Trillion-dollar economy possible for Nigeria – President Tinubu 


President Bola Tinubu is confident that his administration’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.

He however noted that this can be achieved by leveraging the nation’s population and resources, with the main focus on unleashing Nigeria’s full economic potential, a statement by presidential media aide, Stanley Nkwocha, said on Tuesday.

According to the President, the trillion-dollar economy can be further facilitated by ongoing efforts on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.

He stated this on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).

Represented at the event by Vice President, Kashim Shettima, the President maintained that with its rich population and resources, Nigeria can become a trillion-dollar economy within the next ten years.

He expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness, and Economic Growth”.

“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption,” Tinubu said.

The President said that he was not unmindful of the hardships most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent”.

He also reeled out his administration’s efforts in transforming the economy and creating opportunities for citizens.

“I have had engagements with stakeholders across Nigeria’s manufacturing sector. I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export obstacles, among others.

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of these issues,” he said.

On taxation, President Tinubu explained that his administration’s goal is to increase the country’s tax revenues and reduce the burden on individuals and businesses at the same time.

“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.

“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the President added.