Susan Abayomi and Bolatito Mercy
President Bola Tinubu has said his administration’s economic reforms are reducing Nigeria’s borrowing costs, improving investor confidence and strengthening the country’s capacity to finance critical infrastructure projects.
The President also projected that the Lagos-Calabar Coastal Highway would generate approximately 250,000 direct and indirect jobs, describing the project as a major driver of employment, economic growth and regional connectivity.
Tinubu made the remarks in an essay titled, “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” released by the State House, where he defended the Federal Government’s borrowing plans and outlined the administration’s infrastructure development priorities.
He maintained that the economic reforms introduced since May 2023 had improved Nigeria’s financial standing, strengthened public finances and enhanced its attractiveness to international investors.
According to him, the country’s declining risk premium and improved credit assessments by international rating agencies and investors demonstrate growing confidence in the Nigerian economy.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
The President explained that improved financial credibility would enable Nigeria to attract institutional investors, access longer-term financing and secure more favourable borrowing terms for productive investments.
Defending the government’s borrowing strategy, Tinubu argued that public debt should be assessed not only by the amount borrowed but also by the infrastructure delivered, economic value generated and opportunities created for future generations.
He said the administration was shifting borrowing towards long-term investments capable of supporting economic expansion, creating employment and improving national productivity.
Among the major projects identified were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos.
Tinubu said the projects were designed to connect economic centres, reduce transportation and logistics costs, stimulate industrial activities and attract private-sector investment.
Specifically, he projected that the Lagos-Calabar Coastal Highway could reduce logistics costs along its corridor by between 15 and 20 per cent and contribute up to two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activities.
He estimated that the highway would create about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect employment opportunities across logistics, building materials, supply chains and related sectors.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” he stated.
The President maintained that Nigeria required substantial investment in infrastructure to achieve his administration’s ambition of building a $1 trillion economy by 2030.
He identified transportation, electricity, ports, healthcare, education and vocational training as critical areas requiring sustained investment to support the country’s economic transformation.
Tinubu also attributed improvements in the country’s economic indicators to reforms introduced by his administration, including petrol subsidy removal, foreign exchange market unification, tax reforms and measures aimed at containing inflation.
He cited real GDP 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.
He further disclosed that Nigeria’s gross external reserves had increased to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.
The President also said the country’s tax-to-GDP ratio had improved from seven per cent to 12.5 per cent, describing the development as part of efforts to strengthen government revenue and fiscal capacity.
According to him, the administration is pursuing financing arrangements with repayment periods that align with the economic lifespan of infrastructure assets to reduce refinancing pressures and improve debt sustainability.
He, however, stressed that borrowing must remain responsible and directed towards projects capable of delivering measurable economic benefits.
Outlining the next phase of the Federal Executive Council’s economic strategy, Tinubu identified five priority areas: improving food affordability and energy price stability; strengthening budget harmonisation and fiscal discipline; completing high-impact infrastructure projects; improving economic policy and regulatory efficiency; and providing targeted household support alongside investments in human development.
He said the government was determined to translate improved international confidence into actual investments, completed projects and better living conditions for Nigerians.
Tinubu acknowledged that the success of the administration’s economic policies would ultimately be measured by completed infrastructure, jobs created, investments attracted and improvements 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.
He maintained that achieving Nigeria’s economic ambitions would require sustained reforms, responsible borrowing and strategic investments capable of creating lasting opportunities for present and future generations.
