Uzodimma Seeks Stronger Foreign Backing for Tinubu’s Reforms
….Says Nigeria Ready for Serious Investment
Governor of Imo State and Chairman of the Progressive Governors’ Forum, Hope Uzodimma, has mounted a robust defence of the economic reforms of President Bola Tinubu, declaring that Nigeria is undergoing a difficult but necessary transition from decades of structural decay to a path of fiscal stability, economic recovery and institutional renewal.
Addressing members of the diplomatic corps accredited to Nigeria in Abuja on Monday, Uzodimma, who also serves as Director-General of the Renewed Hope Ambassadors, said the Tinubu administration had succeeded in dismantling entrenched systems of corruption and restoring confidence in Nigeria’s economy through bold reforms, particularly the removal of fuel subsidy and the floating of the naira.
The governor used the occasion to seek stronger support from foreign governments, investors and development institutions, insisting that Nigeria was now better positioned for long-term partnerships and capital inflows due to the reforms undertaken by the current administration.
“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 foreign missions and investors to align with the administration’s Renewed Hope agenda, arguing that 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.
According to him, successive administrations had avoided removing the subsidy because of the political backlash associated with such a move, but President Tinubu took the decision immediately upon assumption of 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,” Uzodimma said.
He argued that the elimination of subsidy payments and the liberalisation of the foreign exchange market had substantially improved revenues accruing to the federation, enabling federal and state governments to undertake ambitious infrastructure and social investment programmes.
Uzodimma disclosed that monthly allocations from the Federation Account Allocation Committee (FAAC) had risen sharply, with disbursements now ranging between N1.8 trillion and N2.6 trillion monthly, compared to previous years when many states depended on emergency 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.
The governor pointed to ongoing mega infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway, as evidence of what he termed “foundational repair” under the current administration.
He said the Lagos-Calabar Coastal Highway had already begun stimulating economic activity along the coastal corridor, with property values in parts of Lagos reportedly rising significantly due to the project.
Uzodimma further stated that more than 440 road projects and over 2,700 kilometres of highway construction were ongoing nationwide, while long-abandoned projects such as the East-West Road were finally nearing completion.
On monetary reforms, the governor defended the decision to unify Nigeria’s exchange rate system, arguing that the previous multiple-rate regime encouraged arbitrage, rent-seeking and corruption.
He admitted that the policy initially triggered inflationary pressures and sharp depreciation of the naira, but insisted the economy had since begun to stabilise.
According to him, Nigeria’s external reserves had grown from about $32 billion in 2024 to nearly $50 billion by March 2026, while the gap between official and parallel market exchange 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 also cited improvements in diaspora remittances, foreign exchange liquidity and investor confidence, noting that international rating agencies such as Fitch and Moody’s had upgraded Nigeria’s outlook.
The governor told the diplomatic community that Nigeria was now better positioned for foreign investment because businesses could operate in a more predictable exchange rate environment.
He said: “An investor coming into Nigeria today can build a financial model that holds.”
Uzodimma maintained that despite global economic shocks arising from tensions in the Middle East and disruptions linked to the Strait of Hormuz, Nigeria had demonstrated resilience, recording economic growth above four per cent in the last quarter of 2025.
He added that inflation, which had climbed above 27 per cent earlier in the administration, had moderated significantly before recent global disruptions slightly reversed the downward trend.
The governor highlighted several intervention programmes which he said were funded through savings from the reforms, including the student loan scheme under the Nigerian Education Loan Fund.
He disclosed that over N242 billion had so far been disbursed to more than 1.3 million students across tertiary institutions in the country.
Uzodimma also pointed to recent tax reforms, incentives for small businesses, digital economy expansion, telecommunications investments and ongoing security sector restructuring as signs that the country was undergoing broad institutional transformation.
On security, he revealed that the Federal Government was pushing constitutional amendments to create state police while also increasing recruitment into security agencies 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 on behalf of the diplomatic community, the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot said international partners continued to see Nigeria as a country of immense opportunity and acknowledged the growing importance of state governments in addressing development and governance challenges.
“We always try to align our projects with the federal government’s strategy, with the Renewed Hope Agenda,” Mignot said.
He noted that governors often provided more direct responses to issues such as insecurity, poverty, humanitarian crises and unemployment because of their closeness to local communities.
“And when it comes to boosting the promising economic development that we have observed in the last few years in Nigeria at federal and state levels, governors are also key political stakeholders,” he added.
Mignot also praised Nigerian authorities for maintaining constructive engagement with international partners on issues relating to democracy, governance and business reforms.
“As far as the EU is concerned, you can count on us to be a reliable and constant partner,” he said.
Also speaking, Minister of Budget and Economic Planning, Atiku Bagudu said the engagement reflected Nigeria’s commitment to strengthening cooperation with development partners and the diplomatic community.
Bagudu said the Renewed Hope agenda was focused on economic recovery, inclusive growth, institutional reforms and sustainable development.
“Nigeria deeply values the longstanding support and partnership of the diplomatic community, as well as development partners across various sectors,” he said.
The minister identified investment opportunities in infrastructure financing, renewable energy, agriculture, innovation, climate action and security cooperation.
He also defended the democratic record of the Tinubu administration, insisting that the president had consistently respected judicial rulings and electoral outcomes.
According to him, Nigeria’s judiciary remained independent, noting that courts had delivered judgments against the ruling party despite the president being in office.
