President Bola Tinubu has unveiled an ambitious economic growth plan, aiming to elevate Nigeria’s economy to $1 trillion by 2026 and further expand it to $3 trillion by the end of the decade in 2030.
He made this declaration during the opening address at the 29th edition of the Nigeria Economic Summit held in Abuja.
President Tinubu expressed confidence in the feasibility of these targets, emphasizing the country’s potential for double-digit, inclusive, and sustainable competitive growth. He called upon the captains of industry present to rally behind this vision of renewed economic hope.
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“Distinguished ladies and Gentlemen, a $1 trillion economy is possible by the year 2026 and a $3 trillion economy is possible within this decade. We can do it.”
“We’ve done double-digit inclusive and sustainable competitive growth. This is our agenda and I’d like to charge you- the captains of industry here present, to commit yourselves to and redouble your effort to our vision of a renewed hope,” the president said.
Tinubu announced this vision amid the economic crisis rocking Nigeria from many angles, which has resulted in the abysmal performance of the naira in the foreign exchange market.
Addressing concerns about foreign exchange, the president assured investors and businesspeople that his government had taken responsibility for the assets and liabilities in this area. He affirmed that the administration has a clear understanding of FX liquidity and intends to honor all foreign exchange forward contracts entered by the government.
Furthermore, he outlined initiatives to mobilize finance for economic development, involving both local and external resources. He emphasized the need for a clear distinction between monetary and fiscal policy, particularly in relation to trade policies.
“To mobilize finance for economic development, we have started local and external mobilization of financial resources and capital from a wide range of partners amongst several initiatives. We are progressing forward,” the president said.
“You’ve heard that the CBN removed about 43 items, I’ve read all the comments, but there must be a clear line between monetary policy and fiscal policy.
“Are these items on trade embargo? No. You simply move them to the parallel market. Let’s compete with whatever is available so that the government will work hard and bring more investment to the economy.”
President Tinubu also shed light on education plans, announcing that the student loan program will be launched by January 2024. He stressed the importance of fostering a credit culture, which includes facilitating access to consumer credit and housing mortgages. This, he believes, will be a crucial step towards curbing corruption.
“By January 2024, the student loan program must commence. We are saying no more strikes,” he said.
“There must be consumer credit. The scheme will have to come into effect as soon as possible. I charge my team and colleagues to build this program and develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car.”
Tinubu conveyed a sense of urgency, urging his team and colleagues to swiftly develop and implement these programs, asserting that a proactive approach is essential for realizing Nigeria’s economic potential.