Tinubu correcting decades of economic distortions — Shoga

The Director-General of the City Boy Movement (CBM), Hon. Francis Oluwatosin Shoga, has defended President Bola Tinubu’s economic reforms, saying the administration is addressing long-standing structural distortions and building the foundation for Nigeria to become a $1 trillion economy.

In this interview, Shoga argues that the President deserves commendation for confronting difficult economic challenges that previous administrations failed to resolve. He also discusses the growth in foreign reserves, domestic refining, the proposed Gateway Deep Seaport and Olokola maritime corridor, increased revenues to subnational governments, and why Nigerians should support the consolidation of the reforms beyond 2027.

As Director-General of the City Boy Movement, why do you believe Nigerians should support the continuation of President Tinubu’s reforms?

Because sustainable economic transformation requires consistency and political courage. President Tinubu has demonstrated his willingness to take difficult decisions in the national interest, even when those decisions carry immediate political costs.

At the City Boy Movement, we believe Nigeria must not return to the cycle of postponing essential reforms because they are politically uncomfortable. We support the President because we believe his economic programme offers a foundation for long-term stability, industrialisation and prosperity.

That does not mean denying hardship or suggesting that every challenge has been resolved. It means recognising the progress already made and supporting the continued implementation of policies capable of producing enduring results. The sacrifices Nigerians have made must not be wasted.

What concerns do you have about the implementation of major infrastructure projects?

Our support for these investments is accompanied by a strong expectation of delivery. Projects such as the Gateway Deep Seaport require transparent financing, environmental safeguards, proper engagement with host communities and effective road and rail connectivity.

Signing agreements is an important first step, but Nigerians ultimately want completed infrastructure. President Tinubu’s development vision must be matched by disciplined implementation from every participating institution. That responsibility extends to federal agencies, state governments and private investors.

What do you consider the greatest challenge before President Tinubu at this stage?

Consolidating the reforms and translating economic recovery into prosperity that Nigerians can experience. The President has taken courageous steps to address longstanding weaknesses. The task now is ensuring that improving indicators produce jobs, stronger businesses, food security and better public services.

Higher revenues must translate into infrastructure. Stronger reserves must support currency stability. Domestic refining must strengthen energy security, while modern ports must expand manufacturing and exports. Nigeria has the resources, population, entrepreneurial capacity and geographical advantages to become a $1 trillion economy. What we need is policy continuity, implementation, accountability and national commitment.

At the City Boy Movement, we believe President Tinubu has demonstrated the leadership and determination required to move Nigeria towards that ambition. The reforms are laying the foundation. The next phase must consolidate the gains and deliver prosperity. That is why we believe the President deserves the opportunity to complete the transformation he has begun.

You speak enthusiastically about the President economic achievements, yet millions of Nigerians are struggling. How do you reconcile this?

We must be fair to President Tinubu and honest about the condition of the economy he inherited. Nobody disputes that Nigerians have experienced hardship. Fuel prices increased, transportation became more expensive, food prices rose and household purchasing power suffered. But the fundamental question is whether Nigeria could have continued indefinitely with the economic arrangements that created those problems.

President Tinubu inherited an economy burdened by unsustainable fuel subsidies, distorted foreign-exchange arrangements, weak government revenues, enormous debt-servicing obligations and infrastructure deficiencies. These were not problems created overnight, and they could not be solved through political convenience. What distinguishes President Tinubu is his willingness to confront challenges that had been postponed for years. Leadership sometimes demands taking difficult decisions today to prevent a much bigger crisis tomorrow.

The encouraging development is that the reforms are beginning to produce measurable results. Our responsibility now is to ensure those gains translate into jobs, affordable transportation, stronger businesses and improved living conditions.

What concrete evidence supports your claim that the economy is recovering?

The figures are increasingly speaking for themselves. Nigeria’s real Gross Domestic Product grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent in the corresponding period of 2025. That represents progress in an economy undergoing substantial structural adjustment.

We are seeing improvements in revenue mobilisation, foreign reserves, domestic refining and investment opportunities. Critics should acknowledge that these developments are occurring because the administration chose reform over the temporary comfort of maintaining an unsustainable system.

Of course, GDP growth alone is insufficient. But you cannot create sustainable prosperity without first building a productive and stable economy. President Tinubu is laying that foundation, and the next task is translating growth into employment, industrial expansion and stronger purchasing power.

