The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has said Nigeria’s job-creation strategy is firmly anchored on macroeconomic reforms, strong institutions, and private-sector–led growth under the Tinubu Administration.
Tuggar made the remarks while speaking at the Africa Jobs Engine Panel on the sidelines of the World Economic Forum, where he outlined how ongoing reforms are restoring economic stability and positioning the economy for sustainable employment generation.
According to the Minister of Foreign Affairs, the government’s priority is to correct structural distortions while strengthening institutions that inspire investor confidence and productivity.
“Sustainable job creation does not happen by accident, it requires credibility in policy, transparency in implementation, and predictability in the economic environment. Our responsibility as government is to fix the fundamentals of the economy and provide stable, enabling conditions that allow the private sector to invest with confidence, expand operations, and employ Nigerians at scale.”Tuggar stated .
He revealed that key reforms including the stabilisation of the foreign exchange regime, the removal of fuel subsidies, and ongoing power-sector restructuring separating generation, transmission, and distribution to improve efficiency and transparency.
“These reforms are necessary because distortions in foreign exchange, energy pricing, and power supply discourage long-term investment,and by addressing these challenges head-on, we are sending a clear signal that Nigeria is serious about reform and open for business, particularly in sectors that are energy-intensive and capable of creating large numbers of jobs.”
The Minister further noted that strong regulatory and oversight institutions are critical to reinforcing confidence across the economy, citing the Independent Corrupt Practices and Other Related Offences Commission (ICPC) as central to strengthening accountability, while the Nigerian Communications Commission (NCC) continues to drive innovation and employment in the digital economy.
“When institutions work and rules are clear, investors respond, we have seen this in the digital economy, where effective regulation has unlocked innovation, attracted capital, and created opportunities for millions of young Nigerians.”he said.
On financial stability, Tuggar pointed to the role of the Nigeria Deposit Insurance Corporation (NDIC) in safeguarding the banking system.
“A stable and resilient financial system is the backbone of private-sector growth,revealing that “When depositors are protected and confidence in the banking sector is strong, credit can flow to businesses, small enterprises can grow, and jobs are created across the economy.”
He also underscored the importance of data, science, and industrial inputs in driving productivity, noting the contributions of NiMet and the Raw Materials Research and Development Council (RMRDC).
“Accurate weather and climate data from NiMet support agriculture, aviation, and climate-sensitive industries, while RMRDC is helping to ensure that we move beyond exporting raw materials to building strong local value chains,”
“This shift from raw material exports to value addition is essential if growth is to translate into decent jobs, especially for women and young people.”he said
The Minister of Foreign Affairs added that comprehensive tax reforms are underway to improve efficiency, reduce uncertainty, and strengthen Nigeria’s competitiveness.
“Our objective is a tax system that is fair, predictable, and growth-oriented,when businesses understand the rules and trust the system, they are more willing to invest, expand, and create employment.”Tuggar said.
Referencing Nigeria’s hosting of the West Africa Economic Summit (WAES), he said the platform was created to close information gaps and empower the private sector with practical knowledge of regional opportunities.
“WAES was conceived to bridge the gap between policy and practice by equipping the private sector with real, actionable information on regional frameworks such as the West African Power Pool, this is how we deepen regional integration and unlock cross-border investment.”
He further cautioned that the African Continental Free Trade Area (AfCFTA) must remain focused on its core mandate.
“The promise of AfCFTA lies in deepening intra-African trade, strengthening industrial linkages, and building regional value chains, if we remain focused on this mandate, AfCFTA can become a powerful engine for growth and job creation across the continent.”the minister noted .
The Minister reaffirms Nigeria’s commitment to reforms that strengthen confidence, unlock private capital, and position the country as a platform for inclusive growth and sustainable job creation in Africa.