Mohammed Shosanya
President Bola Tinubu,says his administration will grow the nation’s economy to $1 trillion by 2026,and increase it to $3 trillion by the end of 2030.
Tinubu,gave the assurance on Monday in Abuja at the opening ceremony of the 29th Nigerian Economic Summit(NES 29) organised by the Nigerian Economic Summit Group (NESG) in partnership with the Federal Ministry of Budget and Economic Planning.
He asserted that it was possible for his administration to walk the talk on the $1trillion economy in three years.
He said: “Distinguished ladies and Gentlemen, a $1 trillion economy is possible by the year 2026 and a $3 trillion economy is possible within this decade. We can do it.”
“We’ve done double-digit inclusive and sustainable competitive growth. This is our agenda and I’d like to charge you- the captains of industry here present, to commit yourselves to and redouble your effort to our vision of a renewed hope.”
The President,who revealed his administration’s plans to stabilize the economy through the collaboration with the private sector and all critical stakeholders, stressed the need for the provision of sustainable credit scheme.
He said such credit scheme would aid an effective anti-corruption campaign and fight.
He added:”There must be consumer credit, the scheme will have to come into effect as soon as possible.
“I charge my team and colleagues to build this programme and develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car”
He further assured investors and business men that his government inherited the assets and liabilities of the government with regard to the foreign exchange and financial market.
He noted that the administration has a good line of sight about FX liquidity and will honour all foreign exchange forward contracts entered by the government.
He said: “To mobilise finance for economic development, we have started local and external mobilisation of financial resources and capital from a wide range of partners amongst several initiatives. We are progressing forward”
“You have heard that the CBN removed about 43 items, I have read all the comments, but there must be a clear line between monetary policy and fiscal policy.
“Are these items on trade embargo? No. You simply move them to the parallel market.
“Let’s compete with whatever is available so that the government will work hard and bring more investment to the economy.”