President Bola Tinubu says the private sector is expected to provide 86 per cent of the investment required to grow Nigeria’s economy to $1 trillion by 2030. He also pledged to end multiple taxation and introduce policies to improve the business environment.
Tinubu said the government could not achieve the target through public spending alone, stressing that businesses, manufacturers, entrepreneurs and exporters would be central to the country’s economic transformation. He made the remarks in an address delivered by House of Representatives Speaker Tajudeen Abbas at a book presentation in Abuja on Thursday.
The President said the administration’s Medium-Term National Development Plan for 2026–2030 provides a roadmap for the target, with plans to attract private capital through innovative financing and a harmonised tax system. He also declared that the emergency phase of the economic reforms was over, saying the focus had shifted from stabilisation to shared prosperity, job creation and improved living standards.
Tinubu said Nigeria’s external reserves had risen to about $55bn, while non-oil exports had exceeded $6bn. He added that non-oil activities accounted for about 96 per cent of GDP, while non-oil revenue increased from N13.63tn in 2023 to N16.4tn in the first half of 2026. He acknowledged, however, that economic gains must translate into better living conditions for Nigerians.
The President defended the removal of petrol subsidy and unification of the foreign exchange market, describing them as necessary measures to address the economic challenges inherited in May 2023. He also highlighted investments in electricity, infrastructure, manufacturing, agriculture, gas, technology and solid minerals as key to reducing dependence on crude oil.
Among the projects he listed were the Mambilla Hydroelectric Power Project, Kano–Katsina–Maradi Railway, Lagos–Calabar Coastal Highway and Sokoto–Badagry Superhighway. He also said the government was supporting manufacturers with single-digit credit facilities and encouraging local processing of mineral resources to increase their value before export.
Tinubu further announced plans to establish a regulatory authority for housing and real estate development in collaboration with the National Assembly and industry stakeholders. He said more than 10,000 housing units were being developed in 14 states and the Federal Capital Territory, while a N128bn mortgage fund had supported 1,859 families across 25 states at a fixed interest rate of 9.75 per cent over 20 years.
