President Bola Tinubu has defended the Federal Government’s decision to secure new loans from international financial institutions and lenders, insisting that the funds are aimed at financing critical infrastructure projects that will stimulate economic growth and create opportunities for future generations.
In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” shared on Thursday by his spokesman, Bayo Onanuga, the President argued that the focus should be on the value created through borrowing rather than the size of the loans.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu stated.
The President identified key infrastructure projects, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos, as strategic investments intended to strengthen Nigeria’s productive capacity.
According to him, these projects, alongside investments in healthcare, education and vocational training, will improve connectivity between economic regions, lower logistics costs, unlock agricultural and industrial potential and attract private-sector investment.
Tinubu said the Lagos-Calabar Coastal Highway alone is expected to reduce logistics costs along its corridor by between 15 and 20 per cent while contributing as much as two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activity.
The project is also projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect employment opportunities across logistics, building materials 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 linked the infrastructure investments to his administration’s target of building a $1 trillion economy by 2030, stressing that Nigeria must expand and modernise its infrastructure to support long-term economic ambitions.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he noted.
The President also highlighted what he described as positive outcomes from economic reforms introduced since May 2023, including the removal of fuel subsidies, exchange-rate unification, tax reforms and measures aimed at curbing inflation.
He said the policies had contributed to improved macroeconomic stability, stronger public finances and increased confidence among international investors.
According to Tinubu, Nigeria recorded a real GDP growth rate of 4.43 per cent in the second quarter of 2026, while headline inflation declined to 14.63 per cent in September from 20.98 per cent a year earlier. He added that external reserves rose to $55.1 billion as of October 9, 2026, while the tax-to-GDP ratio increased from seven per cent to 12.5 per cent.
“The decisions taken since 2023 were difficult but necessary,” he said.
The President further argued that growing investor confidence was reducing Nigeria’s borrowing costs and improving the country’s standing in global financial markets.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he stated.
Tinubu pointed to favourable assessments from international credit rating agencies as evidence of improved confidence in Nigeria’s economic management, noting that such evaluations reflected stronger reserves, enhanced fiscal discipline and greater financial credibility.
He explained that the administration is shifting public borrowing away from addressing short-term fiscal pressures and towards investments capable of generating economic returns, creating jobs and expanding opportunities.
The government is also pursuing longer-term financing arrangements to align with the lifespan of infrastructure assets, reduce refinancing risks and secure more competitive funding terms.
Looking ahead, Tinubu outlined five key priorities for the next phase of the administration’s economic strategy: improving food affordability and energy price stability, strengthening fiscal discipline, completing high-impact infrastructure projects, enhancing regulatory efficiency and providing targeted household support while investing in human capital development.
He emphasised that the true measure of success would not be the volume of financing secured but the completion of projects and their impact on citizens’ lives.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” the President said.
Tinubu maintained that responsible borrowing, backed by productive investments, remains essential to creating sustainable growth and expanding opportunities for future generations
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