Nigeria Targets $1 Trillion Economy with 12% Growth

On Wednesday, during the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, Dr. Dori Uzoka Anit, the Minister of State for Finance, stated that Nigeria must sustain an annual economic growth rate of 10-12% over the next decade to reach a $1 trillion economy, as set by President Bola Tinubu.

Currently, Nigeria's GDP is approximately $375 billion. Dr.

Uzoka Anit outlined the government's agenda for achieving this target, which includes structural reforms aimed at laying a foundation for long-term expansion. She highlighted the need to address the distortions in Nigeria's economic structure, such as the N5 trillion annual fuel subsidy and the multiple exchange rate regime.

The minister also discussed the second phase of reforms focused on disinflation and growth acceleration, which will involve collaboration between the Ministry of Finance and the Central Bank of Nigeria. Key initiatives include capital mobilization, development finance instruments, and expanding access to structured finance for various sectors.