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President Bola Tinubu has defended his administration’s borrowing from international institutions and banks, saying Nigeria needs sustained infrastructure investment to achieve its target of a $1 trillion economy by 2030.
Bayo Onanuga, special adviser to the president on information and strategy, in a statement on Thursday, said Tinubu made the remarks in an essay titled ‘From reforms to delivery: Our infrastructure investment and growth strategy’.
The president’s comments come amid criticism over the government’s borrowing and its implications for the country’s debt burden.
Tinubu said the focus should be on the value generated from borrowed funds rather than the amount of debt incurred.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu said.
He identified the Lagos-Calabar coastal highway, Sokoto-Badagry superhighway, Trans-Sahara superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.
The president said the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, reduce logistics costs, unlock agricultural and industrial potential, and attract private investment.
Tinubu said the Lagos-Calabar Coastal highway is expected to reduce logistics costs along its corridor by 15 to 20 per cent and could contribute up to two per cent to Nigeria’s gross domestic product through expanded trade, tourism and industrial activity.
He added that the project is projected to generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials and related services.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” he said.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size.”
Tinubu attributed improvements in key economic indicators to reforms introduced since May 2023, including petrol subsidy removal, exchange rate unification, tax reforms and measures to tackle inflation.
He said real gross domestic product growth reached 4.43 per cent in the second quarter of 2026, while headline inflation fell to 14.63 per cent in September from 20.98 per cent a year earlier.
The president also said gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
According to Tinubu, the reforms have helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.
“The decisions taken since 2023 were difficult but necessary. Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” Tinubu said.
The president cited positive assessments by international credit rating agencies as evidence of improved investor confidence.
“These are not political endorsements; they are independent assessments by global rating agencies, index providers, regulators and investors, recognising stronger external reserves, improved macroeconomic management and greater financial credibility,” Tinubu said.
He said the improved standing could help Nigeria attract institutional investors, secure longer-term financing and reduce borrowing costs.
Tinubu added that his administration was shifting public borrowing away from financing short-term fiscal pressures towards investments expected to generate economic returns, create jobs and expand opportunities for future generations.
He said the government was also pursuing longer-term financing arrangements to match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.
The president outlined five priorities for the next phase of the federal executive council’s economic strategy: food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of high-impact projects and investment in critical infrastructure; an improved economic policy framework and regulatory efficiency; and targeted household support alongside investment in human development.
He said the administration’s economic performance would ultimately be measured by completed projects, increased investment, job creation and improved living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” Tinubu said.
He added that Nigeria’s economic ambitions must be supported by responsible borrowing and investments that create lasting opportunities for future generations
