‘Nigeria Will Attain $1trn Economic Status In 8 Years’

The Independent Media and Policy Initiative (IMPI) on Monday said the policy thrust of the President Bola Tinubu administration has set the stage for Nigeria to attain the status of a one trillion dollar economy in the next eight years.

In a policy statement issued by its chairman Niyi Akinsiju, the policy think tank argued that the administration’s decision to partner with private sector players will make it a reality.

“It is at this intersection of public and private spending and gross capital formation that we situate the declaration by the President Bola Ahmed Tinubu’s administration that it aspires to a possible one trillion dollar economic size for the country over the next eight years.

“Given the nation’s constricted economic space and the corruption and bureaucracy that had traditionally and historically constrained the ease of doing business, this declaration may be dismissed as political sloganeering and a fortuitous use of economic phrase to ingratiate the government in the public minds,” the group said.

According to them, the Renewed Hope Infrastructure Development Fund (RHIDF), the Presidential Economic Coordination Council (PECC) Economic Management Team, and the Emergency Taskforce are the policy initiatives which will change the tide of economic narratives of the country.

“The RHIDF, in our consideration, is the outcome of critical thinking, especially from a leadership that understands the place of infrastructure renewal and enhancement in enabling and driving economic growth.

“It compares to the United States of America’s $1.2 trillion Bipartisan Infrastructure Law (BIL) signed into law by President Joe Biden two years ago. Like the BIL, the underlying intention of the RHIDF is to invest in infrastructure that can strengthen long-term productive capacity while creating opportunities for people in disadvantaged communities,” it added.

The group said the inclusion of members of the organised private sector in the PECC will allow inflow and outflow of credible private sector stakeholders in the committee.