President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the emergency phase of its economic reforms, announcing a new policy direction focused on shared prosperity, industrial expansion, job creation and improved living conditions for citizens.
The President’s declaration comes as Nigeria pursues its ambition of becoming a $1 trillion economy by 2030. However, Anambra State Governor, Professor Chukwuma Charles Soludo, has warned that achieving the target will require double-digit economic growth and significantly higher investments from both the public and private sectors.
According to a report by The Guardian, Tinubu made the declaration through the Speaker of the House of Representatives, Tajudeen Abbas, who represented him at the presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: The Past, The Present, The Future, authored by House of Representatives member Abdulmumini Jibrin Kofa. The event took place at the State House Conference Centre, Abuja.
Tinubu said the difficult economic decisions introduced since he assumed office in May 2023 were beginning to produce results. He disclosed that Nigeria’s external reserves had risen to approximately $55 billion, while non-oil exports had exceeded $6 billion, which he described as the highest level in the country’s history.
The President also stated that non-oil activities now account for approximately 96 per cent of Nigeria’s Gross Domestic Product (GDP), while non-oil revenue increased from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
He explained that the Federal Government’s next economic priority would be to translate macroeconomic stability into tangible benefits through increased domestic production, improved electricity supply, industrial development, affordable housing and employment opportunities.
Tinubu, however, acknowledged that economic growth figures alone would not justify the sacrifices Nigerians had endured, stressing that the success of the reforms would ultimately be measured by improvements in the lives of ordinary citizens and businesses.
Speaking at the same event, Governor Soludo said Nigeria’s current economic growth rate of approximately four per cent was insufficient to drive rapid industrialisation, reduce poverty and generate enough employment for the country’s growing population.
The former Central Bank of Nigeria governor called for investment exceeding 30 per cent of GDP, sustained industrialisation, competitive exchange-rate policies and continuity in economic reforms beyond electoral cycles.
Soludo also expressed concern over Nigeria’s limited fiscal capacity, noting that the country’s N68 trillion budget translated to approximately N772 per Nigerian daily. He argued that substantially higher revenue generation and investment were necessary to finance the country’s development needs.
Speaking on the theme, Speeding Up and Building to Last, Soludo maintained that Nigeria must accelerate structural transformation and attract greater investment if it hopes to achieve its $1 trillion economic ambition by 2030.
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