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• Projects 250,000 jobs from Lagos-Calabar highway
From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has said his administration’s economic reforms are driving down Nigeria’s borrowing costs and strengthening investor confidence, insisting that the country must take advantage of its improving financial standing to fund critical infrastructure, create jobs and achieve its ambition of becoming a $1 trillion economy by 2030.
The President, who projected that the Lagos-Calabar Coastal Highway alone would generate 250,000 direct and indirect jobs, defended the Federal Government’s borrowing plans amid mounting criticism from opposition leaders, arguing that the true measure of public debt should be the infrastructure delivered, economic value created and opportunities provided for future generations.
In an essay titled, “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” released by the State House on Thursday, Tinubu maintained that the economic reforms introduced since May 2023 had strengthened Nigeria’s public finances, improved its standing in international financial markets and created opportunities to secure long-term financing on more favourable terms.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased.”
He said the improvements were reflected in assessments by international credit rating agencies, index providers, regulators and investors, which he described as independent recognition of stronger external reserves and improved macroeconomic management rather than political endorsements.
According to him, Nigeria’s improving financial credibility would enable the country to attract more institutional investors, secure longer-term financing and reduce the cost of funding productive investments.
Tinubu argued that the government was deliberately shifting public borrowing away from meeting short-term fiscal pressures towards financing infrastructure and other investments capable of generating economic returns, creating employment and expanding opportunities for Nigerians.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he said.
He identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as strategic investments expected to connect economic regions, reduce transportation and logistics costs, stimulate industrial production and attract private capital.
The President said the Lagos-Calabar Coastal Highway could reduce logistics costs along its corridor by 15 to 20 per cent and contribute up to two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activities.
He projected that the project would generate approximately 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect employment opportunities in logistics, building materials, supply chains and related services.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu stated.
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He maintained that Nigeria’s existing infrastructure was inadequate to support the scale of economic expansion required to achieve the administration’s $1 trillion economy target by 2030, stressing that sustained investment in transport, power, ports, healthcare, education and vocational training was essential.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
Tinubu linked the infrastructure investment strategy to the administration’s broader economic reforms, including the removal of petrol subsidy, unification of the foreign exchange market, tax reforms and measures to contain inflation, which he said had helped restore macroeconomic stability and strengthen government finances.
He cited real Gross Domestic Product growth of 4.43 per cent in the second quarter of 2026 and a decline in headline inflation to 14.63 per cent in September, compared with 20.98 per cent in the corresponding period of 2025, as evidence of progress.
The President also disclosed that gross external reserves had risen to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves, while the country’s tax-to-GDP ratio had increased from seven per cent to 12.5 per cent.
“The decisions taken since 2023 were difficult but necessary,” he said.
According to Tinubu, the government was pursuing financing arrangements whose repayment periods would correspond with the economic lifespan of infrastructure assets, thereby reducing refinancing pressures and improving the sustainability of public borrowing.
He stressed that borrowing must be responsible and tied to investments that deliver measurable economic benefits rather than merely increasing the country’s debt obligations.
Outlining the next phase of the Federal Executive Council’s economic strategy, Tinubu identified five priorities: improving food affordability and energy price stability; strengthening budget harmonisation and fiscal discipline; completing high-impact projects and investing in critical infrastructure; improving economic policy and regulatory efficiency; and providing targeted household support alongside investments in human development.
He said the administration was determined to convert renewed international confidence into capital expenditure, completed infrastructure and tangible improvements in the lives of Nigerians.
The President acknowledged that the ultimate test of his administration’s economic policies would not be the volume of financing secured or the favourable assessments of international institutions, but the number of projects completed, jobs created, investments attracted and improvements recorded in citizens’ living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he declared.
Tinubu maintained that Nigeria’s economic ambitions must be supported by responsible borrowing, sustained reforms and investments that create lasting opportunities for present and future generations.
