Tinubu Eyes $1 Trillion Economy, Sets Stage for South-East Boom

President Bola Ahmed Tinubu has unveiled a comprehensive strategy aimed at harnessing the vast potential of Nigeria’s South-East region, aligning with his administration’s goal of transforming the nation into a $1 trillion economy by 2030.

Central to this initiative is the “Skill-up South-East” program, a four-month training endeavor designed to equip 97 individuals with expertise in tailoring and fashion design. This program underscores the administration’s commitment to economic stability, investment, and youth empowerment. Barrister Chioma Nweze, the Senior Special Assistant to the President on Community Engagement for the South-East, highlighted that the President’s Renewed Hope Agenda prioritizes these areas to achieve the ambitious economic target.

Further bolstering this vision, President Tinubu has inaugurated the South-East Development Commission (SEDC), tasked with reconstructing and rehabilitating critical infrastructure affected by past conflicts. The SEDC aims to propel the region towards a $200 billion economy by 2035, thereby contributing significantly to the national GDP target. The commission plans to collaborate with state governments, private sector investors, academia, traditional and religious leaders, and civil society organizations to enhance security, improve the investment climate, accelerate infrastructure development, foster industrialization, promote technology and innovation, and enhance human capital development.

These initiatives are part of a broader economic reform agenda that includes the creation of a new single-digit interest-rate fund, providing N75 billion to support manufacturing enterprises. Additionally, the Central Bank of Nigeria, under new management, is prioritizing its core mandates of inflation management and exchange rate stability.

The administration’s efforts are already yielding positive outcomes. Recent economic data indicates that Nigeria is on course to reclaim its position as Africa’s largest economy, aided by the rebasing of the country’s gross domestic product. This development is expected to validate the government’s reform measures and restore confidence among investors and the international community.

Through these concerted efforts, President Tinubu aims to unlock the latent potential of the South-East, steering Nigeria towards unprecedented economic growth and stability.