REFORM TALKS with President Bola Tinubu
In this release from the Nigerian Presidency, which we have elected to publish in parts, President Bola Ahmed Tinubu outlines the Federal Government’s infrastructure investment strategy, explaining how policy changes, productive borrowing and long-term capital investment are expected to advance Nigeria’s ambition of building a $1 trillion economy.
Credibility recognised by international markets:
The international financial community has delivered a clear and unprecedented convergence of positive signals on Nigeria. All three major credit rating agencies (S&P, Fitch and Moody’s) have taken positive rating actions, with S&P upgrading Nigeria’s sovereign rating and Fitch and Moody’s raising their outlooks to Positive.
FTSE Russell has restored Nigeria to Frontier Market status, reopening its visibility to global institutional investors, while the FATF has removed Nigeria from its grey list, recognising progress in financial transparency and compliance. Nigeria’s successful Eurobond issuance, attracting strong international demand, further demonstrates renewed investor appetite for Nigerian sovereign risk. The specific rating actions reinforce this convergence: Fitch rates Nigeria B with a Positive outlook as of 9 October 2026; Moody’s rates it B3 with a Positive outlook; and S&P upgraded Nigeria to B on 15 May 2026 with a Stable outlook.
Nigeria’s exit from the FATF Grey List in October 2025 and the EU list in January 2026 further supports improved financial transparency and compliance. 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. The implications are transformative: broader access to international capital, greater investor participation, and the potential for lower financing costs and longer maturities. Every improvement in Nigeria’s cost of capital creates additional capacity to finance infrastructure, accelerate growth and deliver my government’s economic transformation agenda.
What the international community expects:
The message from international investors, global banks and development institutions is unequivocal: Nigeria has undertaken the reforms; now is the time to invest, build and deliver at scale. International capital increasingly sees Nigeria as a major infrastructure investment opportunity, with lenders showing a growing appetite to finance our growth projects (Roads, Railways, Electricity, Water and Agriculture, Transport, and Social Infrastructure) and support the country’s long-term development.
Improving market confidence is creating opportunities for more competitive financing terms and greater access to long-term capital.
Nigeria must seize this window of opportunity. The greatest risk is no longer simply the cost of borrowing, but the economic cost of failing to invest. Every year of delayed infrastructure means lost growth, higher logistics costs, missed investment and jobs that are never created. The international financial community is ready to support credible, bankable projects.
Nigeria must now convert this confidence into capital expenditure, completed infrastructure and lasting economic value. The reforms have opened the door to capital; delivery is what will turn that capital into prosperity. The delivery agenda is reflected in the five priorities FEC identified for the next stage: food affordability and energy price stability; budget harmonisation and fiscal discipline; high-impact project completion and investment in critical infrastructure; an economic policy framework and regulatory efficiency; and targeted household support and investment in human development.
At this point, it must be clearly stated that we did not undertake difficult reforms merely to stabilise the economy. We undertook them to unlock Nigeria’s economic potential and build lasting prosperity. These reforms laid the foundation for economic recovery, while infrastructure investment will drive growth, create jobs and improve living standards. The next phase of Nigeria’s economic transformation must be defined by projects completed on the ground and tangible results for Nigerians, not policy documents alone.
Borrowing and long-term investment
We are moving from borrowing to bridge fiscal gaps to borrowing to build the productive capacity of our nation. The key question is not how much we borrow, but what we build, the value we create and the future we leave behind. Although loans must be repaid, the roads, ports, railways and economic opportunities they finance can serve generations.
We cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size. We are investing in infrastructure for the next 50 years, and our financing strategy must reflect that ambition. We must also weigh the cost of borrowing against the cost of inaction because every delayed project means lost opportunities for growth, employment and investment.
Infrastructure and economic impact
We are building more than highways. We are opening economic corridors, connecting markets, supporting industries and reshaping Nigeria’s economic geography. The value of a road extends beyond the completed construction to the farms, factories, businesses and communities it connects.
Every kilometre of infrastructure creates jobs during construction and opens opportunities for decades. Infrastructure provides the foundation for private investment, industrial development, trade and employment. We are therefore building an interconnected national economy in which roads, railways, ports and power infrastructure work together to improve productivity and strengthen Nigeria’s competitiveness in global markets.
International confidence and access to capital
International confidence gives Nigeria an opportunity to secure better financing, accelerate investment and deliver tangible results for its citizens. We must take advantage of our renewed access to international markets by turning investor confidence into productive investment. That investment must translate into economic growth, job creation and improved living standards.
Accountability and delivery
Securing financing is only the beginning. The real achievement lies in completing projects, delivering value for money, and improving Nigerians’ lives. Every Naira borrowed must be justified by the economic value it creates, and we must measure every project by its results.
Our ambition is not simply to announce a large infrastructure programme, but to deliver projects that transform Nigeria’s economy. We must pursue our development goals with urgency while maintaining the discipline required for responsible public financial management.
Building a $1 trillion economy
A $1 trillion economy will not emerge through declarations alone. We must build it through investment, higher productivity, industrialisation and trade. Nigeria’s greatest asset is its economic potential, and we must provide the infrastructure to turn that potential into prosperity. We are not borrowing against our children’s future. We must invest responsibly to expand opportunities available to them.
President Tinubu is President of Federal Republic of /Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria
