Nigeria will need to maintain annual economic growth of between 10 and 12 percent over the next decade if it hopes to achieve its ambitious $1 trillion economy target, according to the Minister of State for Finance, Doris Uzoka-Anite. Speaking at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, the minister noted that with the country’s GDP currently around $375bn, sustained expansion is essential to meet the goal set by President Bola Tinubu.
Uzoka-Anite described the target as a clear and measurable destination, stressing that the administration is implementing structural reforms designed to strengthen long-term economic growth. She pointed out that when the government took office in 2023, the economy faced deep-rooted challenges, including costly fuel subsidies exceeding N5tn annually and a fragmented exchange rate system that weakened investor confidence.
There are, however, signs of improvement. In January 2026, S&P Global Ratings revised Nigeria’s outlook to positive while affirming its B-/B rating, citing progress in fiscal, monetary, and external stability. The government has also introduced changes to its budgeting approach, now separating investment spending from routine expenditure to ensure public funds are directed toward long-term development.
Looking ahead, the next phase of reforms will be driven by the Disinflation and Growth Acceleration Strategy, developed jointly with the Central Bank of Nigeria. The plan focuses on boosting growth through sectoral investments in agriculture, energy, technology, manufacturing, and the creative economy, alongside expanding digital infrastructure and vocational training for over 10 million young Nigerians annually.
Uzoka-Anite highlighted that reducing reliance on imported industrial raw materials—currently about 70 percent—will be key to improving cost stability and strengthening domestic production. She cited the Dangote Refinery as a model for local value creation that could drive jobs, increase tax revenue, and improve household incomes. Supporting the broader vision, the Nigeria Sovereign Investment Authority noted that Nigeria would need annual infrastructure investments of up to $150bn to bridge development gaps and sustain the journey toward a trillion-dollar economy.
source: punch