Nigeria’s $1 Trillion Economy Ambition Gains Renewed Momentum

Nigeria’s $1 Trillion Economy Ambition Gains Renewed Momentum

The federal government has once again underscored its determination to achieve a $1 trillion economy by 2030, with Minister of Budget and Economic Planning, Senator Abubakar Bagudu, reaffirming the administration’s commitment to this ambitious target.

Speaking during the assumption of duty of the new Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, Bagudu emphasized that strong policy coordination and strategic planning would be central to realizing this vision. 

He explained that the Bola Tinubu administration intends to drive economic growth at an annual rate of seven per cent, guided by the forthcoming National Development Plan (2026–2030).

This plan, he noted, will serve as a blueprint for reforms, investment priorities, and development initiatives across the country. Bagudu highlighted the ministry’s role as the nation’s planning authority, responsible for harmonizing fiscal and economic policies, advising the president, and coordinating development efforts across federal, state, and local levels.  

The minister recalled deliberations at the National Economic Council, which identified key priorities such as improved coordination among tiers of government, enhanced investment in security, sustained funding for transformative infrastructure, and stronger enforcement against illegal activities in the extractive sector.

He also pointed to Nigeria’s upgraded bilateral relations with China, now a comprehensive strategic partnership, which has already yielded cooperation agreements aimed at boosting economic development.  

In her remarks, Uzoka-Anite stressed that private sector participation must account for 95 per cent of Nigeria’s economic growth if the $1 trillion target is to be met. She urged that the Renewed Hope Agenda be driven by private enterprise, while expressing confidence in President Tinubu’s ability to deliver on the aspiration, given the reforms already underway.

She also expressed gratitude for the opportunity to serve in multiple ministerial roles, including her new position.  

Permanent Secretary of the ministry, Dr. Deborah Odoh, welcomed Uzoka-Anite’s appointment, describing it as timely and critical to advancing the government’s reform agenda.

Odoh expressed confidence that her experience in finance and economic management would strengthen the ministry’s capacity to deliver on its mandate and support the president’s Renewed Hope Agenda.  

This renewed emphasis on coordinated planning, private sector leadership, and international partnerships signals the government’s resolve to transform Nigeria’s economic trajectory and meet its ambitious 2030 target.