President Bola Tinubu has 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 economic challenges facing citizens.

Tinubu stated this on Tuesday 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 (APC), Prof. Nentawe Yilwatda.

The President said the reforms undertaken by his administration had laid a stronger foundation for economic stability, growth and prosperity.

Tinubu commenced major economic reforms on May 29, 2023, shortly after assuming office, including the removal of the petrol subsidy and reforms in the foreign exchange market. The measures generated mixed reactions, particularly over their impact on the cost of living and household incomes.

However, the Presidency has continued to defend the reforms, arguing that they are necessary to correct structural weaknesses in the economy and place Nigeria on a sustainable growth path.

Tinubu said the removal of fuel subsidy, foreign exchange reforms, increased revenue mobilisation and investments in critical infrastructure were necessary to move the country away from years of economic uncertainty.

“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,” he said.

According to him, the reforms are already producing improvements in several key economic indicators.

Tinubu said Nigeria’s 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.

He also said the country’s merchandise trade position had improved from a surplus of about N44.8 billion for the whole of 2023 to approximately N7.54 trillion in the first quarter of 2026.

“Real GDP grew by 4.43 per cent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 per cent,” the President said.

He, however, acknowledged that the figures did not mean Nigeria’s economic challenges had disappeared.

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

Tinubu stressed that macroeconomic stability was only the foundation, adding that the ultimate test would be whether economic growth translated into cheaper food, more jobs, affordable credit, reliable electricity and increased purchasing power for Nigerians.

Tinubu outlines $1tn economic vision

Explaining the rationale behind the administration’s $1 trillion economy target, Tinubu said the ambition was not merely about achieving a numerical milestone but about transforming Nigeria’s productive capacity.

“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,” he said.

The President said infrastructure development would be central to achieving the target, noting that the Renewed Hope Agenda prioritised roads, railways, ports, energy and digital connectivity.

He proposed the development of an integrated five-port maritime and logistics corridor linking major deep-sea ports in Lagos, Ondo, Akwa Ibom, Port Harcourt and Calabar through modern road and rail infrastructure.

According to him, the Lagos-Calabar Coastal Super Highway would serve as a major coastal road corridor, while rail and road connections would link the ports to major cities, production centres and markets across the country.

Tinubu said the Western Corridor would connect the maritime gateways to the interior through the Lagos-Abuja-Kaduna-Kano rail corridor, complemented by the Sokoto-Badagry Super Highway.

He also outlined an Eastern Corridor linking the eastern maritime gateways through the Port Harcourt-Abuja-Kaduna-Kano rail corridor and the proposed Calabar-Maiduguri Trans-Sahara Super Highway.

The President said the planned infrastructure network could position Nigeria as a major maritime and logistics hub for West and Central Africa.

“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.

He added that such infrastructure would create opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing.

Energy, youth development key to growth

Tinubu also identified energy as critical to the success of the country’s economic ambitions.

He described the Ajaokuta-Kaduna-Kano gas pipeline as strategically important in connecting Nigeria’s gas resources to major population and industrial centres in the North.

According to him, increased access to gas would support electricity generation, fertiliser production, manufacturing, transportation and industrialisation.

The President also highlighted government programmes targeting young Nigerians, including the Nigerian Education Loan Fund (NELFUND), technical and vocational education initiatives and digital skills development programmes.

He said the government was expanding access to higher education and providing opportunities for young Nigerians to acquire technical and digital skills needed for the modern economy.

Tinubu also cited the Consumer Credit Corporation (CREDICORP), saying the initiative was expanding access to responsible credit for workers, entrepreneurs and businesses to acquire productive assets, expand their operations 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 the next phase of the Renewed Hope Agenda would focus on ensuring that economic growth translates into improved living standards.

He listed more jobs, affordable credit, lower inflation, reliable electricity, increased domestic production and stronger purchasing power among the key priorities of the administration.

Tinubu maintained that the ultimate measure of the reforms would not only be economic statistics but their impact on the everyday lives and welfare of Nigerians.