Tinubu: Reforms Driving Nigeria Towards $1tn Economy by 2030

President Bola Tinubu has said his administration’s economic reforms are setting Nigeria on course to become a $1 trillion economy by 2030, citing improvements in key economic indicators and renewed investments in critical sectors.

The President stated that difficult policy decisions taken since assuming office in 2023 have begun to yield results, creating a stronger foundation for economic growth, fiscal stability and long-term prosperity.

Tinubu noted that reforms in the fuel and foreign exchange sectors, alongside efforts to boost government revenue and infrastructure development, were introduced to reverse years of economic inefficiencies and position the country for sustainable growth.

He said recent gains in foreign reserves, trade performance, non-oil revenue and GDP growth reflect a gradual strengthening of the economy, while acknowledging that many Nigerians are still grappling with economic hardship.

According to the President, the objective of the reforms extends beyond improving macroeconomic figures, stressing that economic growth must ultimately translate into more jobs, lower inflation, affordable credit, stable electricity supply and improved living standards.

Tinubu described the $1 trillion economy target as a national development agenda aimed at expanding production, increasing exports, attracting investment and creating opportunities for Nigeria’s growing population.

As part of the strategy, he highlighted plans to modernise transportation infrastructure through improved road and rail networks, enhanced port connectivity and the development of major trade corridors linking coastal regions with inland markets.

He said the government is working to transform Nigeria into a leading logistics and commercial hub in West and Central Africa, leveraging its strategic location to drive trade, industrialisation and foreign exchange earnings.

The President also underscored the role of energy in achieving the vision, pointing to ongoing investments in gas infrastructure and power development to support industrial activities and economic expansion.

He added that programmes focused on education, skills acquisition, digital innovation and access to financing are being strengthened to equip young Nigerians and entrepreneurs with the tools needed to contribute to national growth.

Tinubu expressed confidence that the reforms will accelerate economic transformation in the coming years, with the next phase of implementation focused on delivering tangible benefits to households and businesses across the country.