FOR much of this week, and as we inch closer to the next general elections, issues about and appertaining to the economy and well-being of Nigerians dominate discourse everywhere — in the traditional media, the social media, at beer parlours, and inside buses as commuters move from one point to another. Government and its spokesmen have never missed an opportunity to remind all of us that is doing well. At every turn, we are reminded that the GDP grew by 4.43 percent year-on-year in the second quarter (Q2) of 2026, according to the National Bureau of Statistics. Comparatively, in the same period of last year, it was 4.23 per cent.
Amid all the noise about GDP, government continues to harp on what has now become official policy — to grow the Nigerian economy to attain the value of US1 trillion, by 2030.
Recently, Minister of State for Finance, Dr Doris Uzoka-Anite, speaking at the 2026 Financial Correspondents Association of Nigeria (FICAN) Annual General Meeting, with the theme “Actualizing President Bola Ahmed Tinubu’s $1 Trillion Economy Agenda” held in Abuja, said that achieving this milestone will require the nation to maintain a sustained GDP growth rate of between 10% and 12% annually over the coming decade.
Laudable, ain’t it?, as the Americans say. The $1 trillion economy has become another slogan often mouthed by appointees of the Tinubu administration, just like we endlessly hear about “renewed hope agenda.”
The trouble with both, as far as I can see is that they are just words — gas, spewed forth forth to attain the momentary purpose of the speaker. Currently, the value of the Nigerian GDP is about $375 billion, according to Uzoka-Anite. Other authorities are forwarding the figure of $291 billion. To get to $1 trillion, the current GDP value must be tripled or quadrupled by 2030. That will take a lot of doing, and apart from words, I cannot, from where I’m sitting, see what is being done to to achieve this. For starters, a trillion-dollar economy will need a lot of more electricity to power production. Current electricity output is around 6,000 MW, at the best of times, even though, installed generating capacity is three times more than that. We are saying that a trillion-dollar economy will be generating no less than 300,000 MW. At the moment, there is no visible activity, by way of new power stations, whether thermal or renewable, to ramp up generation. The same goes for distribution. Existing distribution and transmission infrastructure are old and out-paced by current technology. Much more work needs to be done on that, requiring massive investments. There is no way a trillion-dollar economy can grow on less than 6,000 MW, as currently obtains.
Again, a trillion-dollar economy will need manpower that is well-trained to handle the demands of such an economy. What is the quality of attention being paid to education? China’s transformation from a rural, agrarian economy to the world’s industrial and technological powerhouse was achieved by an emphasis on STEM education— Science, Technology, Engineering and Mathematics. Here, we’re still tinkering with basic education, whether it should be six or nine years.
We can go on. The faction of the power elite currently managing our affairs need to be reminded that apart from electricity, there is need for water, and a sound healthcare delivery system. We are still grappling with open defecation, and civic conduct is below par. In other words, we have to do a lot of social re-engineering if that goal is to be attained. Citizens of countries with trillion-dollar economies do not go about vandalising public infrastructure. They don’t wilfully bring down electricity transmission towers. They don’t rip off rails, fasteners, and fishplates on rail lines. They also will not hew off concrete on pillars supporting bridges, cut the iron and cart off to sell, as had been done on the Alakija Bridge in Lagos. In addition citizens should not engage in smuggling, illegal refining, and crude bunkering. Above all, the engine of government, the civil service must do more of its work outside their air-conditioned offices, where the problems demanding their attention are.
While we are at it, there is no way we can grow a trillion-dollar economy without transparency and due process. You can’t go on awarding multi-trillion naira road contracts without due process, sans appropriation.
But before the trillion dollar economy arrives, we must eat first, and stay alive to help actualise and see that economy and enjoy its benefits. We must remain secure. Banditry must end. Kidnapping must also end. Cultism must recede. Impunity must vanish. We must stop buying petrol above N1,000, so that we can go back to buying a bag of rice for N7,000, as it was, BC (Before Change) in 2015. We must also stop spending three, four days on journeys that used to take just five hours. Let hospitals resume being hospitals. Let schools resume being schools. Let the looting stop. Let the ordinary people breathe. Let other sectors of the economy thrive, because right now, politics is the only sector that is not suffering from the policies of government. These are just some of the realities facing Nigerians, which need attention, before the arrival of a one trillion dollar economy. No be so? TGIF
The post Building permit in Lagos: Approval must end in inspection appeared first on Vanguard News.