FG’s policy thrust will birth $1trn economy for Nigeria – Group

The Independent Media and Policy Initiative (IMPI) has asserted that the policy direction of President Bola Tinubu’s administration has laid the groundwork for Nigeria to achieve the status of a $1 trillion economy within the next eight years.

According to IMPI, the Renewed Hope Infrastructure Development Fund (RHIDF) will significantly address the longstanding issue of inadequate funding for capital projects in annual budgets.

Niyi Akinsiju, the Chairman of IMPI, stated in a Monday statement that the administration’s collaboration with private sector entities will play a crucial role in realizing this goal.

Akinsiju recalled the announcement by President Bola Tinubu’s administration of its ambition for Nigeria to attain a potential economic size of one trillion dollars over the next eight years.

While acknowledging the skepticism stemming from Nigeria’s constrained economic environment and historical challenges such as corruption and bureaucracy hindering business operations, IMPI argued that the administration’s policy measures since the declaration validate the feasibility of this aspiration.

IMPI emphasized that the policies implemented serve as both the foundation and pivot of Tinubu’s presidency’s vision for achieving a trillion-dollar economic size.

Regarding the RHIDF, IMPI viewed it as a product of strategic thinking, particularly from leadership cognizant of the role of infrastructure development in fostering economic growth.

The RHIDF, in IMPI’s assessment, bears resemblance to the United States’ $1.2 trillion Bipartisan Infrastructure Law (BIL) signed into law by President Joe Biden two years ago. Similar to the BIL, the RHIDF aims to invest in infrastructure to bolster long-term productive capacity and create opportunities, especially in marginalized communities.