President Bola Tinubu has defended his administration's borrowing programme, arguing that external loans should be judged by the infrastructure they deliver, the economic value they create and their long-term benefits to Nigerians.
In an essay titled "From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy" published on October 29, 2026, the President linked infrastructure spending to his target of building a $1 trillion economy by 2030. He stated that the relevant question was not how much the government borrows, but what it builds, what value it creates and what future it leaves behind.
Tinubu identified the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as priority projects expected to strengthen Nigeria's productive capacity. He added that these projects, alongside spending on healthcare, education and vocational training, would improve connectivity, lower logistics costs, expand economic activity and attract private investment.
On the Lagos-Calabar Coastal Highway, the President said the project is projected to reduce logistics costs along its corridor by 15% to 20% and could add up to 2% to Nigeria's GDP through increased trade, tourism and industrial activity. It is also expected to generate about 100,000 direct jobs in construction and engineering and more than 150,000 indirect jobs in logistics, materials and related services.
He argued that achieving a $1 trillion economy by 2030 would require sustained infrastructure investment to support productivity, industrialisation and trade, saying the country could not build a $1 trillion economy with infrastructure designed for a much smaller economy.
The President cited reforms introduced since May 2023, including petrol subsidy removal, exchange rate unification and tax reforms, as measures that had strengthened public finances, restored macroeconomic stability and improved investor confidence. He noted real GDP growth of 4.43% in the second quarter of 2026, a decline in headline inflation to 14.63% in September from 20.98% a year earlier, and gross external reserves of $55.1 billion as of October 9, 2026, including roughly $46 billion in net reserves. The tax-to-GDP ratio, he said, had risen to 12.5% from 7%.
