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

The Independent Media and Policy Initiative, IMPI, has said the policy thrust of the President Bola Tinubu administration has set the stage for Nigeria to attain the status of a $1 trillion economy in the next eight years.

It said the Renewed Hope Infrastructure Development Fund would go a long way to redress the incessant underfunding of capital projects in annual budgets over the years.

Its Chairman, Niyi Akinsiju, in a statement issued Monday argued that the administration’s decision to partner with private sector players will make it a reality.

He recalled the declaration by President Bola Tinubu’s administration that it aspires to a possible one trillion dollar economic size for the country over the next eight years.

The group said given the nation’s constricted economic space and the corruption and bureaucracy that had traditionally and historically constrained the ease of doing business, this declaration might be dismissed as political sloganeering and a fortuitous use of economic phrase to ingratiate the government in the public minds.

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It stressed that its readings of the policy deployment environment since that declaration was made will confirm the plausibility of the declaration.

It added: “Our aggregated view of these policies is that they constitute both the framework and fulcrum of the Tinubu’s presidency’s vision for a trillion dollar economic size.

“The RHIDF, in our consideration, is the outcome of critical thinking, especially from a leadership that understands the place of infrastructure renewal and enhancement in enabling and driving economic growth.

“It compares to the United States of America’s $1.2 trillion Bipartisan Infrastructure Law (BIL) signed into law by President Joe Biden two years ago. Like the BIL, the underlying intendment of the RHIDF is to invest in infrastructure that can strengthen long-term productive capacity while creating opportunities for people in disadvantaged communities.”