Sanwo-Olu: Nigeria on Course to Achieving $1tn Economy, Nation Improving Under Tinubu

Lagos State Governor Babajide Sanwo-Olu has expressed confidence that Nigeria is on track to achieve its target of a $1 trillion economy by 2030, attributing the progress to the administration of President Bola Tinubu. During a meeting with former presidential aide, political commentator, and ambassador-designate Reno Omokri, Sanwo-Olu highlighted reforms in the oil and gas sector as key drivers of increased investment and economic growth.

The governor praised the government's efforts to attract fresh capital into the oil and gas industry, noting that the Tinubu administration had unlocked over $50 billion in investments through policy changes and enabling environment creation. Sanwo-Olu emphasized that these reforms were creating the right conditions for economic development, albeit conceding that Nigeria might miss the target by a year.

Nevertheless, he expressed optimism that the country was making significant strides toward achieving the $1 trillion economy goal.

Sanwo-Olu also commended Tinubu's social and economic policies, citing improvements in pensioners' welfare as a testament to the administration's commitment to "shared prosperity." The governor, who himself has benefited from these policies, stressed that the government was creating a better environment for its citizens. He further highlighted the increase in pensions under the contributory pension scheme, despite concerns about the associated costs, as an example of the Tinubu government's dedication to addressing welfare issues.

Ambassador-designate Reno Omokri echoed Sanwo-Olu's optimism, arguing that the Tinubu administration's economic policies were not only improving headline economic indicators but also benefiting states, workers, students, and infrastructure. Omokri pointed to Osun State as an example, noting that the state's federal allocation had risen significantly from N3 billion to N15 billion per month.

He further highlighted the federal minimum wage, regular salary payments, and the federal government's student loan program as evidence of the reforms' positive impact on workers and students.

Omokri also praised the Tinubu administration for increasing remuneration for military personnel and investing in infrastructure projects, such as the 1,068-kilometre Ilela-Sokoto Super Highway, the 750-kilometre Lagos-Badagry Coastal Highway, and the Trans-Saharan Highway project. These developments, he argued, would reduce travel time and costs while creating new economic opportunities.