Nigeria Targets $1 Trillion Economy by 2030 with 12% Growth

The Federal Government of Nigeria, represented by Minister of State for Finance Doris Uzoka-Anite, has set an ambitious target of achieving a $1 trillion economy by 2030, necessitating a sustained GDP growth rate of 10-12% annually over the next decade. This announcement was made during the 2025 financial year meeting.

Currently, Nigeria's GDP stands at approximately $375 billion, and to reach the $1 trillion goal, significant reforms are required, including the removal of fuel subsidies, which previously cost the government about 5 trillion naira annually. Uzoka-Anite emphasized that achieving this target will depend not only on government actions but also on building investor trust and providing opportunities for entrepreneurs.

The Nigerian Export-Import Bank (NEXIM), led by Abubakar Abba Bello, plays a crucial role in this economic agenda, focusing on diversifying the economy beyond oil and enhancing non-oil exports. The Bureau of Public Enterprises (BPE), represented by Ayodeji Gbeleyi, noted that Nigeria is undergoing significant economic reforms to stabilize the macroeconomic environment.