President Bola Ahmed Tinubu has addressed criticism from opposition leaders regarding the Federal Government's efforts to secure fresh loans from international institutions and banks. In a statement, Tinubu emphasized that the focus should not be on the amount borrowed, but rather on the value created and the future left behind. He highlighted several major projects aimed at strengthening Nigeria's productive capacity, including the Lagos-Calabar Coastal Highway and electricity grid upgrades.
The President identified key projects expected to drive economic growth, such as the Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, and the modernization of commercial ports in Lagos. These projects, along with investments in healthcare, education, and vocational training, are designed to connect economic regions, reduce logistics costs, and attract private investment. Tinubu emphasized that these initiatives will unlock agricultural and industrial potential, ultimately contributing to Nigeria's economic development.
According to Tinubu, the Lagos-Calabar Coastal Highway is projected to reduce logistics costs along its corridor by 15 to 20 percent and add up to two percent to Nigeria's GDP through expanded trade, tourism, and industrial activity. The project is also expected to generate approximately 100,000 direct jobs in construction and engineering, as well as over 150,000 indirect jobs in logistics and related services.
Tinubu stressed that the administration's goal of achieving a $1 trillion economy by 2030 requires sustained infrastructure investment to support higher productivity, industrialization, and trade. He noted that Nigeria's current infrastructure is not sufficient to support an economy of that size, emphasizing the need for significant investment in critical infrastructure.
The President attributed recent improvements in economic indicators to measures introduced by his administration, including petrol subsidy removal, exchange rate unification, tax reforms, and coordinated efforts to tackle inflation. He cited a 4.43 percent growth in real Gross Domestic Product in the second quarter of 2026 and a decline in headline inflation to 14.63 percent in September from 20.98 percent a year earlier.
Tinubu also highlighted increases in gross external reserves, which rose to $55.1 billion as of October 9, 2026, and a tax-to-GDP ratio that increased to 12.5 percent from 7 percent. He emphasized that these improvements demonstrate the effectiveness of the administration's economic reforms, which have helped restore macroeconomic stability and strengthen public finances.
The President concluded that achieving a $1 trillion economy by 2030 will require continued investment, higher productivity, industrialization, and trade. He emphasized that infrastructure development will be critical to achieving this target, and that the administration is committed to making significant investments in critical infrastructure to support Nigeria's economic growth and development.
Key points
- President Tinubu defends fresh loans, saying they will expand opportunities for future generations
- The administration aims to achieve a $1 trillion economy by 2030 through sustained infrastructure investment
- Recent economic reforms have led to improvements in economic indicators, including GDP growth and inflation reduction
