Nigeria Needs 10% Annual Growth to Reach $1 Trillion Economy — Finance Minister
ABUJA — Nigeria must sustain a minimum annual economic growth rate of 10 per cent over the next decade to achieve its ambition of becoming a $1 trillion economy, the Minister of State for Finance, Dr. Doris Uzoka-Anite, has said.
Speaking on Monday at the National Economic Council (NEC) conference in Abuja, held between February 9 and 10, the minister said although the economy is showing signs of stabilisation—with growth recovering to about 4 per cent in 2025—a far more aggressive expansion is required to meet the trillion-dollar target.
According to her, while 6 to 7 per cent growth could significantly reduce poverty, only sustained double-digit growth driven by private-sector investment and deep structural reforms can deliver a $1 trillion economy.
Dr. Uzoka-Anite explained that the Federal Government is repositioning itself from being the country’s largest spender to a strategic enabler of investment, under the Domestic Growth Acceleration Strategy (DGAS), which has been integrated into the 2026–2030 National Development Plan.
A key pillar of the strategy, she said, is “Investment Budgeting,” designed to de-risk priority projects and attract private capital at three to five times the value of public spending.
“Our role must evolve decisively from being the primary spender to being an enabler of investments that de-risk and unlock private capital. The government alone cannot finance the transformation we seek,” the minister said.
“Strategic public de-risking can unlock private investment at a multiplier of three to five times the public allocation in key infrastructure.”
Outlining the 2026 fiscal outlook, Dr. Uzoka-Anite projected ₦34 trillion in revenue, noting that Nigeria’s tax-to-GDP ratio is expected to rise towards 18 per cent following the full implementation of the Nigeria Tax Act 2025 and the harmonisation of taxes across states.
She added that the Central Bank of Nigeria (CBN) is targeting a reduction in inflation to below 13 per cent by the end of 2026, supported by bank recapitalisation, a sustained trade surplus, and foreign reserves exceeding $40 billion.
Highlighting the scale of Nigeria’s infrastructure financing challenge, the minister warned that relying solely on public funding would significantly delay progress.
“At current government allocation rates, Nigeria would need more than 111 years to mobilise the $300 billion required for infrastructure investment,” she said.
“Investment Budgeting that leverages private capital is essential. A capital pool of $100 billion could generate between $278 billion and $400 billion in economic output.”
Despite the optimistic projections, Dr. Uzoka-Anite cautioned that risks such as oil price volatility, food supply disruptions and climate-related shocks remain significant. She stressed the need for disciplined policy execution and stronger collaboration between the federal and state governments to ensure macroeconomic gains translate into improved living standards for Nigerians.
