Day Tinubu, Shettima, others signed accord to build $1trillion economy

In the heart of Abuja last week, something very important happened that will affect the life of every Nigerian, from the trader in the city to the farmer in the village. The top leaders of the country—the President, the Vice President, and all 36 state governors—locked themselves in a room at the Presidential Villa for a special meeting. They didn’t go there just to drink tea; they went there to sign a new “contract” with the people of Nigeria. With a new plan for the years 2026 to 2030, the leaders are saying that the days of working in different directions are over. They are now focused on a single mission: making Nigeria a $1 trillion economy where everyone has a job, a safe home, and enough to eat. Assistant Editor Nduka Chiejina reports.

The Banquet Hall of the State House in Abuja was filled with hope and high expectations last week as the second edition of the National Economic Council (NEC) Conference opened its doors. For two days, the room was packed with the people who hold the keys to Nigeria’s future: the 36 state governors, ministers, and top experts. They all gathered for one major reason—to figure out how to make the country’s economy work for everyone, not just a few people in the big cities.

The theme of the meeting, “Delivering Inclusive Growth and Sustainable National Development: The Renewed Hope National Development Plan,” sounds like big grammar, but the meaning is simple. It is a plan to make sure that as Nigeria grows, no one is left behind. It is about making sure the money from our oil, our farms, and our businesses helps the mother in a rural village just as much as it helps the businessman in a skyscraper.

In the past, sometimes the Federal Government in Abuja and the State Governments in different parts of the country did not always walk in the same direction. This conference was organized to change that. It provided a space for everyone to look at the hard truths about our economy and agree on the best ways to fix them. The goal was to create a “shared understanding,” which is just a fancy way of saying that everyone is now on the same page.

One of the biggest successes of this meeting was the way it brought people together. Whether a governor is from the ruling party or the opposition, they sat down as one team. They talked about how to work together better, sharing ideas and making sure that the plans made in Abuja actually happen in the local government areas where the people live. This “synergy” or teamwork is what the government calls the Renewed Hope Agenda.

President Bola Ahmed Tinubu, who officially opened the conference, spoke directly to the leaders in the room. He made it clear that the time for talking is over and the time for doing the work has come. He looked at the governors and told them that the success of the nation depends on how well they work together at the grassroots level.

Following him, Vice President Kashim Shettima, who is the chairman of the National Economic Council, took the stage to give the keynote address. He reminded everyone that the council is the engine room of the nation’s economy. He said that the government has a covenant with the Nigerian people to make their lives better, and this conference is a big part of keeping that promise.

One of the most important things discussed was how much more money is now reaching the states. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, gave a warm welcome address where he praised the President for the bold steps he has taken since coming into office.

Senator Bagudu pointed out that because of the reforms the President has made, state and local governments now have more money in their pockets to work with. He said, “Today, a more united federation is gathered here because of the choices you made. Your reforms have improved the fiscal condition of states and local governments, while much of the burden is borne by the Federal Government.”

This is a big deal because it means the people who are closest to you—your local chairman and your governor—now have more resources to build roads, fix schools, and provide water. The Minister explained that the President’s focus on the grassroots is what “true federalism” is all about. It means giving power and money to the levels of government that see the people every day.

The Minister also shared that the governors are very happy with the direction the country is taking. Even though they come from different political parties, they have all been active in helping to shape these new rules for the economy.

“Most of them, regardless of party, believe you are pursuing what the country needs,” Bagudu told the President. He explained that the governors have been working hand-in-hand with the central government on very important issues. They are talking about how to stop oil theft in the creeks, how to make our farms produce more food, and how to make sure that our borders and streets are safe.

The conference was not just about speeches. It was a serious working session divided into different parts. Experts and leaders held seven different panel sessions and looked at nine major papers that were presented by people who really know their stuff.

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They focused on several key areas that touch our lives every day: The Economy: How to make the naira stronger and bring down the price of food. Inter-State Collaboration: How one state can help another, like sharing electricity or trading goods more easily. Fiscal Governance: How to manage the government’s money so it doesn’t go to waste. Human Capital Development: Investing in the health and education of our children so they can have a better future. Security: Finding new ways to protect farmers and traders so they can do their work without fear. Domestic Production: How to make sure we are making things in Nigeria instead of always buying from abroad.

Turning Government Spending into a Money Magnet

As the discussions at the National Economic Council (NEC) moved into their second stage, the focus shifted from general ideas to the actual “naira and kobo” of how Nigeria will fund its future. The big message coming out of the room was that the old way of doing things—where the government tried to pay for every road, bridge, and power plant alone—is gone. In its place is a new strategy that treats every single naira from the government as a seed that should grow into five naira from private investors.

The Minister of State for Finance, Dr. Doris Uzoka-Anite, was very clear about this new direction. She told the gathering that for Nigeria to reach its goal of becoming a $1 trillion economy, the government has to change its clothes. Instead of being the “main spender” that finishes its budget and waits for next year, the government is now becoming a “strategic enabler.” This means the government will use its money to make big projects safer and more attractive so that private companies, both home and abroad, will be happy to put their own money into them.

