Tinubu Unveils Ambitious Renewed Hope Agenda: Aiming for Trillion-Dollar Economy in a Decade

President Bola Tinubu, in an address at the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE) in Abuja on Tuesday, unveiled his administration’s Renewed Hope Agenda, outlining a vision to transform Nigeria’s economy into a trillion-dollar powerhouse within the next decade.

Represented by Vice President Kashim Shettima, President Tinubu emphasized the pivotal role of Nigeria’s vast population and abundant resources in achieving this ambitious economic goal. He highlighted ongoing initiatives in job creation, SME access to capital, inclusiveness, rule of law, and the fight against hunger, poverty, and corruption as key facilitators of this transformative journey.

Despite acknowledging the current challenges faced by Nigerians, President Tinubu assured that the hardships are temporary, with enduring benefits on the horizon. He shared insights into the government’s commitment to addressing issues plaguing the manufacturing sector, such as access to low-cost capital, multiple taxation, infrastructure concerns, foreign exchange challenges, and export obstacles.

Expressing determination and boldness in tackling these issues, President Tinubu revealed comprehensive efforts to streamline taxes, enhance efficiency, and eliminate loopholes causing leakages. He assured that the government aims to deliver less burdensome tax regimes to businesses and employers of labor by increasing tax revenues while simultaneously reducing the overall burden on individuals and businesses.

The President shed light on the government’s focus on foreign exchange, emphasizing the abolition of unwieldy and abused rate regimes. This move sets the foundation for transparent price discovery and aims to attract substantial inflows into a well-regulated official market.

Addressing the crucial aspect of access to capital, President Tinubu disclosed his directive to establish targeted financing interventions. Notably, the creation of a new single-digit interest-rate fund was announced, earmarking 75 billion to support manufacturing enterprises. Additionally, he highlighted the revamped priorities of the Central Bank, now under new management, which is refocused on core mandates of inflation management and exchange rate stability.

In essence, President Tinubu’s Renewed Hope Agenda envisions leveraging Nigeria’s demographic and resource strengths to propel the economy into the trillion-dollar realm. The outlined strategies encompass a multifaceted approach, addressing taxation, foreign exchange, and access to capital, with the overarching goal of fostering sustainable economic growth and prosperity for the nation. This comprehensive vision, articulated at the NSE event, reflects a commitment to transformative policies that prioritize the long-term well-being of the Nigerian populace.