Why does the Dangote Refinery feature so prominently in your assessment?

Because it illustrates the industrial transformation Nigeria desperately needs. For decades, we produced crude oil, exported it and spent enormous foreign exchange importing refined petroleum products. That was an economic contradiction which deprived Nigeria of industrial opportunities and employment. Today, the Dangote Petroleum Refinery is changing that narrative.

Seaborne petroleum-product shipments from Nigeria averaged approximately 561,000 barrels daily in the second quarter of 2026, with about 350,000 barrels going into exports. Consider what that means for a country previously heavily dependent on imported petroleum products. Beyond refining, the opportunities extend to shipping, storage, engineering, petrochemicals, transportation, logistics and thousands of associated businesses.

President Tinubu’s vision of economic diversification is about creating an environment where Nigeria increasingly processes what it produces and exports finished products rather than raw materials. That is how serious economies develop.

But Dangote Refinery is a private investment. Why should the administration receive credit?

Nobody is suggesting that government built or financed the refinery. Credit belongs to the entrepreneur who conceived and invested in it. However, no major industrial enterprise operates outside the policy environment created by government. Crude supply arrangements, foreign-exchange policy, the naira-for-crude framework, regulatory decisions and infrastructure support all matter.

President Tinubu understands that government does not have to own every factory to drive industrialisation. Its responsibility is to create conditions that encourage investors to commit capital, expand production and generate employment. That partnership between government and private enterprise is precisely what Nigeria requires.

You have also highlighted the proposed Gateway Deep Seaport in Ogun State. Why is it particularly important?

Because it demonstrates the enormous investment opportunities that can emerge when government policies encourage productive partnerships. In September, Ogun State signed agreements with DP World for the proposed Gateway Deep Seaport and Blue Marine Special Economic Zone. The envisaged investment exceeds $7 billion, including a 10,000-hectare economic zone designed to accommodate manufacturing, logistics and export-oriented industries.

The proposed port is expected to have approximately four kilometres of berth and an 18-metre draft, with projections of more than 50,000 direct jobs at full development. These are substantial economic opportunities. What President Tinubu’s administration is encouraging is a development model in which federal and state governments cooperate with credible international investors to expand Nigeria’s productive capacity. Of course, agreements must translate into construction and completed infrastructure. That is the next important responsibility.

There is also a separate Dangote-backed proposal around Olokola. How do the projects relate?

Publicly available information indicates that Dangote Industries is pursuing a proposed deep seaport and industrial development covering more than 10,000 hectares within the Olokola Free Trade Zone corridor. There is also the Gateway project involving Ogun State and DP World.

Whether these eventually become separate facilities or components of an integrated maritime development remains to be established. But look at the bigger picture. Ogun is already one of Nigeria’s strongest manufacturing centres. Providing modern maritime infrastructure along that coastline could fundamentally strengthen its industrial competitiveness. That is the kind of investment-led transformation President Tinubu wants across Nigeria.

How would a modern deep seaport benefit the national economy?

A seaport is not merely a place where vessels discharge cargo. It is an engine of economic development. Major ports attract industries, warehouses, logistics companies, financial institutions, shipping businesses and commercial activities. Ogun already hosts significant investments in cement, pharmaceuticals, steel, food processing, packaging and consumer products. Many of those manufacturers currently depend on Lagos ports.

Modern maritime facilities in Ogun could reduce logistics costs, improve access to production inputs, expand exports and relieve pressure on Apapa and Tin Can ports. The important point is that President Tinubu’s economic agenda recognises infrastructure as a catalyst for production, competitiveness and employment. Nigeria cannot become an industrial powerhouse while manufacturers struggle with avoidable logistics bottlenecks.

How does the proposed maritime corridor connect with the administration’s $1 trillion economy ambition?

President Tinubu’s $1 trillion economy ambition is not merely a political slogan. It represents a vision of a more productive, diversified and competitive Nigeria. But such an economy cannot emerge without reliable infrastructure. We need modern ports, railways, roads, electricity, industrial estates and efficient financial systems.

Imagine Nigerian manufacturers exporting directly through modern maritime facilities, agricultural products from northern states reaching international markets and solid minerals being processed locally before export. That is how value is created.

