“It Is Plausible”: Nigeria On Track for $1 Trillion Economy Under Tinubu, Says Think Tank

• The Independent Media and Policy Initiative has stated that the Tinubu government is on track to achieve a $1 trillion economic size within eight years
• The think tank cited the president’s strategic collaboration with private sector entities as a key factor driving their assessment
• The group drew parallels between the Renewed Hope Infrastructure Development Fund and the Bipartisan Infrastructure Law enacted in the United States by Joe Biden

The Independent Media and Policy Initiative (IMPI), a Nigerian policy research group, has published a statement outlining its belief that the policies implemented by the President Bola Tinubu administration will propel the nation towards a $1 trillion economy within the next eight years.

IMPI’s chairman, Niyi Akinsiju, argues that the government’s decision to actively collaborate with private sector players is a critical factor in achieving this ambitious goal.

The IMPI, however, contends that recent policy pronouncements and actions by the Tinubu administration suggest a genuine commitment to overcoming these challenges.

The report identifies two key initiatives that exemplify this commitment: the Renewed Hope Infrastructure Development Fund (RHIDF) and the Presidential Economic Coordination Council (PECC).

The statement read in part:

“The Renewed Hope Infrastructure Development Fund (RHIDF), the Presidential Economic Coordination Council, and 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.”

Renewed Hope for Infrastructure Investment

IMPI noted the chronic underfunding of critical infrastructure projects in past Nigerian budgets.

The RHIDF, they argue, represents a significant shift in this approach. Akinsiju compares the initiative to the successful $1.2 trillion Bipartisan Infrastructure Law (BIL) enacted in the United States by President Joe Biden.

Similar to the BIL, the RHIDF aims to invest in infrastructure that strengthens Nigeria’s long-term economic potential while creating opportunities for underserved communities.

The report acknowledges concerns about the RHIDF’s ability to overcome past failures of infrastructure funding schemes.

The report further stated:

“We think there is a practicability inherent in the conceptualization of the RHIDF so much that we believe that if the RHIDF represents the audacious vision coupled with the many funding and financing channels it itemises, the Presidential Economic Coordination Council (PECC) is the equivalent of the scaffolding for its realisation”

The PECC’s angle

The PECC, a newly established 31-member council, is viewed by IMPI as the scaffolding upon which the ambitious economic vision will be built.

The report acknowledges the existence of similar councils in the past but highlights the Tinubu administration’s decision to include state governors, relevant government agencies, and the Central Bank of Nigeria governor.

This broader membership, according to IMPI, elevates the PECC from an advisory body to a quasi-decision-making entity.

The report draws a comparison between the PECC and Pakistan’s Economic Coordination Committee, highlighting its role in finalizing economic decisions and advising the Prime Minister on economic security and geo-economic matters.

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