"As a nation, we must prioritise economic diversification," Mr Tinubu said.
President Bola Tinubu on Monday explained why some of his administration's policy decisions are painful and unpopular among Nigerians.
The president called for increased cooperation among government agencies, the private sector and international partners to boost economic growth, enhance competitiveness, and maintain stability in the country.
Mr Tinubu made the call while speaking at the 30th edition of the Nigerian Economic Summit on Monday.
Speaking at the event, Mr Tinubu, represented by Vice President Kashim Shettima, outlined his administration's Renewed Hope Agenda, designed to create an environment that fosters sustainable economic growth and shared prosperity.
He, however, defended the economic policies of his administration while highlighting steps taken to improve the economy.
"Some of the policy decisions, the policy options available are painful, but they are almost inevitable. My heart and the heart of President Bola Tinubu go to the Nigerian people. We empathise with what the poor and the young are going through in the Nigerian nation but we have no option.
"Some of these decisions are unpopular but the truth is most often the truth that men prepare not to hear. Like many other nations, Nigeria has experienced significant economic problems over the past few years. The challenges have been global as well as domestic, ranging from the COVID-19 pandemic and fluctuation of oil prices to internal security issues, inflation and structural weaknesses in our economy.
"Nigeria's growth trajectory has been volatile, heavily dependent on oil revenue and unable to create enough jobs," he said.
Mr Tinubu called for diversification of the economy to address key economic challenges, detailing ongoing efforts to improve infrastructure, streamline regulations, and enhance the ease of doing business in Nigeria.
"We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity. We are harmonising regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation," he said.
Mr Tinubu also highlighted recent economic measures, including the removal of fuel subsidy and the unification of foreign exchange rates, as part of a broader strategy to stabilise the macroeconomic environment.
"These are all part of a broader effort to restore balance to the economy and ensure long-term stability. Our competitiveness is not just about improving our standing on global indices.
"It is about ensuring that the Nigerian economy is inclusive--where small and medium-sized enterprises can thrive alongside large corporations, and where every citizen, regardless of location or background, can benefit from economic opportunities.
"With the right policies, the right partnerships, and the right level of commitment, Nigeria can emerge stronger, more competitive, and more resilient than ever before," he added.
Also speaking, Minister of Budget and Economic Planning, Atiku Bagudu, reiterated the effectiveness of recent government reforms, noting that there are significant pieces of evidence that reforms and investments are working.
"President Bola Ahmed Tinubu's administration has sustained its foreign exchange reforms, eliminating the hitherto multiple rates even as the Central Bank of Nigeria regularly finetunes its guidelines to enhance monetary policy stability. One of the immediate gains of the reforms is increased revenue, which has improved funding for the three tiers and enhanced their ability to meet their obligations, including the payment of the new minimum wage, he said.
"We have reinvigorated our vision and determination to change the development trajectory of our dear country. Our aspiration to attain the desired objective for Nigeria's development necessitated our revision of the National Development Plan, 2021-2025, addressing the challenging dynamics of the macroeconomy and incorporating the 8-priority areas and the renewed hope agenda of this administration.
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"What is required is collaborative action from the private sector to build a sustainable and stable economy that is competitive and ready to play on the global stage," he said.
He noted that collaborative action for growth, competitiveness and stability reflects the critical imperatives required to sustain the country's economic growth and development and improve the lives of all.
"This is consistent with the government's commitment to the Renewed Hope Agenda and the Revised National Development Plan 2021-2025. We are determined to stay the course and deepen our implementation of the revised national development plan by incorporating the renewed hope priorities.
"To meet our people's aspirations, we must grow faster and more inclusively. It is not time for the blame game but for action and boldness. Innovation must be given pride of place, as we have undertaken in the last 15 months. While we are on the right trajectory, more is needed," he said.
