Reforms Have Put Nigeria On Path To $1tn Economy — Tinubu

President Bola Tinubu on Tuesday said the economic reforms introduced by his administration have placed Nigeria on the path to achieving a $1tn economy by 2030, despite the hardship and challenges confronting Nigerians.

Represented by 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, Tinubu said the reforms had strengthened the foundation for economic stability, growth and prosperity.

Tinubu commenced major economic reforms on May 29, 2023, at his inauguration, measures that were met with mixed reactions from Nigerians due to their varying impact on citizens’ livelihoods.

However, more than three years into the administration, the Presidency has maintained that the reforms are in the best interest of the country and are delivering the desired results.

Tinubu said the removal of fuel subsidy and reforms in the foreign exchange market, alongside increased revenue mobilisation and investments in critical infrastructure, were necessary to move the country away from years of economic uncertainty and towards sustainable growth.

He stated, “When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance. We had fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service pressures and years of inadequate investment in critical infrastructure. The President understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of the fuel subsidy and the reform of the foreign-exchange market.

“The evidence increasingly shows that the foundation is strengthening. Nigeria’s gross external reserves has risen to about $52.7 billion by August 2026. Consolidated non-oil revenue increased from approximately ₦13.63 trillion in 2023 to ₦16.4 trillion in the first two quarters of 2026, demonstrating the growing contribution of non-oil sources to government revenue. Our trade position has also improved dramatically: from a merchandise trade surplus of only about ₦44.8 billion for the whole of 2023 to approximately ₦7.54 trillion in the first quarter of 2026 alone.

“Real GDP grew by 4.43 percent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 percent. These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed. And let me emphasise: macroeconomic stability is not the destination; it is the foundation. The ultimate test is when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians.

“Most Nigerians have asked, why the ambitious $1 trillion economy by Mr President? The $1 trillion economy is not merely a number, but a national mission: a Nigeria that produces more, exports more, attracts more investment, creates more jobs and gives its young people a greater stake in the future.”

He said Nigeria’s $1tn economy ambition requires adequate infrastructure, stressing that the Renewed Hope Agenda prioritises roads, rail, ports, energy and digital connectivity.

The President added, “Nigeria must now take full advantage of its enormous maritime opportunity by developing an integrated five-port maritime and logistics corridor. Our strategic ambition should be to develop and connect five major deep-sea ports at Lagos, Ondo, Ibom, Port Harcourt and Calabar, linking them by modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the principal coastal road spine. But the vision does not stop at the coastline.

“The Western Corridor will connect the maritime gateways to the interior through the Lagos–Abuja–Kaduna–Kano rail corridor, complemented by the Sokoto–Badagry Super Highway, thereby opening a direct trade route from the Atlantic coast to the markets of the Northwest and the Sahel. The Eastern Corridor will similarly connect the eastern maritime gateways through the Port Harcourt–Abuja–Kaduna–Kano rail corridor, complemented by the proposed Calabar–Maiduguri Trans-Sahara Super Highway, creating a second major east-to-north trade route.

“In this way, Nigeria can create an integrated national transport system in which our five deep-sea ports are connected to one another, connected to our major cities and production centres, and connected ultimately to the landlocked markets of Niger, Chad, Burkina Faso, Sudan and the Central African Republic.

“This is how Nigeria can move beyond being simply a coastal trading nation to becoming the maritime gateway and logistics hub of West and Central Africa, capturing a much larger share of the continent’s trade, logistics, manufacturing and distribution value chain.

“That is more than transportation infrastructure, but a trade architecture. It would generate opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing. It would create jobs, generate foreign exchange and strengthen Nigeria’s position as a regional commercial hub.”

Speaking further, Tinubu said Nigeria must develop industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres along major transport corridors.

The President continued, “Every container through a Nigerian port is an economic opportunity. Every Nigerian agricultural product exported is an opportunity. Every factory established along a transport corridor is an opportunity. Every international company that chooses Nigeria as its African distribution base is an opportunity. That is how we grow GDP, create jobs, earn foreign exchange and build the foundation of a $1 trillion economy.

“None of this can succeed without energy, and Nigeria has abundant gas, and the Ajaokuta-Kaduna-Kano gas pipeline (AKK Project) is strategically important in connecting gas resources to major population and industrial centres in Northern Nigeria. It is about electricity, fertiliser, manufacturing, transportation, energising homes and industrialisation.

“We are investing in the future of our young people because they are the greatest asset of the Nigerian economy. Through NELFUND, we are expanding access to higher education so that financial circumstances do not prevent young Nigerians from acquiring the knowledge they need to succeed. We are also supporting young people in technical and vocational education through grants and skills-development opportunities, while programmes to train young Nigerians in digital technologies are equipping a new generation with the skills required for the global digital economy.

“At the same time, through initiatives such as CREDICORP, we are expanding access to responsible credit so that workers, entrepreneurs and businesses can acquire productive assets, grow their enterprises and create jobs. This is not simply social investment; it is an investment in the productive capacity of Nigeria and in the young Nigerians who will ultimately build and drive our $1 trillion economy.”

The President said economic growth must translate into improved living standards, stressing that the next phase of the Renewed Hope Agenda will focus on more jobs, affordable credit, lower inflation, reliable power, increased production and stronger purchasing power.

SOURCE: PUNCH