Tinubu: Nigeria on Track to Achieve $1tn Economy by 2030

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

 

Tinubu stated this on Tuesday while speaking 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 the removal of fuel subsidy, foreign exchange reforms, increased revenue mobilisation and investments in critical infrastructure were necessary to move the country towards sustainable economic growth.

 

Tinubu said the reforms had begun to strengthen the country’s economic foundation, citing improvements in foreign reserves, non-oil revenue, trade balance, GDP growth and inflation.

 

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 N13.63 trillion in 2023 to N16.4 trillion in the first two quarters of 2026.

 

According to him, the country’s merchandise trade surplus also increased from about N44.8 billion in 2023 to approximately N7.54 trillion in the first quarter of 2026.

 

“Real GDP grew by 4.43 per cent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 per cent. These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed,” he said.

 

Tinubu, however, acknowledged that economic stability alone was not enough, saying the ultimate measure of the reforms would be their impact on the living standards of Nigerians.

 

“The ultimate test is when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians,” he said.

 

The President described the $1 trillion economy target as a national mission aimed at increasing production and exports, attracting investment and creating more opportunities for young Nigerians.

 

He said the ambition would require massive investment in infrastructure, including roads, railways, ports, energy and digital connectivity.

 

Tinubu proposed the development of 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 infrastructure.

 

He said the development would position Nigeria as a major maritime gateway and logistics hub for West and Central Africa while creating opportunities in logistics, manufacturing, agro-processing, banking, insurance and distribution.

 

The President also highlighted the importance of the Ajaokuta-Kaduna-Kano gas pipeline, saying it would support electricity generation, fertiliser production, manufacturing, transportation and industrialisation.

 

On youth development, Tinubu said the administration was expanding access to higher education through NELFUND while supporting technical and vocational education, digital skills training and access to responsible credit through initiatives such as CREDICORP.

 

He said the next phase of the Renewed Hope Agenda would focus on translating economic growth into improved living standards through more jobs, affordable credit, lower inflation, reliable electricity, increased production and stronger purchasing power.