By Daniel Oluwatobiloba Popoola
President Bola Tinubu says the economic reforms introduced by his administration have placed Nigeria on the path to a $1 trillion economy by 2030, despite the hardship confronting Nigerians.
The President made the assertion on Tuesday, 1st September, 2026 at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja, where he was represented by the National Chairman of the All Progressives Congress, Prof Nentawe Yilwatda.
He said the reforms had strengthened the foundation for economic stability, growth and prosperity.
Tinubu had commenced the reforms on Monday, 29th May, 2023, at his inauguration, measures that drew mixed reactions from Nigerians owing to their varying impact on livelihoods. More than three years on, the Presidency maintains that the reforms serve the country’s best interest and are delivering results.
Tinubu said the removal of fuel subsidy and reform of the foreign exchange market, alongside increased revenue mobilisation and investment in critical infrastructure, were necessary to move the country away from years of economic uncertainty towards sustainable growth.
“When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance: 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,” he said.
Citing figures to back the claim, Tinubu said 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, reflecting the growing contribution of non-oil sources to government income.
He added that the trade position had also improved dramatically, from a merchandise surplus of about N44.8 billion for the whole of 2023 to approximately N7.54 trillion in the first quarter of 2026 alone.
He further disclosed that real 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.
“These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed. 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,” he said.
Explaining the rationale behind the target, Tinubu said, “Most Nigerians have asked, why the ambitious $1 trillion economy by Mr President? It 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 the ambition requires adequate infrastructure, stressing that the Renewed Hope Agenda prioritises roads, rail, ports, energy and digital connectivity. He proposed an integrated five-port maritime and logistics corridor linking deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar 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, 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,” he said.
Tinubu explained that the plan would link the five ports to one another, to major cities and production centres, and 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,” he said, describing it as a trade architecture, rather than mere transport infrastructure, that would generate opportunities in warehousing, freight forwarding, customs, banking, insurance, manufacturing and agro-processing, while creating jobs and strengthening Nigeria’s position as a regional commercial hub.
He said Nigeria must also develop industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres along the corridors.
“Every container through a Nigerian port is an economic opportunity. Every 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,” he said.
Tinubu stressed that none of this could succeed without energy, noting that Nigeria has abundant gas and that 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,” he said.
On human capital, he described young Nigerians as the greatest asset of the 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 them in digital technologies are equipping a new generation with the skills required for the global digital economy,” he said, adding that initiatives such as CREDICORP were expanding access to responsible credit so that workers, entrepreneurs and businesses could 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,” he said.
The President said growth must translate into improved living standards, stressing that the next phase of the Renewed Hope Agenda would focus on more jobs, affordable credit, lower inflation, reliable power, increased production and stronger purchasing power.
