Nigeria’s ambition to become a $1 trillion economy by 2030 is more than an ambitious promise—it is a measurable national objective backed by ongoing economic reforms, according to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Speaking at the 7th African Emerging Markets Forum in Abuja on Thursday, Oyedele said the country has already crossed the toughest phase of economic stabilisation and is now focused on turning that stability into stronger investments, higher productivity, sustainable job creation, and improved living standards for millions of Nigerians.
Addressing investors, policymakers, and business leaders, Oyedele explained that the Tinubu administration deliberately embraced difficult reforms to fix long-standing structural challenges that had weakened Nigeria’s economy. He highlighted key measures such as the unification of foreign exchange rates, the removal of costly fuel subsidies, fiscal consolidation, and tax reforms aimed at reducing multiple taxes while offering relief to small businesses and low-income earners. According to him, these reforms were never designed for short-term political gains but to create a stronger and more competitive economy capable of attracting local and foreign investment over the long term.
The minister pointed to several economic indicators as evidence that the reforms are beginning to deliver results. Nigeria recorded a 3.89 percent real GDP growth in the first quarter of 2026, while the economy expanded by 11.2 percent in dollar terms during 2025. He also noted that the non-oil sector continues to strengthen, signalling greater economic diversification beyond crude oil. Other encouraging signs include foreign reserves surpassing $50 billion, easing inflation from its 2024 peak, increased foreign portfolio and direct investments, the successful recapitalisation of the banking sector, and Nigeria’s removal from the Financial Action Task Force (FATF) grey list—developments he said have significantly boosted investor confidence.
Despite these positive economic milestones, Oyedele acknowledged that macroeconomic stability alone is not enough if Nigerians do not experience meaningful improvements in their daily lives. He stressed that the government’s next priority is ensuring that increased investment translates into productivity, quality jobs, higher incomes, and better living conditions. He maintained that economic reforms can only be considered successful when their impact is felt in households across the country, not just reflected in official statistics. To support vulnerable citizens, he added that the government has expanded social intervention programmes, including cash transfers and investments in healthcare, education, and displaced communities.
Looking ahead, Oyedele urged investors to seize opportunities created by Nigeria’s ongoing economic transformation instead of waiting for perfect market conditions. He argued that periods of structural reform often produce the most rewarding investment opportunities and called on both domestic and international investors to partner with the government in building a more resilient economy. He also challenged African nations to strengthen institutions and implement forward-looking policies that enable the continent to shape the global economic landscape rather than simply react to external shocks. As Nigeria pushes toward its 2030 target, the government’s message remains clear: the journey to a trillion-dollar economy is already underway, and sustained reforms will determine how quickly that vision becomes reality.
source: premiumtime
