Nigeria Needs 21.9% Annual Growth to Hit $1 Trillion Economy by 2031 — Afrinvest Report
Nigeria would need to achieve an annual economic growth rate of at least 21.9 percent at an exchange rate of ₦1,500 to $1 to reach a $1 trillion economy by 2031, according to a new report by Afrinvest West Africa Limited. The investment banking group revealed this projection in its 20th Nigeria Banking Sector Report 2025, titled “ACT-BOLD: Beyond a Trillion Dollar Economy.”
The report highlights the impact of Nigeria’s recent GDP rebasing, which raised the country’s nominal GDP size in 2024 to ₦372.8 trillion (about $251 billion at an average exchange rate of ₦1,484.99/$), compared to ₦277.5 trillion under the old base year, a jump of 34.4 percent. Afrinvest explains that to close the gap and reach the $1 trillion goal, Nigeria must either sustain this rapid growth or improve its exchange rate through stronger economic fundamentals.
To achieve this ambitious target, Afrinvest recommends that the federal government adopt what it calls the “ACT-BOLD” framework, a philosophy anchored on decisive, transparent, and reform-driven governance. The report notes that while President Bola Tinubu’s administration has expressed confidence in the banking industry’s role in achieving the $1 trillion milestone, deep-seated structural challenges still hold back broad-based growth.
The report was unveiled during an event marking Afrinvest’s 30th anniversary, which drew leading figures from Nigeria’s financial and investment community. The gathering served as both a reflection on three decades of Afrinvest’s contributions to the financial sector and a call to action for stakeholders to support bold reforms needed to reposition the economy.
Speaking at the event, Dr. Ike Chioke, Group Managing Director of Afrinvest West Africa Limited, described the company’s 30-year journey as one of “resilience, innovation, and leadership” in shaping Nigeria’s financial markets. He emphasized that the Banking Sector Report, first published in 2006, has remained a trusted guide for policymakers, investors, and financial institutions navigating Nigeria’s fast-evolving economic landscape.
source: vanguard