TINUBU: REFORMS HAVE SET NIGERIA ON COURSE FOR $1TN ECONOMY
Read Time:3 Minute, 14 Second
By:Tajudeen Aminat
President Bola Tinubu has said the economic reforms introduced by his administration have placed Nigeria on the path to becoming a $1 trillion economy by 2030, despite the hardship and economic challenges facing citizens.
Tinubu stated this on Tuesday while speaking through the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda, at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja.
The President said the reforms had strengthened the foundation for economic stability, growth and long-term prosperity.
Tinubu began implementing major economic reforms on May 29, 2023, shortly after assuming office. The measures, including the removal of fuel subsidy and reforms in the foreign exchange market, have generated mixed reactions among Nigerians because of their impact on the cost of living and livelihoods.
However, the Presidency has continued to defend the policies, arguing that they are necessary to reposition the economy and deliver sustainable growth.
Tinubu said the reforms were introduced against the backdrop of fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign exchange shortages, rising debt-service obligations and inadequate investment in critical infrastructure.
According to him, recent economic indicators suggest that the country is beginning to experience the benefits of the reforms.
He said Nigeria’s gross external reserves had risen to about $52.7 billion by August 2026, while consolidated non-oil revenue increased from approximately ₦13.63 trillion in 2023 to ₦16.4 trillion in the first two quarters of 2026.
The President also noted that Nigeria’s merchandise trade balance improved from a surplus of about ₦44.8 billion recorded for the whole of 2023 to approximately ₦7.54 trillion in the first quarter of 2026 alone.
He added that real Gross Domestic Product grew by 4.43 per cent in the second quarter of 2026, while inflation declined significantly from its previous peak to about 15.4 per cent.
Tinubu, however, acknowledged that the figures did not mean Nigeria’s economic challenges had disappeared, stressing that macroeconomic stability was only the foundation for improved living standards.
He said the ultimate objective was to achieve cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians.
The President described the $1 trillion economy target as a national mission aimed at increasing production and exports, attracting investment, creating jobs and giving young Nigerians greater opportunities.
He identified infrastructure development as critical to achieving the target, noting that the Renewed Hope Agenda prioritises investments in roads, railways, ports, energy and digital connectivity.
Tinubu also outlined plans to develop an integrated five-port maritime and logistics corridor linking major deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar through modern road and rail networks.
He said the proposed infrastructure network would connect Nigeria’s maritime gateways with major cities, production centres and landlocked markets across West and Central Africa, including Niger, Chad, Burkina Faso, Sudan and the Central African Republic.
According to him, the initiative would transform Nigeria into a major maritime gateway and logistics hub, while creating opportunities in logistics, warehousing, freight forwarding, banking, insurance, manufacturing, distribution and agro-processing.
Tinubu further stressed the importance of energy to industrialisation, citing the Ajaokuta-Kaduna-Kano gas pipeline as a strategic project for connecting gas resources to major population and industrial centres in Northern Nigeria.
He said the administration was also investing in young Nigerians through initiatives such as NELFUND, technical and vocational education programmes, digital skills training and the CREDICORP credit scheme.
The President said these initiatives were designed to expand access to education, skills and productive credit while strengthening the capacity of young Nigerians and businesses to contribute to economic growth.
He assured that the next phase of the Renewed Hope Agenda would focus on creating more jobs, expanding access to affordable credit, reducing inflation, improving electricity supply, boosting production and strengthening citizens’ purchasing power.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0