Dr. Uzoka-Anite explained a new system called “Investment Budgeting.” The logic is simple but powerful. She said that when the government puts money into a project to reduce the risks, that single naira can attract three to five times more money from private investors. “Our role must evolve decisively from being the primary spender to being an enabler of investments that de-risk and unlock private capital,” she said. She was honest with the leaders, telling them that “the government alone cannot finance the transformation we seek.”

To show just how urgent this new way of thinking is, the Minister shared some sobering numbers. She pointed out that Nigeria needs about $300 billion to fix its infrastructure gap—things like stable electricity, good railways, and modern housing. “The mathematics is clear,” she told the governors. “At current government allocation rates, Nigeria would need more than 111 years to mobilise the $300 billion infrastructure investment required.”

Since Nigerians cannot wait a century for good roads and steady power, the only realistic option is to bring in private money. She noted that while the economy grew by about four percent in 2025, that is just a starting point. To really kick poverty out of the country, Nigeria needs to grow by double digits, and that can only happen if private businesses are pumping money into the system.

There was also good news for the government’s wallet. For the year 2026, the government expects to bring in ₦34 trillion in revenue. This will be helped by new tax laws that make it easier for people and businesses to pay what they owe without being bothered by too many different taxes from different places.

While the Finance Minister talked about spending, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, brought a very encouraging report about our “savings” as a nation. He announced that as of February 5, 2026, Nigeria’s external reserves—the country’s foreign money account—have climbed to $49 billion.

This is a massive change from where things stood just a short while ago. Mr. Cardoso recalled that when the current leadership took over at the CBN, the “net” reserve figure was as low as $3 billion. Seeing it jump to $49 billion is a sign that the world is starting to trust Nigeria’s economy again. “This is obviously a very important statistic,” Cardoso said. “We are now net buyers.”

He explained that the CBN has stopped trying to “force” the price of the dollar. Instead, they let the market decide the price, and the bank only steps in when necessary. Because of this, the gap between the “black market” rate and the official bank rate has almost disappeared. It is now less than two percent, which means people no longer feel the need to rush to the street to buy dollars.

One of the biggest reasons our foreign reserves are growing is because of Nigerians living in other countries—the diaspora. Whether they are from Igboland, Yorubaland, the North, or the South-South, they are sending money back home to their families and for businesses.

Mr. Cardoso noted that the CBN has made it much easier for these brothers and sisters abroad to send money home. He also had a bit of a laugh about how the naira used to be treated. “In those days, if you went around West Africa and gave them naira, nobody wanted to touch it,” he said. “That has all gone now.

There is predictability and you can plan.” He even warned people who are still hiding dollars under their mattresses, saying that “those holding unnecessary foreign exchange reserves are losing money every day” because the naira is becoming more stable and competitive.

Even with all this good news, the CBN Governor was careful to remind everyone that the job is not finished. He said that while inflation has dropped to about 15 percent, the goal is to get it down to a single digit (below 10 percent) by the year 2030.

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He warned that there is still “too much money” moving around in the system, which can cause prices to go up if not managed well. He also pointed out that the bank cannot do it alone. The CBN can manage interest rates and the naira, but they cannot go to the farm and grow food or fix the trucks that bring tomatoes to the market. “No central bank can sustainably deliver low inflation where issues like food supply shocks, high energy costs, and poor infrastructure continue to push prices up,” Cardoso said.

This is why he called on the state governors to be his partners. Since the governors control a lot of the money that comes into the country, how they spend it affects everyone. He urged them to spend on things that help people produce more, like better rural roads for farmers and helping small businesses get loans.

The vision for 2030 is a Nigeria where the naira is strong, prices stay the same for a long time, and every Nigerian can use a bank card to pay for what they need anywhere in the world. As Mr. Cardoso put it, “Our view is that the future is looking bright.”

From Abuja to the Wards: Putting People First in the New Plan

The National Economic Council (NEC) conference brought the conversation down to the level of the ordinary Nigerian—the people living in the 8,809 wards across the country. It was here that the leaders looked at how to make sure the big dreams of a $1 trillion economy actually put food on the table for the man in a remote village in Kebbi or the youth in a busy street in Aba.

A major part of this discussion was the “Renewed Hope Ward-Based Development Plan.” The idea is that for Nigeria to grow, development must start from the bottom, not just the top. The leaders agreed that the government must keep pushing its “Ward Development Programme” as a top priority. This plan is designed to make sure that the benefits of things like the fuel subsidy removal and new foreign exchange rules actually reach the grassroots.

One of the boldest ideas discussed was the need for Nigeria to embrace the future. In a world where technology is moving fast, the conference recommended that governments at all levels should start training our people in things like Artificial Intelligence (AI) and digital skills. They believe that if our youth are tech-savvy, Nigeria will be able to compete with any other country in the world and reach its trillion-dollar goal much faster.

