Economic Reforms Beginning Pay Off After 3 Years — Tinubu

President Bola Tinubu has declared that the benefits of the economic reforms implemented by his administration over the past three years are beginning to materialise, expressing confidence that Nigerians will soon experience improvements in wages and living standards as the gains spread across critical sectors of the economy.

The President made the remarks while commissioning the newly rebuilt Premier Hotel in Ibadan, Oyo State, describing the redevelopment of the iconic hospitality facility as evidence that renewed investor confidence is translating into tangible investments and economic renewal.

The position was contained in a statement issued by the Special Adviser on Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga.

Represented at the event by the Secretary to the Government of the Federation, Senator George Akume, Tinubu said the country’s economic reforms, though difficult, were necessary to tackle long-standing structural challenges that had discouraged both local and foreign investment.

“The economy has kicked into gear, and the benefits of all the sacrifices we have made as a people over the last three years have already begun to accumulate,” the President said.

He added that Nigerians would begin to witness significant improvements in wages and living standards in the coming months as the impact of the reforms becomes more evident across the economy.

Tinubu urged citizens and businesses to take advantage of emerging opportunities created by the reforms by investing in Nigeria, describing the current period as a defining moment in the country’s economic history.

“I beckon on us all to take advantage of the beginnings of our economic transformation as a nation to invest in Project Nigeria, and I can assure you that you will be very glad you did,” he said.

The President said the reconstruction of Premier Hotel symbolises more than the restoration of a historic landmark, describing it as proof that strategic investments can unlock economic opportunities while preserving national heritage.

According to him, the extensive modernisation of the hotel demonstrates how legacy assets can be repositioned to meet contemporary demands without losing their historical significance.

“Heritage should not merely be remembered; it should be preserved, strengthened and passed on from one generation to another,” he said.

Tinubu noted that Premier Hotel has remained an important part of Nigeria’s history, having hosted prominent Nigerians and international visitors over several decades.

He commended the founding fathers of the defunct Western Region for establishing institutions that became drivers of economic development and praised successive leaders for sustaining Odu’a Investment Company Limited through years of political and economic transitions.

The President also lauded the six shareholder states of Odu’a Investment Company Limited—Oyo, Ogun, Ondo, Osun, Ekiti and Lagos—for preserving and revitalising one of the South-West’s most enduring legacy assets.

Describing the successful redevelopment of the hotel as a product of effective collaboration, Tinubu said the project demonstrated the value of partnerships between the public and private sectors.

“What we are witnessing here today is a triumph of good governance, public sector-private sector collaboration and strategic partnerships,” he stated.

President Bola Tinubu on Thursday commissioned the newly rebuilt Premier Hotel in Ibadan, Oyo State, describing the transformation of the iconic hospitality facility as evidence that Nigeria’s economic reforms are beginning to produce measurable outcomes and urging investors to take advantage of opportunities in the country’s evolving economy.

The position was contained in a statement released on Thursday and signed by Yomi Odunuga, Special Adviser on Media and Publicity to the Secretary to the Government of the Federation.

Speaking at the commissioning ceremony of the hotel located atop Mokola Hill in Ibadan, the President said the rebirth of Premier Hotel symbolises heritage preservation, economic renewal and the resilience of indigenous institutions established by visionary leaders of the former Western Region.

Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, said the extensive modernisation of the historic hotel reflects ongoing efforts to restore national landmarks and demonstrates how legacy assets can be repositioned to meet modern demands without losing their historical relevance.

According to him, “Heritage should not merely be remembered; it should be preserved, strengthened and passed on from one generation to another.”

The President noted that Premier Hotel remains a significant part of Nigeria’s collective history, having hosted distinguished Nigerians and international visitors over several decades.

He praised the founding fathers of the defunct Western Region for creating institutions that became drivers of economic development and also commended successive leaders who sustained Odu’a Investment Company Limited through years of economic and political transitions.

Tinubu further applauded the six shareholder states of Odu’a Investment Company Limited — Oyo, Ogun, Ondo, Osun, Ekiti and Lagos — for their commitment to preserving and revitalising what he described as one of the region’s most valuable legacy assets.

The President said the successful redevelopment of the hotel highlights the importance of collaboration between government and the private sector in promoting economic growth and safeguarding strategic investments.

“What we are witnessing here today is a triumph of good governance, public sector-private sector collaboration and strategic partnerships,” he stated.

Highlighting tourism as a key component of his administration’s Renewed Hope Agenda, Tinubu disclosed that the Federal Government had developed programmes aimed at strengthening the hospitality, arts, culture and creative sectors to enable them contribute more significantly to national development.

He explained that the initiatives are expected to boost the country’s Gross Domestic Product, increase foreign exchange earnings and create jobs for millions of Nigerians.

The President assured investors that his administration would continue implementing policies designed to improve infrastructure, encourage domestic tourism and attract greater private sector participation across the tourism value chain.

Defending the economic reforms introduced by his administration over the past three years, Tinubu said the measures, though difficult, were necessary to address structural challenges that had previously discouraged both local and foreign investments.

“The economy has kicked into gear, and the benefits of all the sacrifices we have made as a people over the last three years have already begun to accumulate,” he said.

He expressed confidence that Nigerians would begin to witness significant improvements in wages and living standards in the coming months as the gains of the reforms spread across various sectors of the economy.

The President urged citizens and businesses to invest in the country, describing the present period as a defining moment in Nigeria’s economic history.

“I beckon on us all to take advantage of the beginnings of our economic transformation as a nation to invest in Project Nigeria, and I can assure you that you will be very glad you did,” he said.

Tinubu cited the redevelopment of Premier Hotel as an example of the rewards that come from making bold investments at the right time and expressed optimism that Odu’a Investment Company Limited would embark on more transformative projects across the South-West and other parts of the country.

He also challenged stakeholders to preserve national heritage, create opportunities for young people and build institutions capable of serving future generations.

“The grounds we stand on today epitomize what is possible when vision is matched with commitment, when collaboration delivers results, and when a legacy is repositioned for long-term prosperity,” the President said.

Tinubu congratulated the board, management, shareholders and stakeholders of Odu’a Investment Company Limited, as well as the people of the six South-West states, on the successful completion of the project.