President Bola Tinubu has defended Nigeria’s increased borrowing from international institutions and banks, saying the funds will finance infrastructure projects aimed at boosting economic growth, creating jobs and expanding opportunities for future generations.
Tinubu, in an essay titled “From reforms to delivery, Our infrastructure investment and growth strategy,” shared by his spokesman, Bayo Onanuga, on X on Thursday, argued that the benefits of borrowing should be assessed based on the projects delivered and the economic value they generate.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he wrote.
The President listed the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos among the projects expected to improve Nigeria’s productive capacity.
He said the infrastructure investments, alongside spending on healthcare, education and vocational training, would improve connectivity between economic centres, lower transportation costs, stimulate agricultural and industrial activities and attract private investment.
According to Tinubu, the Lagos-Calabar Coastal Highway could reduce logistics costs along its route 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.
The project is also projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply and related sectors.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” the President said.
Tinubu said the projects formed part of his administration’s plan to grow Nigeria’s economy to $1tn by 2030, arguing that the country would require infrastructure capable of supporting a significantly larger economy.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” Tinubu stated.
He also defended the administration’s economic reforms introduced in May 2023, saying they had helped restore macroeconomic stability, improve public finances and strengthen Nigeria’s position in international financial markets.
The President 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 from 20.98 per cent a year earlier.
He added that Nigeria’s gross external reserves had risen to $55.1bn as of October 9, 2026, including approximately $46bn in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
“The decisions taken since 2023 were difficult but necessary,” he said, referring to the removal of petrol subsidies, the unification of exchange rates, tax reforms and measures to control inflation.
Tinubu further said improvements in economic indicators and growing confidence among international investors were creating opportunities for the country to secure long-term investments.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
He pointed to assessments by international credit rating agencies and other financial institutions as evidence of improved investor confidence, attributing the development to stronger external reserves, better economic management and increased financial credibility.
“These are not political endorsements; they are independent assessments by global rating agencies, index providers, regulators and investors, recognising stronger external reserves, improved macroeconomic management and greater financial credibility,” Tinubu said.
The President said his administration was redirecting public borrowing from short-term fiscal needs towards projects expected to generate economic returns, create employment and improve opportunities for future generations.
He added that the government was seeking longer-term financing arrangements that correspond with the lifespan of infrastructure projects, reduce refinancing pressures and secure more competitive borrowing terms.
Tinubu stressed that the government must translate improved international confidence into capital expenditure, completed projects and tangible benefits for Nigerians.
He outlined five priorities for the next phase of the Federal Executive Council’s economic strategy: making food more affordable and stabilising energy prices; harmonising budgets and maintaining fiscal discipline; completing major projects and investing in critical infrastructure; improving economic policies and regulatory efficiency; and providing targeted household support while investing in human development.
He said the administration’s economic programmes would ultimately be assessed by their ability to deliver completed projects, attract investments, generate employment and improve living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
The President maintained that Nigeria’s economic ambitions must be backed by responsible borrowing and investments capable of delivering sustainable benefits to future generations.
