… says FG targets 86% private capital to drive $1 trillion economy by 2030
President Bola Tinubu on Thursday said Nigeria has began harvesting the benefits of economic diversification with about 96 per cent of Nigeria’s Gross Domestic Product, coming from the non-oil activities.
The President, speaking at the public presentation of the book, ” Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future”, written by Abudulmumin Jibrin, at the presidential Villa, Abuja on Thursday, attributed recent economic gains, including external reserves of 55 billion dollars, non-oil revenue growth from ₦13.63 trillion in 2023 to ₦16.4 trillion in the first half of 2026, to the reforms introduced by his administration since 2023.
The President who was represented by Tajudeen Abbas, Speaker, House of Representatives, said his administration’s task ” has moved from stabilisation to shared prosperity, and our compass points firmly to a one-trillion-dollar economy by 2030, charted in the Medium-Term National Development Plan 2026–2030″
He noted that for too long, Nigeria had made boundless promises tied to a single product, with its budget, currency and the livelihoods of millions rising and falling with the tides of a distant oil market.
“We floated on the fragile illusion of oil wealth while the foundations beneath us cracked.”
He recalled that when he assumed office the country had only two choices either to continue on the “comfortable road of cosmetic remedies that had led us to the edge of the cliff. The other was the hard road of surgery to save the patient. We chose reform over ruin”.
The President appealed to the private sector to support the federal government, as it cannot build the targeted one trillion-dollar economy alone.
“Wealth is created by enterprises that invest, innovate, manufacture and export. Our duty is to clear the path before them. That is why our 2025 budget introduced a first-of-its-kind De-risking Framework to draw in private capital, which we expect to provide 86 per cent of the investment our 2030 goal demands.
” That is why we are harmonising our taxes, ending the menace of multiple taxation. We cannot tax our way into prosperity; we must produce our way there.
President Tinubu noted that the nation is not lifted by statistics alone, adding that ” numbers must become bread on the table, light in the home and work for willing hands. And no nation has ever industrialised in darkness”
Listing efforts to get the nation out of darkness, the President stressed that his administration fought to win back the Mambilla power project, winning the $3.38 billion arbitration at the International Chamber of Commerce in Paris and freeing the project held hostage for more than nine years.
He also highlighted the Geregu Power plant, stating that efforts are on to raise its capacity to 1,300 megawatts, as part of the reform.
“In the Niger Delta, the Port Harcourt and Warri refineries are stirring back to life. Energy is the heartbeat of diversification, and we are restoring its rhythm.
Read also: 2027: Tinubu urges Nigerians to judge administration by lives touched, projects completed
He also stressed the importance of infrastructure in diversification, noting that the government is laying a solid foundation with ongoing roads and rail projects
he said: “The Kano–Katsina–Maradi railway will carry the harvest of Dawanau, West Africa’s greatest grains market, to the Sahel and to our southern ports. The Lagos–Calabar Coastal Highway will stitch our coastline together with ports, industry and tourism. The Sokoto–Badagry Superhighway will join the farmlands of the North to the harbours of the South. And this work is not confined to one corner of our land.
“In the North West, the Abuja–Kaduna–Kano Expressway is being reborn. In the North Central, our food basket, new roads carry harvests to market. In the North East, border routes in Borno are reopening to trade. In the South, the East–West Road is being rebuilt. In the South West, the Ibadan–Ife–Ilesa Expressway is being renewed and the historic Carter Bridge restored. In the South East, the Port Harcourt–Enugu and Enugu–Onitsha expressways are being rebuilt in concrete. With 52 per cent of legacy highway mileage in the North and 48 per cent in the South, we are building fairly and deliberately, so that no zone is left behind and no citizen is a stranger to opportunity.”
In the area of agriculture, he said his administration is turning farms into enterprises through irrigation, mechanisation and livestock reform.
” We are harnessing gas to power our industries and our transport, laying 90,000 kilometres of fibre to carry the commerce of tomorrow, and, through the 3MTT programme, equipping millions of young Nigerians with the skills of the digital age.
“Through the Bank of Industry, we are extending low-interest loans and grants to market women, artisans and young founders in all 774 local government areas, because economic independence begins at the grassroots. And our creative sons and daughters, in Nollywood, in Afrobeats and in fashion, are carrying the Nigerian story to every corner of the earth.”
” Through MOFI Real Estate Investment Fund, about ₦128 billion in mortgages has already reached 1,859 families in 25 states, at a fixed rate of 9.75 per cent over 20 years.”
He however promised to work with the National Assembly and stakeholders to establish a strong regulatory authority for housing and real estate, one that sets clear standards, ensures transparency and gives every buyer a place to seek redress.”
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