In a groundbreaking revelation, President Bola Ahmed Tinubu has unveiled his administration’s ambitious plan to transform Nigeria into a trillion-dollar economy within the next decade. Addressing attendees at the 2023 National Engineering Conference in Abuja, President Tinubu highlighted key elements of his Renewed Hope Agenda, emphasising economic potential, job creation, and battling societal challenges.
Leveraging population and resources
President Tinubu stressed the need to leverage Nigeria’s vast population and abundant resources as the cornerstone of his economic vision. Speaking through Vice President Kashim Shettima, he asserted that by focusing on job creation, capital accessibility for businesses, inclusiveness, the rule of law, and combatting hunger, poverty, and corruption, the trillion-dollar milestone could be reached.
The President expressed confidence in this vision while acknowledging the importance of the conference theme, “Manufacturing, Competitiveness, and Economic Growth,” as integral to achieving such an ambitious goal.
Commitment to economic transformation
“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential,” President Tinubu declared. He acknowledged the temporary difficulties faced by many Nigerians but assured them that the long-term benefits would be permanent.
President Tinubu highlighted various challenges facing the manufacturing sector, including access to low-cost capital, multiple taxation, infrastructure issues, and foreign exchange obstacles. He reassured stakeholders that his administration was addressing these challenges with unprecedented boldness and decisiveness.
Strategic approaches
President Tinubu outlined strategic approaches to tackle economic hurdles. On taxation, he pledged to streamline processes, introduce efficiency, and eliminate loopholes, delivering less burdensome tax regimes to businesses. In terms of foreign exchange, the focus is on abolishing unwieldy rate regimes to attract substantial inflows into a transparent and well-run official market.
Infrastructure development also took centre stage. The President stated, “We are supporting the States with seed financing for a transformational Infrastructure Fund,” and highlighted the positive impact of petrol subsidy reforms on subnational revenues.
To address the crucial issue of access to capital, President Tinubu announced the creation of a new single-digit interest-rate fund, providing N75 billion to support manufacturing enterprises.
Call for collaboration with NSE
President Tinubu called on the Nigerian Society of Engineers (NSE) to collaborate closely with the government and other stakeholders to chart a path to lasting prosperity. He urged frank deliberations and the creation of a comprehensive roadmap, leveraging manufacturing, technology, and innovation to achieve the administration’s Renewed Hope Agenda.
Highlighting the importance of monitoring and evaluation, the President challenged private sector leaders to measure achievements not only by profits but also by their impact on poverty reduction, job creation, and the fight against corruption.
Dignitaries in attendance
Several dignitaries attended the event, including the Deputy Speaker of the House of Representatives Benjamin Kalu, Governor Abdullahi Sule of Nasarawa State, and President of the World Federation of Engineers Mustapha Balarabe Shehu, among others.
