President Bola Ahmed Tinubu has said the economic reforms introduced by his administration have placed Nigeria on a path towards achieving a $1 trillion economy by 2030.
Tinubu stated this on Tuesday while addressing the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja. He was represented at the event by the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda.
The President said his administration inherited significant economic challenges when it assumed office in May 2023, including fuel subsidy distortions, multiple foreign exchange windows, weak revenue mobilisation, foreign exchange shortages and rising debt-service pressures.
According to Tinubu, the government responded with difficult reforms, including the removal of the petrol subsidy and reforms to the foreign exchange market, alongside efforts to increase revenue and investment in infrastructure.
He said recent economic indicators suggested that the reforms were beginning to strengthen the foundation for stability and growth.
Tinubu highlighted Nigeria’s gross external reserves, which had risen to about $52.7 billion by August 2026. He also pointed to an increase in consolidated non-oil revenue from approximately ₦13.63 trillion in 2023 to ₦16.4 trillion during the first two quarters of 2026.
The President further noted that Nigeria recorded a merchandise trade surplus of about ₦7.54 trillion in the first quarter of 2026, compared with approximately ₦44.8 billion for the whole of 2023.
Real Gross Domestic Product also grew by 4.43 per cent in the second quarter of 2026, while inflation had declined significantly from its earlier peak to about 15.4 per cent, according to the figures cited by the administration.
Tinubu acknowledged that the improving figures did not mean that Nigerians' economic difficulties had disappeared. He said the ultimate measure of the reforms would be whether economic stability translates into lower food prices, more jobs, affordable credit, reliable electricity and stronger purchasing power for households.
He described the $1 trillion target as more than a numerical ambition, saying it represented a broader national objective of increasing production and exports, attracting investment, creating jobs and giving young Nigerians greater opportunities.
The President also identified industrial parks, export-processing zones, logistics hubs, agro-processing clusters and manufacturing centres as important components of the strategy to expand the economy.
He stressed the importance of infrastructure, particularly energy and transportation, to the country's economic ambitions. The Ajaokuta-Kaduna-Kano gas pipeline, for instance, is expected to support electricity generation, fertiliser production, manufacturing and industrial development.
The Federal Government has also identified major infrastructure investments as part of its strategy for achieving the $1 trillion economy target. The Federal Ministry of Finance has set a broader objective of doubling the economy from about $450 billion to approximately $1 trillion, alongside an average annual GDP growth target of 7 per cent.
The International Monetary Fund has acknowledged that Nigeria's reforms over the past three years have improved macroeconomic outcomes and strengthened economic resilience, while warning that inflationary pressures and high food and transport costs continue to weigh on households.
Tinubu's latest comments therefore come as his administration seeks to move from stabilising the economy to delivering stronger and more inclusive growth.
The President said the government would continue implementing reforms and investments aimed at ensuring that the benefits of economic growth eventually reach households and businesses across the country.
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