The council also took a hard look at the “thieves in the night”—those who are stealing Nigeria’s crude oil. They agreed that the special committee set up to fight oil theft must continue its work without stopping. Every drop of oil stolen is money taken away from building schools and hospitals. By keeping the pressure on these criminals, the government hopes to save billions of naira that can be put back into the Ward Development Programme.

In a federal system like ours, states often act as if they are separate countries, but this conference called for a change. The leaders looked at how states can start working together more closely. Instead of every state trying to build its own everything, the recommendation was for states to “jointly plan” and “share resources.”

For example, two or three states could come together to build one big power plant or a massive railway that connects their markets. This is called “regional cooperation.” The conference suggested that states should have formal laws and teams in place to manage these partnerships. By working together, they can tackle shared problems like insecurity and bad roads much more effectively than if they tried to do it alone.

Tax is a word that often makes people nervous, but the NEC leaders want to make it simpler and fairer. One big problem in Nigeria is “multiple taxation,” where a small business owner might be asked to pay similar taxes by the local government, the state, and the federal government.

To fix this, the council praised 12 states that have already passed a “harmonised” tax law. This law makes things clear and stops different agencies from coming to the same shop to ask for the same money. There are 13 more states that are currently working on this law in their Houses of Assembly, and the council urged the remaining 11 states to hurry up and join the train.

The goal isn’t just to collect more money, but to use that money better. The leaders agreed that government spending must be focused on “Human Capital Development”—which is just a way of saying investing in people. They also said that the Nigerian Constitution should be updated to remove any confusing rules that make it hard for the tax system to work properly.

Perhaps the most heartfelt part of the meeting was the focus on our children and their health. The conference noted that for too long, Nigeria has not spent enough money on education, health, and nutrition. When compared to other countries that are doing well, Nigeria’s investment in its people has been low.

The leaders called for an “urgent” increase in the amount of money spent on every single Nigerian. They said that state governments must put more cash into hospitals, schools, and creating jobs for the youth. As one of the papers presented during the session pointed out, you cannot have a strong economy if your people are not healthy or well-educated.

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This means that instead of just building big offices, the focus is shifting toward making sure a child in a rural primary school has good books and a person visiting a primary health center can find a doctor and medicine. By doing this, the government believes it can build a stronger, more united country where everyone has a fair chance to succeed.

Victory Over Fear: The President’s Vow to Reclaim Nigeria’s Peace

In the final and perhaps most intense part of the National Economic Council (NEC) conference, the conversation turned to the one thing that keeps every Nigerian awake at night: security. President Bola Ahmed Tinubu did not mince words when he addressed the governors and leaders gathered in Abuja. He described the wave of terrorism and kidnapping across the country as “unacceptable” and something that does not belong to our culture.

The President shared a personal side of the struggle, telling the hall that the safety of Nigerians is what has “kept all of us sleepless at night.” However, he was quick to offer a message of strength. He promised that with determination and the right spirit, the country will win the war against those who want to cause trouble. “I assure you we will win with determination and resilience,” he said. “We will overcome this unacceptable terrorism and banditry. It’s not part of our culture. It’s foreign to us.”

The conference experts agreed that fighting insecurity is not just about guns and bullets—it is also about the economy. They pointed out that insecurity is a huge “economic hindrance” because a farmer who is afraid to go to the farm cannot produce food, and a trader who is afraid of the roads cannot move goods. To fix this, the government is looking at “non-kinetic” approaches. This means fighting the root causes of crime, such as unemployment and poverty, by creating jobs so that young people are not tempted by a life of crime.

President Tinubu also looked at how Nigeria can stop being a country that just consumes and start being one that produces. He made a big announcement that will make every farmer smile: “Seven zones of mechanisation are coming. I promise Nigerians that this will be delivered.” This means the government is bringing in modern machines like tractors and advanced farming tools to seven different parts of the country to help us grow more food easily.

The leaders discussed the need to create “secure production corridors.” These are special areas where the government ensures there is extra security and good roads so that factories and farms can work 24 hours a day without any fear. They also talked about “concessional financing,” which is a way of making sure that businesses that are actually producing things in Nigeria can get loans at very low interest rates.

A major takeaway from the President’s closing words was that the Federal Government in Abuja cannot do everything alone. He explained that our style of federalism is unique because the Constitution gives power to Local Government Areas, States, and the Federal Government to work together.

The President was very honest when he said that the “outcomes Nigerians expect” will not come from Abuja alone, but through “effective action” at the state and local levels. He noted that since his administration started, more money has been flowing to the states and local governments through the Federation Account (FAAC). This money, he said, has helped governors pay salaries on time and start building the roads and schools their people need.

“Nigeria’s diversity is our strength,” the President told the governors. “When every state grows, Nigeria grows.” He urged the leaders to move away from just making “declarations” or big speeches and start “implementation.”