Nigeria Aims for $1 Trillion Economy by 2030, Says President Tinubu

President Bola Tinubu announced that Nigeria’s economy is moving towards a target of a $1 trillion economy by the year 2030. He made this statement during the presentation of a book on Nigeria’s economic transformation in Abuja.

Tinubu highlighted that non-oil exports have surpassed $6 billion and that the country’s external reserves are around $55 billion. He emphasized that Nigeria is shifting from relying solely on oil to diversifying its economy.

He described the previous economic situation as a ‘gathering storm,’ with issues like a weakening currency and high debt affecting the nation. Tinubu noted that his administration has made tough decisions, such as removing fuel subsidies, to improve the economy.

According to Tinubu, non-oil activities now represent about 96% of Nigeria’s Gross Domestic Product (GDP). He also mentioned that the government cannot achieve the $1 trillion goal alone and that private businesses need to play a major role in creating wealth.

The President outlined various infrastructure projects and housing initiatives aimed at improving living conditions. He stated that over 10,000 homes are being built across multiple states, and a significant amount of funding has been allocated for mortgages.

Tinubu concluded by expressing optimism about Nigeria’s future, saying that the foundations being laid now will lead to lasting prosperity. He urged everyone to work together to fulfill the country’s potential.