The Gateway Inland Dry Port at Kajola, proposed Ijebu-Ode Inland Dry Port, Lagos-Ibadan railway, Lagos-Calabar Coastal Highway and Gateway International Agro-Cargo Airport could become important elements of an integrated logistics network. The administration’s ambition must be supported by this kind of productive infrastructure.

What difference would these investments make to agriculture and farmers outside Ogun State?

This is where the wider economic benefits become obvious. Nigeria produces cocoa, sesame, cashew, rubber, fruits and vegetables with substantial international demand. But inadequate storage, processing facilities, transportation and export infrastructure frequently limit farmers’ earnings.

Modern ports connected to warehouses, cold-storage facilities, processing centres and efficient transportation networks can open international markets to agricultural businesses. More importantly, we must stop exporting so much of our agricultural wealth in raw form. Why export raw cocoa or cashew when processing them locally creates additional jobs and income?

President Tinubu’s economic diversification agenda offers an opportunity to connect agriculture with manufacturing and international trade. That is how farmers across different geopolitical zones can participate in national prosperity.

Nigeria’s foreign reserves have reportedly exceeded $54 billion. Why is that significant?

It is one of the encouraging indicators of the administration’s economic management. External reserves exceeding $54 billion provide greater protection against international shocks, strengthen Nigeria’s capacity to meet external obligations and can improve investor confidence.

Stronger reserves also support efforts to achieve greater foreign-exchange stability. We should remember the difficult foreign-exchange conditions President Tinubu inherited. The administration has taken difficult decisions to address those distortions, and improving reserve levels are an encouraging development.

Naturally, the ordinary Nigerian wants to see a more stable naira, predictable prices and reduced business costs. That is precisely why these reforms must be sustained until macroeconomic improvements produce broader benefits.

What about Nigeria’s debt burden and the substantial cost of debt servicing?

Nobody is claiming that Nigeria’s debt challenges have disappeared. But we must recognise that stronger government revenues have improved the country’s fiscal position relative to the extremely difficult circumstances inherited by this administration. President Tinubu’s revenue reforms are creating greater fiscal breathing space.

The responsibility now is to sustain fiscal discipline and ensure borrowing increasingly supports productive investments. Nigeria needs resources for electricity, roads, education, healthcare, security and agriculture. The solution is not to abandon reforms but to consolidate revenue improvements, strengthen accountability and invest more strategically.

States and local governments are receiving higher allocations. What should Nigerians expect from them?

This is an important aspect of President Tinubu’s reforms that deserves greater attention. By July 2026, monthly federation revenues available for distribution had risen to around ₦3 trillion. That means more resources are available to states and local governments for infrastructure and public services.

Governors and council chairmen must therefore take responsibility for delivering visible improvements in schools, healthcare, rural roads, water supply and agricultural development. It would be unfair to attribute every difficulty in local communities exclusively to the President when subnational governments now have greater resources and constitutional responsibilities.

President Tinubu is creating additional fiscal opportunities. States and local governments must demonstrate what they are doing with them. Citizens deserve accountability at every level.

How can the administration ensure that development reaches every geopolitical zone?

President Tinubu’s vision must be understood as a national development agenda. Every zone possesses economic advantages. The North-Central has agriculture, minerals and logistics; the North-East has livestock, agriculture and cross-border commerce; while the North-West has textiles, leather and food processing.

The South-East possesses formidable entrepreneurial and manufacturing capacity. The South-South offers petroleum, gas, petrochemicals and maritime industries, while the South-West remains strong in finance, manufacturing, technology and aviation.

The administration’s challenge is connecting these strengths through transportation, electricity, industrial infrastructure and digital development. A genuinely prosperous Nigeria cannot leave any geopolitical zone behind.

Critics argue that GDP growth, reserves and investment announcements mean little when Nigerians struggle to afford food. What is your response?

I understand those concerns, but we must distinguish between the hardship associated with correcting longstanding economic distortions and the long-term benefits of reform. President Tinubu did not create Nigeria’s structural economic weaknesses. He inherited them and demonstrated the courage to confront them.

The easy political option would have been to postpone difficult decisions and allow the problems to deepen. Instead, he chose a path intended to secure Nigeria’s economic future. We recognise that families need affordable food, young people need employment, businesses need electricity and farmers need access to markets. That is why the reforms must continue to focus on food security, transportation costs, industrial expansion and job creation.

The President’s $1 trillion ambition is achievable, but its real value will be measured by improvements in the lives of ordinary Nigerians.