President Bola Ahmed Tinubu has said the economic reforms implemented by his administration have put Nigeria on course to achieving a $1 trillion economy by 2030, despite the hardship currently facing citizens.
Tinubu stated this on Tuesday at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja. He was represented at the event by the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda.
The President said his administration inherited significant economic challenges when it assumed office on May 29, 2023, including fuel subsidy distortions, multiple foreign exchange windows, weak revenue mobilisation, foreign exchange shortages and rising debt-service pressures.
According to him, the removal of the petrol subsidy and reforms in the foreign exchange market were difficult but necessary decisions aimed at restoring economic stability and creating the foundation for sustainable growth.
Tinubu said the country’s external reserves had risen to about $52.7 billion as of 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.
He also highlighted Nigeria’s improved trade position, noting that the country recorded a merchandise trade surplus of approximately ₦7.54 trillion in the first quarter of 2026, compared with about ₦44.8 billion for the whole of 2023.
The President further said real Gross Domestic Product grew by 4.43 per cent in the second quarter of 2026, while inflation had 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.
He said the ultimate measure of the reforms would be their impact on ordinary Nigerians through cheaper food, more jobs, affordable credit, reliable electricity and improved purchasing power.
On the $1 trillion economy target, Tinubu described the ambition as a national mission aimed at increasing production and exports, attracting investment, creating jobs and giving young Nigerians a greater stake in the country’s future.
He said infrastructure would be central to achieving the target, with the government prioritising roads, railways, ports, energy and digital connectivity.
Tinubu proposed an integrated five-port maritime and logistics corridor linking major deep-sea ports in Lagos, Ondo, Akwa Ibom, Port Harcourt and Calabar, supported by modern road and rail networks.
He said the development of industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres along major transport corridors would create additional opportunities and strengthen Nigeria’s position as a regional commercial hub.
The President also identified the Ajaokuta-Kaduna-Kano gas pipeline as strategically important to Nigeria’s industrialisation, saying increased access to gas would support electricity generation, fertiliser production, manufacturing and transportation.
Tinubu further highlighted government programmes targeting young Nigerians, including the Nigerian Education Loan Fund, technical and vocational skills programmes, digital training initiatives and the Consumer Credit Corporation.
He said the next phase of his administration’s Renewed Hope Agenda would focus on ensuring that economic growth translates into improved living standards through more jobs, affordable credit, lower inflation, reliable power, increased production and stronger purchasing power.
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