President Bola Ahmed Tinubu has said the private sector will provide approximately 86 per cent of the investment required to grow Nigeria’s economy to $1 trillion by 2030.
Tinubu, who was represented by the Speaker of the House of Representatives, Tajudeen Abbas, at a book presentation in Abuja on Thursday, said the Federal Government would prioritise creating an enabling environment for businesses to expand, manufacture and export.
The President said the administration remained committed to promoting domestic production and exports as part of its broader strategy to achieve the $1 trillion economic target.
According to him, building a trillion-dollar economy cannot be achieved through government spending alone, stressing that private enterprises must play a leading role through investment, innovation, manufacturing and exports.
“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,” Tinubu said.
He explained that the government was harmonising the country’s tax system and addressing multiple taxation to reduce the burden on businesses and encourage economic growth.
“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.
Tinubu also defended his administration’s economic reforms, particularly the removal of petrol subsidy and the unification of the foreign exchange market, describing them as necessary measures to address the economic challenges inherited when he assumed office in May 2023.
Providing an update on the economy, the President said non-oil activities now account for approximately 96 per cent of Nigeria’s Gross Domestic Product (GDP), while non-oil exports have exceeded $6 billion, which he described as the highest level in the country’s history.
He further disclosed that Nigeria’s external reserves had risen to about $55 billion, providing more than 14 months of import cover.
Tinubu also revealed that non-oil revenue increased from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.
The President said the administration had moved beyond its initial focus on economic stabilisation and was now concentrating on translating economic gains into shared prosperity for Nigerians.
He stressed that the success of the country’s economic transformation should not be measured solely by improved economic statistics but by its impact on citizens’ living conditions, opportunities and overall standard of living.
Tinubu maintained that sustained private sector investment, increased local production and improved export capacity would remain central to achieving Nigeria’s ambition of becoming a $1 trillion economy by 2030.
