The much touted $1trillion economy can be achieved so long as the federal government stays focused on implementing ongoing reforms, experts have stressed.
A cross-section of experts made these strident calls during an interactive session with a section of the media in Lagos at the weekend.
Firing the first salvo, Abdulwaheed Animasahun, a tax consultant who spoke against the backdrop of the heightened economic hardship said he was convinced that if the reforms are being implemented as required, the economy will be better for it.
According to Animasahun, the ongoing reforms have strengthened the foundation for economic stability and growth, citing improved foreign reserves, revenue mobilisation, trade and gross domestic product.
The economic reforms being introduced by the current administration, he reiterated, has placed Nigeria on the path to achieving a $1tn economy by 2030.
He said the reforms had strengthened the foundation for economic stability, growth and prosperity.
Citing the removal of fuel subsidy and reforms in the foreign exchange market, alongside increased revenue mobilisation and investments in critical infrastructure, Animasahun insisted that these were necessary to move the country away from years of economic uncertainty and towards sustainable growth.
Echoing similar sentiments, Pascal Izuagbe, an economic analyst recalled that when President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria, he stressed, 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.
“But as a people-centred government the President understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of the 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 $52.7bn by August 2026.
“Consolidated non-oil revenue increased from approximately N13.63tn in 2023 to N16.4tn 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 N44.8bn for the whole of 2023 to approximately N7.54tn 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. “That is more than transportation infrastructure, but a trade architecture. It would generate opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing. It would create jobs, generate foreign exchange and strengthen Nigeria’s position as a regional commercial hub.”
He also noted matter-of-factly that linking rail lines to agricultural and mineral-producing areas would attract processing and manufacturing industries, turning infrastructure into an engine of economic growth, and ultimately boost the economy.
