Nigeria Targets $1 Trillion Economy by 2030 Through “Nigeria First” Policy and Investment Drive
The Federal Government of Nigeria has reaffirmed its commitment to achieving a $1 trillion economy by 2030 through a comprehensive investment and industrial policy framework. Speaking at the Domestic Investment Summit in Abuja, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, emphasized that the initiative aligns with President Bola Tinubu’s 8-point Renewed Hope Agenda. The summit, themed “Operationalising Nigeria First Policy,” gathered key stakeholders to strategize on strengthening local production and enhancing national economic competitiveness.
According to Dr. Oduwole, the government is actively pushing economic diversification by focusing on industrialisation, digitisation, innovation, and the creative economy. Recent data shows encouraging progress, with non-oil exports growing by 24.75% in Q1 2025, reaching $1.79 billion. Additionally, new textile parks, automotive plants, and food hubs are emerging within Nigeria’s Special Economic Zones. These infrastructures aim to reduce import dependency, save foreign exchange, create jobs, and establish Nigeria as a manufacturing hub for both ECOWAS and the broader African region.
The summit, convened under the directive of President Tinubu, served as a focus group for top domestic investors. The minister highlighted the importance of co-developing strategies, reforms, and policies with measurable targets. By engaging local stakeholders, the ministry intends to foster stronger public-private partnerships that directly contribute to achieving the economic goals outlined in the Renewed Hope Agenda and the Nigeria First Policy.
Dr. Oduwole detailed ambitious economic targets for 2025, including attracting $6 billion in foreign direct and portfolio investments, generating $6.5 billion in non-oil exports, increasing trade value by 20%, and creating 200,000 export-led jobs. She revealed that over $50 billion in investment commitments had already been unlocked through focused roadshows and investor engagements. These efforts are expected to enhance investor confidence and reposition Nigeria as a credible and attractive investment destination.
Other stakeholders echoed strong support for the initiative. Ambassador Nura Rimi, Permanent Secretary at the Ministry, described the Nigeria First Policy as a strategic commitment to prioritize indigenous businesses and strengthen local capacity. Meanwhile, CBN Governor Mr. Olayemi Cardoso, represented by Dr. Blaise Ijebor, reiterated the bank’s support for creating a conducive business environment. Together, these coordinated efforts aim to build a resilient, locally driven economy capable of meeting and surpassing the $1 trillion mark by 2030.
Source: Tribune