Nigeria’s federal government has reaffirmed its commitment to achieving a one trillion dollar economy, a central goal of President Bola Ahmed Tinubu’s administration. The target, described by the Minister of State for Finance, Dr. Doris Uzoka-Anite, as a “specific, measurable destination,” requires sustained annual GDP growth of 10 to 12 per cent over the next decade. This follows from the country’s current estimated GDP of approximately $375 billion.
Speaking at the Annual General Meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, the minister, represented by Uloma Amadi of the Ministry of Finance, framed the ambition as essential for national advancement. She cited the removal of the fuel subsidy and the unification of the foreign exchange market as foundational, though difficult, reforms undertaken since 2023 to correct “structural distortions” and restore market integrity. These steps, she noted, have been recognised by rating agencies such as S&P Global, which revised Nigeria’s outlook to positive in early 2024, citing improvements in fiscal and monetary positions.
The government’s strategy now hinges on the Disinflation and Growth Acceleration Strategy (DGAS), a collaboration with the Central Bank of Nigeria. DGAS is built on nine pillars aimed at unlocking productive capacity and achieving non-inflationary growth exceeding seven per cent by 2027. Key focus areas include capital mobilisation through development finance, acceleration in agriculture, energy, technology, and manufacturing, nationwide energy expansion, digital infrastructure, and human capital training. The minister highlighted the urgent need to reduce dependence on imported raw materials—currently about 70 per cent for local industry—pointing to the Dangote Refinery as a model for domestic resource processing.
Supporting agencies echoed the multifaceted approach. The Nigerian Export-Import Bank (NEXIM) emphasized exporter empowerment, regional trade via the African Continental Free Trade Area (AfCFTA), and logistics de-bottlenecking. Its managing director, Abubakar Bello, represented by Babagana Musti, noted the bank disbursed N108 billion to exporters in 2025 and urged accurate media reporting on non-oil sector growth to bolster investor confidence.
The Bureau of Public Enterprises (BPE) stressed the role of public-private partnerships (PPPs) to bridge infrastructure gaps in energy, transport, agriculture, and ICT. Director-General Ayodeji Gbeleyi, represented by Tajudeen Oduniyi, affirmed that all future privatisation initiatives would adhere to transparency and the “Renewed Hope” agenda.
The Nigeria Sovereign Investment Authority (NSIA), through Abraham Duroosawo (represented by Aminu Umar-Sadiq), highlighted the need for annual investments of $100 to $150 billion to close the infrastructure deficit. The NSIA manages the Presidential Infrastructure Development Fund (PIDF) and is prioritising renewable energy partnerships.
The minister concluded by commending FICAN and financial journalists as critical partners in disseminating reform narratives. The collective message from the AGM underscoring that attaining the $1 trillion GDP mark demands sustained fiscal discipline, institutional reform, private sector dynamism, and consistent policy implementation over the long term.
