Nigerian Economic Stabilisation Bill 2026

Ayo Akinfe

[1] By 2030, Nigeria must manufacture at least 50% of all the consumer goods she consumes. We must drastically reduce our import bill to no more than $5bn a year to enable the Central Bank of Nigeria build up its foreign reserves

[2] As from October 1 2027, it will be illegal to export any primary product from Nigeria without adding at least 50% value to it. Every raw material from agricultural produce to crude oil must be processed before export

[3] By 2035, Nigeria must produce a minimum of 20m tonnes of steel annually. To achieve this, the Ajaokuta, Aladja and Oshogbo steel plants will be merged to form the Nigerian Steel Corporation and sold off to an international operator

[4] Nigeria will increase her crude oil output to 3m barrels a day. However, as from October 1 2027, none of this is to be exported unless it is processed into finished products like petrol, aviation fuel, engine oil, petrochemical products, fertiliser, etc

[5] Nigeria will woo investors into the power sector with a target of generating, distributing and transmitting at least 30,000MW of electricity by 2035

[6] Every one of Nigeria's 774 local government areas is mandated to open at least one technical vocational college within its domain. Our goal will be to have at least 30m industrial workers by 2035

[7] By 2035, every one of Nigeria's six geo-political zones must build a dedicated industrial city to host local and international investors. These cities must be equipped with power, water, security, Internet access, transport links, etc

[8] Every one of Nigeria's 774 local governments must be linked up to a national railway network by 2035. A public works programme will be launched to facilitate this

[9] A new 42 state structure will be unveiled by October 1 2026 and by October 1 2035, each of these states must be self-reliant, generating their own running costs and generating a surplus

[10] The Nigerian Bank of Industry will receive at least 10% of the nation's budget. It will then be given a mandate to only issue single digit interest loans to certain key sectors of the economy like food processing, power generation, steel, manufacturing, etc with the aim of growing our economy by at least 10% a year

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