Loans For Infrastructure Will Drive Growth – Tinubu

President Bola Tinubu has robustly responded to criticism, especially from opposition leaders, over new loans the country has accessed from international institutions and banks.

In an essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” to be published on Nigerian news platforms, President Tinubu wrote: “The real question is not how much we borrow, but what we build, what value we create and what future we leave behind.”

President Tinubu 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.

In a statement by his spokesman, Bayo Onanuga, 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.

The Lagos-Calabar Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 per cent. It could add up to two per cent to Nigeria’s GDP through expanded trade, tourism, and industrial activity.

The project is also 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,” the President said.

He said the administration’s ambition to build a $1 trillion economy by 2030 would require sustained infrastructure investment to support higher productivity, industrialisation and trade.

“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” Tinubu said.

He wrote that improving economic indicators and growing international investor confidence are creating opportunities for Nigeria to attract long-term investment and expand critical infrastructure.

The President said the economic reforms his administration introduced in May 2023 helped restore macroeconomic stability, strengthen public finances, and improve the country’s standing in international financial markets.

He said a $1 trillion economy would not emerge by declaration alone but must be built through sustained investment, higher productivity, industrialisation, and trade, stressing that infrastructure development would be critical to achieving the target by 2030.

In an article titled “From reforms to delivery: Our infrastructure investment and growth strategy,” Tinubu 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.

He 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.

Tinubu 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.