Nigeria Shifts Borrowing Focus to Infrastructure Development, Says President Tinubu

President Bola Tinubu has announced that Nigeria is changing its approach to borrowing. Instead of using loans to cover immediate financial gaps, the government plans to focus on raising funds for infrastructure projects. These projects aim to boost economic growth, create jobs, and help Nigeria reach its goal of becoming a $1 trillion economy by 2030.

Tinubu shared these insights in an article titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy.” He highlighted that recent economic reforms have improved Nigeria’s financial situation and increased access to international funding. However, he stressed the importance of completing projects that will provide real benefits to the citizens.

According to the President, the removal of petrol subsidies and changes in tax policies have helped stabilize the economy and increase government revenue. He reported that Nigeria’s economy grew by 4.43% in the second quarter of 2026, and inflation decreased from 20.98% to 14.63% over the past year. As of October 9, 2026, Nigeria’s foreign reserves were at $55.1 billion.

Tinubu emphasized that public debt is currently at 35.75% of the country’s GDP, with a significant portion of government revenue going towards paying off this debt. He acknowledged the need for careful financial management and stated that the government will avoid excessive borrowing and unplanned expenses.

The President listed several key infrastructure projects, including major highways and improvements to the electricity grid and ports. He noted that these projects would enhance market access, lower transportation costs, and attract private investments. For example, the Lagos-Calabar Coastal Highway is expected to create thousands of jobs and significantly reduce logistics costs.

Tinubu also mentioned that the government is working to align its borrowing with the long-term needs of infrastructure development. He pointed to positive feedback from international financial institutions, which could lead to better borrowing terms for Nigeria.

Looking ahead, Tinubu stated that the government will prioritize food affordability, energy price stability, and the completion of critical infrastructure projects. He concluded that the success of Nigeria’s economic strategy will be measured by the tangible results of these projects and improvements in the lives of citizens.