their homes, accessible roads to their farmlands, functional healthcare facilities, and schools that open their doors every day without fail. That is precisely the vision being pursued and translated into reality. And the international community, having thoroughly assessed the progress made, has resolved to be a partner on that journey
Every concession signed, every dam commissioned, and every infrastructure milestone achieved represents a firm investment in Nigeria’s shared future. The world is choosing Nigeria because it recognises a nation serious about reform and delivery. Yet realising this vision demands more than government effort alone — it calls for unity, collective resolve, and the commitment of every Nigerian behind President Bola Ahmed Tinubu’s agenda for a stronger, more prosperous nation. This is a moment that requires all hands on deck.
*Jobson Oseodion Ewalefoh, PhD is the Director General/CEO, Infrastructure Concession Regulatory Commission
Discussion about this post