Tinubu Advocates for Loans to Boost Nigeria's Economy

President Bola Tinubu defended Nigeria's new borrowing from international institutions, stating that the funds will be used for infrastructure projects that will create opportunities for future generations. In a post by his Spokesman, Bayo Onanuga, Tinubu emphasized the importance of what is built with the loans rather than the amount borrowed.

Key projects mentioned include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, and upgrades to the electricity grid and commercial ports in Lagos. These initiatives are expected to reduce logistics costs, unlock agricultural and industrial potential, and generate significant employment.

The Lagos-Calabar Coastal Highway alone is projected to cut logistics costs by 15 to 20 percent and add up to two percent to Nigeria's GDP. Tinubu linked these investments to his administration's ambition of achieving a $1 trillion economy by 2030.

He noted improvements in economic indicators and international investor confidence, attributing these to reforms initiated in May 2023.