Nigeria Aims for $1 Trillion Economy with 12% Growth

On Wednesday, Dr. Dori Uzoka, Nigeria's Minister of State for Finance, stated that Nigeria needs to sustain an annual GDP growth of 10-12% over the next decade to achieve the $1 trillion economy target set by President Bola Tinubu.

Speaking at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, Uzoka noted that Nigeria's current GDP stands at approximately $375 billion. She emphasized the need for structural reforms to lay the foundation for long-term expansion, citing the distortions in Nigeria's economic fundamentals, including fuel subsidy payments of N5 trillion annually and a multiple exchange rate regime.

Uzoka highlighted the importance of treating investment expenditure as a distinct pillar in the federal government's budget framework. She also mentioned the second phase of reforms aimed at accelerating growth, which includes developing financial instruments, expanding energy programs, and enhancing access to structured finance for various sectors.

Additionally, she pointed out that Nigeria's current import reliance on 70% of raw materials limits its industrial product development.