Nigeria’s Economic Transformation: Tinubu Administration Charts Path to Industrial Growth
President Bola Tinubu’s administration has unveiled its commitment to accelerating Nigeria’s industrialization efforts while ensuring balanced economic development, as announced during the 31st Nigerian Economic Summit in Abuja.
Speaking through Vice President Kashim Shettima at the three-day conference themed “Building a Prosperous and Inclusive Nigeria by 2030,” President Tinubu emphasized his administration’s three-pronged approach: stabilization, industrialization, and humanization of the economy.
The government’s Renewed Hope Agenda has already shown promising results. The nation’s GDP expanded to N372.8 trillion in 2024 from N309.5 trillion in 2023, while revenue collection surpassed expectations, reaching N27.8 trillion by August 2024 compared to the projected N18.3 trillion. Notably, the country’s debt service-to-revenue ratio has improved significantly, dropping from 97 percent in 2023 to below 50 percent, leading to positive credit rating adjustments from both Fitch and Moody’s.
Economic indicators have shown substantial improvement, with a 4.2 percent growth recorded in September, surpassing international forecasts. The external reserves reached $43 billion in September, and trade balance increased to N7.5 trillion in the second quarter, up from N5.2 trillion in the first quarter. However, the administration acknowledges that job creation remains a challenge despite these positive trends.
Minister of Budget and Economic Planning Atiku Bagudu provided additional insight into the economic outlook, noting that monthly federation allocation has significantly increased to N2.2 trillion in September from pre-June 2023 levels of below N600 billion. The government projects ambitious targets, including real GDP growth of 4.6 percent this year, rising to 5.5 percent by 2027, with inflation expected to decrease to 15.8 percent in 2026 and 10 percent by 2027.
Looking forward, the administration plans to develop the second phase of the National Development Plan (2026-2030) through collaborative efforts with state governments, private sector stakeholders, and civil society organizations, aiming to achieve a $1 trillion economy by 2030. The government’s strategy emphasizes agriculture and solid minerals development, coupled with international partnerships to modernize farming practices.
The administration maintains its focus on implementing tax reforms, encouraging private capital growth, and developing key sectors including agriculture, manufacturing, and the digital economy, while working toward creating an inclusive and competitive economic environment for all Nigerians.
