Nigeria must sustain annual economic growth of between 10 and 12 per cent over the next decade in order to reach a $1 trillion economy, the Minister of State for Finance, Dr. Doris Uzoka-Anite, has said.
Speaking at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, Uzoka-Anite explained that with Nigeria’s current Gross Domestic Product (GDP) standing at about $375 billion, the country needs a significantly faster pace of expansion to achieve the trillion-dollar goal set under President Bola Ahmed Tinubu’s economic agenda.
She described the $1 trillion economy target as “a specific, measurable destination” and said it will require structural reforms aimed at strengthening economic fundamentals, addressing longstanding distortions and attracting investment that supports broad-based growth.
According to the minister, when the current administration took office in 2023, Nigeria’s economy faced structural challenges such as costly fuel subsidies and a multiple exchange rate regime, which undermined investor confidence and economic performance. But recent policy adjustments, she said, have contributed to improvements in fiscal and monetary indicators, with international ratings agencies revising the country’s outlook positively.
The remarks underscore the scale of the effort needed to transform Africa’s largest economy a challenge that policymakers say will require stronger revenue mobilisation, enhanced private-sector participation, and sustained economic reforms to drive long-term prosperity.
Post a Comment