Tinubu says private sector will fund 86% of $1trn economy target
Tinubu says private sector will fund 86% of $1trn economy target
President Bola Tinubu says the private sector will provide about 86 percent of the investment required to grow Nigeria’s economy to $1 trillion by 2030.
Tinubu, who was represented by Tajudeen Abbas, speaker of the house of representatives, at the presentation of a book in Abuja on Thursday, said the government would focus on creating an enabling environment for businesses to expand, manufacture, and export.
The president said the government is determined to promote domestic production and exports as part of efforts to build a $1 trillion economy by 2030.
Tinubu said wealth creation depends on private enterprises investing, innovating, manufacturing, and exporting.
“Government alone cannot build a trillion-dollar economy. Wealth is created by enterprises that invest, innovate, manufacture and export. Our duty is to clear the path before them,” he said.
“That is why we are harmonising our taxes, ending the menace of multiple taxation. We cannot tax our way into prosperity. We must produce our way there.”
The president identified electricity, infrastructure, agriculture, housing, manufacturing, and digital skills as critical pillars of the next phase of economic transformation.
Tinubu said the administration’s economic reforms, particularly the removal of petrol subsidy and the unification of the foreign exchange (FX) market, were necessary to address the economic challenges inherited in May 2023.
He said the country’s non-oil activities now account for about 96 percent of gross domestic product (GDP), while non-oil exports have crossed $6 billion, the highest in Nigeria’s history.
According to the president, external reserves have risen to about $55 billion, representing more than 14 months of import cover, while non-oil revenue increased from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
Tinubu said the administration had shifted its focus from economic stabilisation to shared prosperity.
He said the country’s economic progress must go beyond improved figures and translate into better living conditions for Nigerians.
