Nigeria Targets 7% Economic Growth by 2028 Through Structural Reforms, Says Finance Minister
Nigeria is positioning itself for stronger economic growth, with the Federal Government targeting a 7% expansion of the nation’s GDP by 2027–2028. Finance Minister and Coordinating Minister of the Economy, Wale Edun, highlighted that ongoing macroeconomic and structural reforms are the driving force behind the government’s growth ambitions. The move comes as the International Monetary Fund (IMF) and World Bank project Nigeria’s economy will grow by about 5% this year.
Speaking at the African Business Convention, Mr. Edun, represented by Permanent Secretary Raymond Omachi, emphasized the need for domestic reforms to build resilience amid global trade challenges, rising protectionism, and cautious capital flows. He noted that many African countries now spend more on debt servicing than they receive in development aid, making productivity-led growth a critical priority for sustainable development.
Since May 2023, Nigeria has embarked on a disciplined economic program focused on restoring macroeconomic stability and strategically investing in long-term growth drivers such as education, healthcare, infrastructure, and human capital. Edun explained that the government is pursuing inclusive, productivity-driven growth, not relying solely on oil revenues, and stressed that short-term reforms may be challenging but are essential for lasting economic benefits.
Key interventions highlighted by Edun include foreign exchange reforms, ongoing tax reforms, and structural improvements across power, energy, logistics, education, and industry. These measures aim to create a competitive economy where capital is productive, effort is rewarded, and opportunities are widely accessible. To ease the impact of reforms, the government has already reached over eight million households with targeted social support, in tending of reaching 15 million.
Edun reiterated the central role of the private sector in achieving Nigeria’s growth objectives, noting that the government’s responsibility is to provide stability, infrastructure, policy consistency, and a transparent, business-friendly environment. He concluded that the vision of 7% growth and lifting millions out of poverty is no longer a distant aspiration but an achievable national goal, anchored on consistent reforms and collective effort.
source: leadership