President Bola Tinubu has told critics of the country’s new foreign loans that the measure of any borrowing is the value it creates and the future it leaves behind, as he defended his administration’s infrastructure financing plans.
In an essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” due to be published on Nigerian news platforms, the President responded to opposition leaders who have criticised loans accessed from international institutions and banks.
“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.
In a statement on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu named the Lagos to Calabar Coastal Highway, the Sokoto to Badagry Superhighway, the Trans Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.
He said these, together with investments in healthcare, education and vocational training, would connect economic regions, lower logistics costs, unlock agricultural and industrial potential and draw in private investment.
The Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 per cent and could add up to two per cent to Nigeria’s GDP through expanded trade, tourism and industrial activity. It is also projected to create about 100,000 direct jobs in construction and engineering, and more than 150,000 indirect jobs in logistics, materials and related services.
“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 administration’s goal of a $1 trillion economy by 2030 would not come by declaration but through sustained investment, higher productivity, industrialisation and trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
The President credited the reforms introduced in May 2023 with restoring macroeconomic stability, strengthening public finances and improving Nigeria’s standing in international markets.
He said real GDP growth reached 4.43 per cent in the second quarter of 2026, while headline inflation dropped to 14.63 per cent in September from 20.98 per cent a year earlier.
He added that gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, and that the tax to GDP ratio increased to 12.5 per cent from seven per cent.
He attributed the gains to petrol subsidy removal, exchange rate unification, tax reforms and coordinated efforts to tackle inflation. “The decisions taken since 2023 were difficult but necessary,” he said.
According to Tinubu, the improvements have strengthened Nigeria’s ability to attract investment.
“Confidence has a price; our cost of borrowing is going down, and the country’s risk premium has drastically decreased,” he said.
He cited positive assessments from international credit rating agencies as proof. “These are not political endorsements; they are independent assessments by global rating agencies, index providers, regulators and investors,” he said.
The President said the improved standing could help Nigeria draw more institutional investors, secure longer term financing and reduce borrowing costs.
He said the government was shifting public borrowing away from covering short term fiscal pressures toward investments that generate returns and jobs and was pursuing longer tenor financing to match the lifespan of infrastructure assets and reduce refinancing pressure.
Tinubu listed five priorities for the next phase of the Federal Executive Council’s economic strategy: Food affordability and energy price stability, Budget harmonisation and fiscal discipline, Completion of high impact projects and investment in critical infrastructure, An improved economic policy framework and regulatory efficiency, and Targeted household support alongside investment in human development.
He said the success of his administration’s economic programmes would be judged by completed projects, increased investment, employment generation and better living standards.
“Securing financing is not an achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
