Trillion-dollar economy possible for Nigeria, says Tinubu

By Egena Sunday Ode

Leveraging the Nigeria’s population and resources, with main focus on unleashing its full economic potential, the Federal Government can build a trillion-dollar economy within the next decade, President Bola Tinubu has said.
This, the President noted, can be further facilitated by ongoing efforts 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 spoke 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).
The President who was represented at the event by his deputy, Vice President, Kashim Shettima, maintained that with its rich population and resources, Nigeria can become a trillion-dollar economy within the next ten years.
He however expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness and Economic Growth”.
“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty and corruption,” President Tinubu declared.
The President stated that he was not unmindful of the hardships being most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent.”
Reeling out his administration’s efforts in transforming the economy and creating opportunities for citizens, Tinubu said, “I have had engagements with stakeholders across Nigeria’s manufacturing sector. I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, export obstacles, among others.
“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of these issues.”
On taxation, President Tinubu explained that his administration’s goal is to increase the country’s tax revenues and reducing the burden on individuals and businesses at the same time.
“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.