Reforms are needed to build a $1 trillion economy, Tinubu explains of economic difficulties

President Bola Tinubu has once again defended his government’s economic reforms as necessary steps to build a $1 trillion economy by 2030.

National Chairman of the All Progressives Congress (APC) Prof Nentawe Yilwatda, who represented Tinubu at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja on Tuesday, said the reforms had strengthened the foundation for economic stability and growth, by increasing foreign exchange reserves, revenue mobilization, trade and gross domestic product.

This is contrary to input from opposition party figures who argue that reform has worsened society’s economic situation.

But Tinubu, represented by Yilwatda, said economic reforms introduced by his government had put Nigeria on track to achieve a $1 trillion economy by 2030.

He said the reforms had strengthened the foundation for economic stability, growth and prosperity.

The president said eliminating fuel subsidies and reforms in foreign exchange markets, as well as increased revenue mobilization and investment in critical infrastructure, were needed to move the country away from years of economic uncertainty and toward sustainable growth.

“When President Bola Ahmed Tinubu takes office on May 29, 2023, Nigeria faces a difficult economic legacy. We have experienced distorted fuel subsidies, varying exchange rate windows, weak revenue mobilization, foreign exchange shortages, increasing debt repayment pressures, and years of inadequate investment in critical infrastructure.

“The President understands that Nigeria cannot continue with this trend and has therefore taken difficult decisions, including the removal of fuel subsidies and reform of the foreign exchange market.

“Evidence increasingly shows that the foundations are getting stronger. Nigeria’s gross foreign exchange reserves have risen to about $52.7 billion by August 2026.

“Consolidated non-oil revenues increased from about N13.63tn in 2023 to N16.4tn in the first two quarters of 2026, indicating the increasing contribution of non-oil sources to government revenues.

“Our trade position has also improved dramatically: from a merchandise trade surplus of only about N44.8bn for the whole of 2023 to about N7.54tn in the first quarter of 2026 alone.

“Real GDP grew by 4.43 percent in the second quarter of 2026, while inflation has fallen significantly from the previous peak to around 15.4 percent.

“These figures do not mean that our economic challenges have disappeared, but they do show that the direction of travel has changed.

“And let me emphasize: macroeconomic stability is not a goal; it is a foundation. The ultimate test will be when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians,” said Yilwatda on behalf of Tinubu.

Speaking about the $1 trillion economy, Tinubu said: “This is not just a number, but a national mission: Nigeria can produce more, export more, attract more investment, create more jobs and give its young generation a greater stake in the future.”

He said Nigeria’s $1 trillion economic ambition requires adequate infrastructure, and stressed that the New Hope Agenda prioritizes roads, railways, ports, energy and digital connectivity.

The President added, “Nigeria must now take full advantage of its enormous maritime opportunities by developing an integrated five-port maritime and logistics corridor.

“Our strategic ambition is to develop and connect the five major deep sea ports of Lagos, Ondo, Ibom, Port Harcourt and Calabar, connecting them with modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the backbone of the main coastal road. But the vision does not stop at the coastline.

“The Western Corridor will connect the maritime gateway to the hinterland via the Lagos–Abuja–Kaduna–Kano rail corridor, complemented by the Sokoto–Badagry Superhighway, thereby opening a direct trade route from the Atlantic coast to markets in the North West and Sahel.

“The Eastern Corridor will also connect the eastern maritime gateway via the Port Harcourt–Abuja–Kaduna–Kano rail corridor, complemented by the proposed Calabar–Maiduguri Trans-Saharan Superhighway, which will create a second major trade route from east to north.

“In this way, Nigeria can create an integrated national transport system where our five deep sea ports are connected, connected to major cities and production centers, and ultimately connected to landlocked markets such as Niger, Chad, Burkina Faso, Sudan and the Central African Republic.”

He further stated, “This is how Nigeria can move from being just a coastal trading nation to a maritime gateway and logistics hub in West and Central Africa, taking a much bigger share in the trade, logistics, manufacturing and distribution value chains on the continent.

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

Tinubu said Nigeria must develop industrial parks, export processing zones, logistics centers, agricultural processing clusters and manufacturing centers along key transport corridors.

He said connecting rail lines to agricultural and mineral-producing areas would attract processing and manufacturing industries, turning infrastructure into an engine of economic growth.