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

Lagos State Governor Babajide Sanwo-Olu has voiced strong optimism about Nigeria's economic trajectory under President Bola Tinubu, asserting that the nation is progressing toward its ambitious goal of a $1 trillion economy by 2030. Sanwo-Olu shared these views during a meeting with former presidential aide Reno Omokri in Lagos.

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If you look at what has happened in the oil and gas industry. Not only have we gone beyond the era of oil queues and the rest of it, yes, we can say that given the adjustment, but the bottom line is it’s available, it’s affordable, and it’s accessible.

The governor pointed to significant reforms within the oil and gas sector as crucial catalysts for attracting investment and fostering economic expansion. He noted the elimination of fuel queues and the increased availability and accessibility of petroleum products. Sanwo-Olu specifically lauded a recent presidential initiative aimed at unlocking over $50 billion in investments for the oil and gas industry, describing it as a "phenomenal" achievement driven by policy changes and the creation of an enabling environment.

Beyond the oil and gas sector, Sanwo-Olu commended Tinubu's social and economic policies, particularly the improvements in welfare for pensioners. He cited the recent approval of increased pensions under the contributory pension scheme, despite potential cost concerns, as a testament to the administration's dedication to "shared prosperity." Sanwo-Olu stated that he has personally benefited from and advocated for these policies, asserting that conditions have improved significantly.

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That’s phenomenal. $50 billion just by policy changes and creating the enabling environment to unlock that kind of potential. I believe that with this government, it’s clear that we’re on our way to $1 trillion (economy) by 2030. If we miss it, maybe by a year, but we’re certainly on our way to it.

Omokri, in his remarks, echoed the sentiment that the Tinubu administration's economic policies are yielding positive results, extending beyond headline figures. He urged Nigerians to observe the impact on various segments of society, including states, workers, students, and infrastructure. Omokri used Osun State as an example, noting a substantial increase in its monthly federal allocation since Tinubu took office.

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The President just increased the pensioners on the contributory pension scheme. He just increased their figures. I was just complaining to him last night, saying that you can’t do this, we can’t afford it. He said, no, he has to do it.