President Bola Tinubu has defended his administration’s external borrowing plans. He recently had his say in a press statement titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” and Nigerians have been reacting.
Stressing that the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos, among others, would strengthen Nigeria’s productive capacity, Tinubu stated that the focus should be on the economic value generated by borrowed funds rather than the amount borrowed.
He added that the loans are necessary because they will finance critical infrastructure and investments capable of expanding economic opportunities for future generations.
His words, “The real question is not how much we borrow, but what we build, what value we create and what future we leave behind.
We are not simply building highways, we are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography.
We cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size.
The decisions taken since 2023 were difficult but necessary.
Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased.
These are not political endorsements, they are independent assessments by global rating agencies, index providers, regulators and investors, recognising stronger external reserves, improved macroeconomic management and greater financial credibility.
Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement
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