By Jude Opara
President Bola Tinubu on Tuesday in Abuja disclosed that his administration is concentrating on the development of critical infrastructure across the country to support the take-off of its ambitious $1 trillion economy.
President Tinubu, who was represented by the National Chairman of the All Progressives Congress (APC), Prof. Nentawe Yilwatda, stated this at the second edition of the APC Professionals Forum Roundtable, saying that the development of the country remains paramount to his administration.
He noted that the construction of the Lagos-Calabar Coastal Highway, as well as the Lagos-Badagry Highway, are two signature projects that would help position Nigeria as the economic giant of the West African region.
“Most Nigerians have asked, why the ambitious $1 trillion economy by Mr President? The $1 trillion economy is not merely a number, but a national mission: a Nigeria that produces more, exports more, attracts more investment, creates more jobs and gives its young people a greater stake in the future.
“You cannot build a $1 trillion economy on inadequate infrastructure. That is why the Renewed Hope Agenda places major emphasis on strategic highways, railways, ports, energy infrastructure and digital connectivity. But we must think beyond individual projects.”
Yilwatda also posited that the time had come for the country to take full advantage of its huge maritime potential to further increase its revenue base by developing deep-sea ports in five major cities along the coastline.
“Nigeria must now take full advantage of its enormous maritime opportunity by developing an integrated five-port maritime and logistics corridor. Our strategic ambition should be to develop and connect five major deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar, linking them by modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the principal coastal road spine.”
According to the APC National Chairman, the country’s economy was at its lowest ebb when President Tinubu assumed office in 2023, adding that the President was compelled to take some difficult decisions, including the removal of fuel subsidy and the harmonisation of the foreign exchange regime.
“When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance. We had fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service pressures and years of inadequate investment in critical infrastructure.
“The President understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of fuel subsidy and the reform of the foreign-exchange market.
“The evidence increasingly shows that the foundation is strengthening. Nigeria’s gross external reserves have risen to about $52.7 billion by August 2026. Consolidated non-oil revenue increased from approximately ₦13.63 trillion in 2023 to ₦16.4 trillion in the first two quarters of 2026, demonstrating the growing contribution of non-oil sources to government revenue.
“Our trade position has also improved dramatically: from a merchandise trade surplus of only about ₦44.8 billion for the whole of 2023 to approximately ₦7.54 trillion in the first quarter of 2026 alone. Real GDP grew by 4.43 per cent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 per cent.”
However, Yilwatda said the figures did not suggest that the country was completely out of its economic difficulties but insisted that they were a clear indication that things were beginning to improve.
“These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed. And let me emphasise: macroeconomic stability is not the destination; it is the foundation. The ultimate test is when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians.”
He posited that Nigeria has great potential to become an economic giant, adding that this could be achieved through the careful development of critical infrastructure.
“Every container through a Nigerian port is an economic opportunity. Every Nigerian agricultural product exported is an opportunity. Every factory established along a transport corridor is an opportunity. Every international company that chooses Nigeria as its African distribution base is an opportunity. That is how we grow GDP, create jobs, earn foreign exchange and build the foundation of a $1 trillion economy.
“None of this can succeed without energy. Nigeria has abundant gas, and the Ajaokuta-Kaduna-Kano gas pipeline (AKK Project) is strategically important in connecting gas resources to major population and industrial centres in Northern Nigeria. It is about electricity, fertiliser, manufacturing, transportation, energising homes and industrialisation.”
Yilwatda, however, warned that as the country moves closer to the 2027 general elections, Nigerians should be cautious about the numerous promises being made by politicians.
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