President Tinubu-Trillion-Dollar Economy Is Possible For Nigeria

President Bola Tinubu believes that his administration’s Renewed Hope Agenda can create a trillion-dollar economy in the next decade.

He, however, remarked that this can be accomplished by harnessing the nation’s population and resources, with the main emphasis on unlocking Nigeria’s full economic potential, according to a statement by presidential media aide Stanley Nkwocha on Tuesday.

The President said that the trillion-dollar economy can be enhanced by ongoing initiatives on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.

He declared this on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).

Represented at the event by Vice President Kashim Shettima, the President asserted that with its wealthy population and resources, Nigeria can become a trillion-dollar economy in the next ten years.

He expressed scepticism that the ambitious goal could be attainable without considering the significance of the key elements encompassed in the theme of the NSE Conference, “Manufacturing, Competitiveness, and Economic Growth.”

“The Renewed Hope Agenda of my administration is characterised by our dedication to unlocking our country’s full economic potential by concentrating on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption,” Tinubu said.

The president said that he was not oblivious to the difficulties most Nigerians are entangled in, noting however that “the hard times are indeed temporary, but the benefits will be lasting.”

He also listed his administration’s efforts to transform the economy and create opportunities for citizens.

“I have had interactions with stakeholders across Nigeria’s manufacturing sector. I am very cognizant of the problems and challenges that are foremost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export hurdles, among others.

“I am pleased to inform you that we are addressing, with unprecedented courage and determination, each and every one of these issues,” he said.

On taxation, President Tinubu explained that his administration’s aim is to increase the country’s tax revenues and reduce the pressure on individuals and businesses simultaneously.

“It may sound like a paradox, but it is not: by simplifying the number of taxes, introducing greater efficiency, and blocking the gaps through which leakages occur, we can and will deliver less oppressive tax regimes to businesses and employers of labour.

“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the president added.