President Bola Tinubu has set an ambitious target of growing the economy to $1 trillion by 2026 and increasing it to $3 trillion by the end of the decade in 2030.
The President disclosed this while delivering the opening address at the 29th edition of the Nigeria Economic Summit held in the nation’s capital, Abuja.
The President while speaking on his vision for the economy said,
- “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 also assured investors and businesspeople that his government inherited the assets and liabilities of the government concerning the foreign exchange and financial market. He noted that the administration has a good line of sight about FX liquidity and will honour all foreign exchange forward contracts entered by the government.
In his words,
- “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”
- “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.”
Education loan and consumer credit
On education, the President said the student loan program will begin by 2024. He also spoke on encouraging a credit culture by providing access to consumer credit, and housing mortgages as a measure to stem corruption.
- “By January 2024, the student loan program must commence. We are saying no more strikes.”
- “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”