President Bola Tinubu has said the economic policies implemented by his administration have set Nigeria on course to achieve a $1 trillion economy by 2030, despite the difficulties and rising cost pressures faced by citizens.
Tinubu made the declaration on Tuesday while speaking through the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda, at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja.
According to the President, the reforms undertaken since he assumed office have begun to create the economic conditions needed for long-term stability, expansion and prosperity.
Tinubu began implementing sweeping economic changes at his inauguration on May 29, 2023, including the removal of fuel subsidy and changes to the foreign exchange system. The measures triggered varied reactions among Nigerians because of their effects on household incomes and livelihoods.
The Presidency, however, has continued to defend the reforms, arguing that they are necessary to correct longstanding structural weaknesses in the economy and deliver sustainable growth.
Tinubu said the removal of the fuel subsidy, the restructuring of the foreign exchange market, stronger revenue mobilisation and investment in major infrastructure were critical steps towards ending years of economic instability.
He stated, “When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance. We had 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.
“The evidence increasingly shows that the foundation is strengthening. Nigeria’s gross external reserves has risen to about $52.7 billion by August 2026. Consolidated non-oil revenue increased from approximately ₦13.63 trillion in 2023 to ₦16.4 trillion in the first two quarters of 2026, demonstrating the growing contribution of non-oil sources to government revenue. Our trade position has also improved dramatically: from a merchandise trade surplus of only about ₦44.8 billion for the whole of 2023 to approximately ₦7.54 trillion in the first quarter of 2026 alone.
Real GDP grew by 4.43 percent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 percent. These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed. And let me emphasise: 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.
“Most Nigerians have asked, why the ambitious $1 trillion economy by Mr President? The $1 trillion economy 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.”
The President identified infrastructure development as a key requirement for achieving the $1 trillion target, noting that the Renewed Hope Agenda places emphasis on roads, railways, ports, energy and digital connectivity.
He also outlined plans for Nigeria to maximise its maritime potential through what he described as an integrated five-port maritime and logistics corridor.
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Tinubu said the proposed network would link deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar through modern road and rail infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the main coastal road connection.
He said the proposed Western Corridor would link the maritime gateways to inland markets through the Lagos–Abuja–Kaduna–Kano rail corridor and the Sokoto–Badagry Super Highway, while the Eastern Corridor would connect the eastern ports through the Port Harcourt–Abuja–Kaduna–Kano rail corridor and the proposed Calabar–Maiduguri Trans-Sahara Super Highway.
According to him, the integrated network would connect Nigeria’s major ports with cities, production centres and markets in landlocked countries including Niger, Chad, Burkina Faso, Sudan and the Central African Republic.
Tinubu said the strategy would position Nigeria beyond its role as a coastal trading country and establish it as a major maritime and logistics hub for West and Central Africa.
He added that such infrastructure would stimulate activities across logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing, while creating jobs and generating foreign exchange.
The President further called for industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres to be developed along the country’s major transport corridors.
He continued, “Every container through a Nigerian port is an economic opportunity. Every Nigerian 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.
“None of this can succeed without energy, and Nigeria has abundant gas, and 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.
“We are investing in the future of our young people because they are the greatest asset of the Nigerian 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 young Nigerians in digital technologies are equipping a new generation with the skills required for the global digital economy.
“At the same time, through initiatives such as CREDICORP, we are expanding access to responsible credit so that workers, entrepreneurs and businesses can 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.”
Tinubu said the success of the economic reforms would ultimately be measured by their impact on ordinary Nigerians.
He said the next phase of the Renewed Hope Agenda would therefore prioritise job creation, accessible credit, lower inflation, dependable electricity, higher production and improved purchasing power.