Nigeria Must Achieve 8% GDP Growth to Hit $1 Trillion Economy by 2030 — Minister Enoh

Nigeria must raise its Gross Domestic Product (GDP) growth from the current 3 percent to around 8 percent to achieve its $1 trillion economy target by 2030, the Minister of State for Industry, Trade and Investment, John Owan Enoh, has stated. Speaking at a media briefing ahead of the West Africa Industrialisation, Manufacturing, and Trade Summit and Exhibition in Lagos, Enoh emphasized that robust industrialisation is critical to realizing the country’s long-term economic ambitions.

The Minister warned that achieving a trillion-dollar economy would remain unattainable without deliberate government policies and interventions. Enoh highlighted the need for strategic planning to cope with Nigeria’s projected population of over 400 million in the coming years, stressing that industrialisation is essential for sustainable growth. “No country can achieve economic growth without industrialisation. Those Western countries we see today succeed because they are industrialised,” he added.

As part of these efforts, the Federal Government plans to unveil a new National Industrial Policy this month. The policy aims to tackle key challenges such as energy shortages, financing gaps, regulatory hurdles, and insufficient skilled labor, while creating pathways for growth in manufacturing and other industrial sectors. According to Enoh, effective management of raw materials will also be central to driving industrial growth.

Enoh further noted that legislation is underway at the National Assembly to mandate at least 30 percent value addition for raw materials exported from Nigeria. He stressed that the country cannot continue exporting raw materials indiscriminately and must instead focus on enhancing domestic production and adding value to strengthen the industrial base.

The Minister also lauded the Summit organisers for providing a platform for West African industries to showcase products and encouraged regional operators to focus inwardly. “Our salvation does not depend on the West or their capital cities, but on our own. Industrialisation within the sub-region and continent is key to achieving the economic growth we desire,” Enoh concluded.

Source: Tribune