Tinubu’s infrastructure, human capital investments will drive $1tn economy — APC chairman

Prof. Nentawe Goshwe Yilwatda, national chairman of the All Progressives Congress (APC), asserted during a meeting with the Governing Council of the Federal University of Health Sciences, Otukpo, in Abuja that President Bola Tinubu's administration is investing strategically in infrastructure and human capital to realize a goal of building a $1 trillion economy. The remarks came amid discussions on the broader economic vision of the current government. The APC chairman outlined the administration’s focus on enhancing transportation networks, including the development of five major deep seaports, Badagry in Lagos, Olokola along the Ondo-Ogun axis, Ibom in Akwa Ibom, Bakassi in Cross River, and Bonny in Rivers. These ports are positioned as key components of a larger plan to bolster economic activity. In addition, the government is constructing seven coastal roads to link these seaports and improve the flow of goods and services throughout the nation. Yilwatda emphasized the significance of the railway project connecting Nigeria to Maradi in Niger Republic, stating it would enhance regional trade and position Nigeria as a crucial logistics hub. This initiative aims to provide landlocked regions with direct access to maritime infrastructure, thereby facilitating the movement of both people and cargo. He noted that such developments would increase cargo throughput at Nigerian seaports and contribute to overall economic efficiency. As part of its infrastructure push, the government has initiated numerous road projects. Currently, there are 81 federal road projects underway in the North-Central zone, with over 260 road and bridge projects spanning all six geopolitical zones. Recently, the government approved 27 major road projects totaling approximately N3.9 trillion across 15 states. These initiatives aim to improve national connectivity, reduce travel times, and support commercial and social mobility. The APC chairman also addressed the administration’s tax reforms, highlighting their intent to promote equity by reducing the tax burden on low-income individuals while ensuring higher contributions from wealthier citizens. Additionally, the government’s foreign exchange reforms have been praised for improving market stability by mitigating issues related to the parallel market. Nigeria’s economic performance, according to Yilwatda, is showing encouraging trends. The country recorded GDP growth of around four percent, and investor confidence has improved. Notably, the administration has secured substantial investment commitments, including a reported $20 billion investment by Shell, which is expected to generate employment and stimulate economic activity. The government continues to prioritize human capital development alongside infrastructure improvements. By focusing on education and skills training, officials believe they can equip the workforce with the necessary competencies to support sustained economic growth. These efforts align with the broader objective of transforming Nigeria into a high-income economy capable of generating significant value for its citizens.