Nigeria Targets 10.34% Growth by 2030 for $1 Trillion Economy

The Nigerian federal government has established a target of 10.34% annual economic growth by 2030 as part of the National Development Plan 2026–2030, with the private sector anticipated to contribute 72% of cumulative investments. Dr. Doris Uzoka-Anite, the Minister of State for Budget and Economic Planning, announced this goal, which includes an average annual growth projection of 7.79%, increasing from 4.68% in 2026 to 10.34% by 2030.

The plan also aims for gross capital formation to reach 40% of GDP by 2030. Uzoka-Anite, whose address was delivered by Adeyemi Adeniran, the Statistician-General of the Federation and CEO of the National Bureau of Statistics, emphasized the need for improvements in infrastructure, energy supply, access to finance, productivity, regulatory efficiency, and policy predictability to achieve these targets.

The previous National Development Plan 2021–2025 recorded an average real GDP growth of 3.11%, falling short of the 4.65% target, highlighting ongoing structural challenges in the economy.