The Independent Media and Policy Initiative (IMPI) has said that the policy thrust of the President Bola Tinubu-led administration has set the stage for Nigeria to earn over N130 trillion, equivalent of $1 trillion, yearly in the next eight years.
In a statement by its Chairman, Niyi Akinsiju, the policy think-tank said that the administration’s decision to partner with private sector players would make it a reality.
“Our view of these policies is that they constitute both the framework and fulcrum of Tinubu’s vision for a trillion dollar economic size.
“It is at this intersection of public and private spending and gross capital formation that we situate the declaration by the President Bola Ahmed Tinubu’s administration that it aspires to a possible one trillion dollar economic size for the country over the next eight years.”
“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 may be dismissed as political sloganeering and a fortuitous use of economic phrase to ingratiate the government in the public minds.
“But, our readings of the policy deployment environment since that declaration was made will confirm the plausibility of the declaration.
“Our thinking is premised on two principal policies showing the seriousness and commitment of the Federal Government to engineer a hundred per cent-point expansion of the Nigerian economy. This we hope will effectively enhance per capita GDP in alignment with global requirements and actual higher standard of living impact on the average Nigerian.
“The Renewed Hope Infrastructure Development Fund (RHIDF), the Presidential Economic Coordination Council, the embedded Economic Management Team, and the Emergency Taskforce are the policy initiatives, which we believe, will change the tide of economic narratives of the country,” the group said.
The IMPIcited incessant underfunding of capital projects in budgets over the years and concluded that Renewed Hope Infrastructure Development Fund would go a long way to redress the situation.
