President Bola Tinubu has defended his administration’s borrowing plans, saying funds raised from international lenders will support infrastructure development, create jobs and expand economic opportunities for future generations.

In an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy, the President said the focus should be on the value created through borrowing rather than the amount obtained.

“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he said.

Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of commercial ports in Lagos as key projects expected to strengthen Nigeria’s productive capacity.

He said the projects, alongside investments in healthcare, education and vocational training, would improve connectivity, reduce logistics costs, boost agriculture and industry, and attract private investment.

According to the President, the Lagos-Calabar Coastal Highway could reduce logistics costs along its route by 15 to 20 per cent and contribute up to two per cent to the country’s Gross Domestic Product through increased trade, tourism and industrial activity.

He added that the project was projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply and related sectors.

“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu said.

The President said achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment in infrastructure to support productivity, industrialisation and trade.

“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.

Tinubu also cited improvements in key economic indicators as evidence that the country was gaining investor confidence and strengthening its capacity to attract long-term financing.

He said Nigeria’s real GDP grew by 4.43 per cent in the second quarter of 2026, while headline inflation declined to 14.63 per cent in September from 20.98 per cent a year earlier.

The President added that gross external reserves rose to $55.1 billion as of October 9, including about $46 billion in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.

He attributed the developments to reforms introduced since May 2023, including petrol subsidy removal, exchange rate unification, tax reforms and measures to tackle inflation.

“The decisions taken since 2023 were difficult but necessary,” he said.

Tinubu said the reforms had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.

He also cited assessments by international credit rating agencies as evidence of improved economic confidence, saying the development could help the country attract institutional investors, secure longer-term financing and reduce borrowing costs.

“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.

The President said his administration was shifting public borrowing away from short-term fiscal pressures towards projects capable of generating economic returns, creating employment and supporting long-term growth.

He added that the government was pursuing longer-term financing arrangements that align repayment periods with the lifespan of infrastructure assets, thereby reducing refinancing pressures and securing more competitive funding.

Tinubu outlined five priorities for the next phase of the Federal Executive Council’s economic strategy: improving food affordability and energy price stability; strengthening budget harmonisation and fiscal discipline; completing major infrastructure projects; improving economic policy and regulatory efficiency; and providing targeted household support alongside investment in human development.

He said the success of the government’s economic policies would be measured by completed projects, increased investment, job creation and improved living standards.

“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.

The President maintained that responsible borrowing and productive investment were necessary to translate international confidence into lasting economic benefits for Nigerians.