President Bola Tinubu has expressed optimism about the potential for Nigeria to become a trillion-dollar economy within the next decade, emphasizing the importance of leveraging the country’s vast population and abundant resources. He articulated this vision during the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE) held in Abuja.

Represented by Vice President Kashim Shettima, President Tinubu highlighted that the target could be achieved through the implementation of his administration’s Renewed Hope Agenda. This agenda is centered on key areas such as job creation, providing access to capital for businesses, ensuring inclusivity, upholding the rule of law, and combating poverty, hunger, and corruption.

While optimistic about the trillion-dollar economy goal, the President emphasized that success hinges on addressing crucial factors like “manufacturing, competitiveness, and economic growth,” which were reflected in the NSE Conference’s theme. He reaffirmed that with the right policies, Nigeria could unlock its full economic potential and become a global economic powerhouse.

Tinubu acknowledged the hardships currently faced by Nigerians but reassured them that the difficulties are temporary, while the benefits of the reforms will be long-lasting. He pointed to various engagements with stakeholders in Nigeria’s manufacturing sector and expressed his awareness of pressing challenges, including access to low-cost capital, multiple taxation, inadequate infrastructure, foreign exchange issues, and export barriers. The President assured the public that his administration is decisively tackling these issues.

On taxation, Tinubu explained that his administration’s goal is to increase tax revenues while easing the burden on businesses and individuals. He emphasized the importance of streamlining taxes, improving efficiency, and closing loopholes to deliver a more business-friendly tax system. He also mentioned the government’s efforts to reform the foreign exchange system, focusing on transparency and attracting substantial investments into a well-regulated official market.

Regarding infrastructure, the President revealed that the federal government is providing seed financing to states for a transformational Infrastructure Fund. Additionally, the removal of fuel subsidies has significantly increased revenues for states, enabling them to invest in infrastructure and critical sectors.

Tinubu also announced the creation of a new N75 billion fund offering single-digit interest rates to support manufacturing enterprises and other targeted sectors. He noted that the Central Bank of Nigeria (CBN), under new leadership, is refocusing on its core mandates of inflation management and exchange rate stability.

In a statement issued by Vice President Shettima’s spokesman, Stanley Nkwoch, the President called on the Nigerian Society of Engineers (NSE) to collaborate closely with the government to chart a path toward lasting prosperity for Nigeria. He emphasized that his administration is committed to providing the necessary environment for policies, legislation, and actions that will drive progress.

Tinubu also urged the NSE to engage in meaningful discussions during the conference and develop a comprehensive roadmap outlining how the nation can leverage manufacturing, technology, and innovation to achieve the eight pillars of the Renewed Hope Agenda. He stressed the importance of monitoring and evaluation and challenged private sector leaders to measure their success not only by profits but also by the impact on poverty reduction, job creation, and anti-corruption efforts.