President Bola Tinubu on Tuesday 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 in Abuja while addressing the second edition of the Asiwaju Scorecard Series and Policy Roundtable. He was represented at the event by the National Chairman of the All Progressives Congress, APC, Prof. Nentawe Yilwatda.
According to the President, the reforms have strengthened the foundation for economic stability, growth and prosperity.
Tinubu began implementing major economic reforms at his inauguration on May 29, 2023. The measures, including the removal of fuel subsidy and reforms in the foreign exchange market, have generated mixed reactions because of their impact on Nigerians’ livelihoods.
However, more than three years into his administration, the Presidency has continued to defend the reforms as necessary measures aimed at repositioning the Nigerian economy.
Tinubu said the removal of fuel subsidy, foreign exchange reforms, increased revenue mobilization and investments in critical infrastructure were necessary to move Nigeria away from years of economic uncertainty towards sustainable growth.
He said Nigeria inherited a difficult economic situation in 2023, characterized by fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilization, foreign exchange shortages, rising debt-service pressures and inadequate investment in critical infrastructure.
According to him, the reforms are beginning to produce measurable improvements in key economic indicators.
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.
Tinubu also highlighted an improvement in the country’s trade position, saying the merchandise trade surplus rose from about ₦44.8 billion for the whole of 2023 to approximately ₦7.54 trillion in the first quarter of 2026.
He added that real Gross Domestic Product, GDP, grew by 4.43 per cent in the second quarter of 2026, while inflation had fallen significantly from its earlier peak to about 15.4 per cent.
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The President, 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 increased purchasing power.
Tinubu said the ambition to build a $1 trillion economy was not simply about reaching a particular economic figure but represented a broader national development objective.
He said the target would require Nigeria to increase production and exports, attract investment, create jobs and provide young people with greater opportunities.
The President identified infrastructure as a critical component of achieving the target, saying the Renewed Hope Agenda prioritizes roads, railways, ports, energy and digital connectivity.
Tinubu said Nigeria must take full advantage of its maritime potential by developing an integrated five-port maritime and logistics corridor.
He proposed connecting major deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar through modern rail and road infrastructure, with the Lagos-Calabar Coastal Superhighway serving as the principal coastal road spine.
He said the Western Corridor would connect maritime gateways to the interior through the Lagos-Abuja-Kaduna-Kano rail corridor, alongside the Sokoto-Badagry Superhighway.
According to him, the Eastern Corridor would similarly connect eastern maritime gateways through the Port Harcourt-Abuja-Kaduna-Kano rail corridor and the proposed Calabar-Maiduguri Trans-Sahara Superhighway.
Tinubu said the integrated transport network would connect Nigeria’s ports to major cities, production centres and landlocked markets in Niger, Chad, Burkina Faso, Sudan and the Central African Republic.
He said the strategy would help Nigeria move from being primarily a coastal trading nation to becoming a major maritime gateway and logistics hub for West and Central Africa.
The President said the proposed infrastructure network would create opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing.
He also called for the development of industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres along major transport corridors.
Tinubu said increased economic activity around the corridors would help grow GDP, create jobs, generate foreign exchange and strengthen the foundation for the $1 trillion economy.
He also identified energy as essential to achieving the economic ambition, pointing to Nigeria’s gas resources and the strategic importance of the Ajaokuta-Kaduna-Kano gas pipeline.
According to him, the pipeline will support electricity generation, fertilizer production, manufacturing, transportation, household energy supply and industrialization.
Tinubu said his administration was also investing in young Nigerians through education, skills development, digital training and access to credit.
He said the Nigerian Education Loan Fund, NELFUND, was expanding access to higher education, while technical and vocational education programmes were providing grants and skills-development opportunities.
He added that digital technology programmes were equipping young Nigerians with skills needed to participate in the global digital economy.
The President also highlighted initiatives such as CREDICORP, which he said were expanding access to responsible credit for workers, entrepreneurs and businesses to acquire productive assets, expand enterprises and create jobs.
Tinubu said economic growth must ultimately translate into improved living standards for Nigerians. He said the next phase of the Renewed Hope Agenda would focus on creating more jobs, providing affordable credit, reducing inflation, ensuring reliable electricity, increasing production and strengthening Nigerians’ purchasing power.
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