Nigeria's Government Targets $1 Trillion Economy by 2030

The Federal Government of Nigeria announced that the country's economy could reach $1 trillion by 2030 if it achieves a 30% value addition to all raw materials before export. This statement was made by Dr Kingsley Tochukwu Udeh, the Minister of Innovation, Science and Technology, during the 2nd African Raw Materials Summit 2026 held in Abuja.

Dr Udeh emphasized Africa's significant mineral reserves, valued at $8.6 trillion, and the necessity for local processing to enhance economic value. The amended bill mandating value addition is currently awaiting presidential assent.

John Owan Enoh, the Minister of State for Industry, Trade & Investment, noted that the bill would transform Nigeria's industrial landscape by ensuring no raw materials are exported without at least 30% value addition. Dr Noureldaim Taha, the Sudanese Minister of Minerals, discussed the importance of responsible mining and regional partnerships to maximize mineral processing within Africa.

Nnanyelugo Martin Ike-Muonso, Director General of RMRDC, stressed that unprocessed raw exports hinder Africa's economic potential.