Our population has the potential to create trillion-dollar economy — Tinubu

President Bola Tinubu has expressed optimism that his administration’s Renewed Hope Agenda can create a trillion-dollar economy over the next ten years by utilising the resources and people of the country, with a primary focus on unlocking Nigeria’s full economic potential.

At the opening session of the Nigerian Society of Engineers’ (NSE) 2023 National Engineering Conference, Exhibition, and Annual General Meeting in Abuja on Tuesday, he made this claim.

The President pointed out that continuous efforts to create jobs, provide small and large enterprises with access to financing, promote inclusivity, uphold the rule of law, and combat poverty, hunger, and corruption may all help with this.

Under the leadership of Vice President Kashim Shettima, Tinubu insisted that Nigeria, with its abundant resources and populace, could develop into a trillion-dollar economy in the next ten years.

He did, however, voice his disbelief that the lofty goal could be met without considering the significance of the fundamental components included in the NSE Conference’s topic, “Manufacturing, Competitiveness, and Economic Growth.”

“Our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusivity, the rule of law, and the fight against hunger, poverty, and corruption,” the president said, summarising the Renewed Hope Agenda of his administration.

While acknowledging that he was aware of the struggles that the majority of Nigerians face, President Tinubu went on to say that “the difficult times are indeed temporary, but the benefits will be permanent.”

Speaking about the work his administration has done to restructure the economy and give residents more opportunity, Tinubu stated, “I have engaged with stakeholders across Nigeria’s manufacturing sector.” I am well aware of the concerns and difficulties that are on your mind at the moment, including difficulty obtaining low-cost capital, numerous taxation, infrastructural problems, foreign exchange, and export barriers.

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He declared, “I’m glad to inform you that we are addressing each and every one of these issues with previously unheard-of boldness and decisiveness.”

Regarding taxes, President Tinubu clarified that the objectives of his administration are to raise national tax receipts while concurrently lowering the tax burden on citizens and companies.

“It may sound contradictory, but it is true: we can and will provide less onerous tax regimes for companies and labour employers by reducing the number of taxes, increasing efficiency, and closing the gaps that allow leaks to happen.”

“The government has prioritised foreign exchange by dismantling an awkward and frequently exploited rate regime, laying the groundwork for open pricing discovery and all the other components needed to draw significant inflows into an appropriately managed official market.”

“We are supporting the States with seed financing for a transformational Infrastructure Fund,” stated Tinubu in reference to infrastructure. Furthermore, as a result of the adjustments to the petrol subsidy, subnational revenues have dramatically increased, giving the States more money to invest in infrastructure and other vital sectors.

In an apparent reference to capital availability, President Tinubu said that, among other focused finance initiatives, he has directed “the creation of a new single-digit interest-rate Fund to provide N75 billion to support manufacturing enterprises.”

“As you are all also aware, the Central Bank is returning to prioritising its core mandates of exchange rate stability and inflation management under its new management.”

Tinubu assigned the NSE to collaborate closely with the government and other stakeholders in order to “jointly chart a path to true and lasting prosperity for Nigeria,” according to a statement released by the Vice President’s spokesperson, Stanley Nkwoch.

The President was further cited as saying: “To fully use the enormous potential before us and bring the promise of Renewed Hope to life for the majority of our people, our administration needs your cooperation.

“I hereby reaffirm my serious commitment to provide the favourable conditions necessary for the implementation of the necessary laws, policies, and other initiatives.

“I urge you to have open discussions and to come up with a detailed plan detailing how we as a country can use manufacturing, technology, and innovation as the engines for accomplishing this administration’s Eight (8) Renewed Hope Agenda.”

President Tinubu pushed the NSE to concentrate more on measuring the work that has been done while also reminding them of the importance his administration places on monitoring and assessment.

“As leaders and stakeholders in the private sector, let us assess our success not only in terms of the money we make for our owners and shareholders, but also in terms of the number of Nigerians we help escape poverty, the number of jobs we create, and the effect we have on the fight against corruption,” he continued.