President Bola Tinubu has said the private sector will provide about 86 per cent of the investment required to grow Nigeria’s economy to $1tn by 2030, stressing that the government cannot achieve the ambitious target on its own.
Tinubu said the Federal Government would concentrate on creating an enabling environment for businesses to expand production, attract investment and boost exports.
The President, who was represented by the Speaker of the House of Representatives, Tajudeen Abbas, spoke at the presentation of a book in Abuja on Thursday.
He said domestic production and exports would remain central to the administration’s economic transformation agenda.
According to him, sustainable wealth creation depends largely on private enterprises investing, innovating, manufacturing and exporting.
“Government alone cannot build a trillion-dollar economy. Wealth is created by enterprises that invest, innovate, manufacture and export. Our duty is to clear the path before them,” he said.
Tinubu said the administration was working to harmonise the tax system and eliminate multiple taxation, which he identified as a major burden on businesses.
“That is why we are harmonising our taxes, ending the menace of multiple taxation. We cannot tax our way into prosperity. We must produce our way there,” he added.
The President identified electricity, infrastructure, agriculture, housing, manufacturing and digital skills as critical sectors that would drive the next phase of Nigeria’s economic transformation.
He also defended the administration’s major economic reforms, particularly the removal of petrol subsidy and the unification of the foreign exchange market, saying they were necessary to address the economic challenges inherited when he assumed office in May 2023.
Tinubu said non-oil activities now accounted for about 96 per cent of Nigeria’s Gross Domestic Product, while non-oil exports had exceeded $6bn, describing the figure as the highest in the country’s history.
He further disclosed that Nigeria’s external reserves had risen to approximately $55bn, providing more than 14 months of import cover.
The President also said non-oil revenue increased from N13.63tn in 2023 to N16.4tn in the first half of 2026.
He said the administration had moved beyond efforts to stabilise the economy and was now focusing on translating economic gains into shared prosperity.
Tinubu, however, acknowledged that improved economic indicators must produce tangible benefits for Nigerians, particularly through better living conditions and increased economic opportunities.
