Nigeria Sets Sights on $1 Trillion Economy with New Development Blueprint

Nigeria’s Excess Crude Account (ECA) stood at $535,823.39 as of August 2025, according to the Accountant-General of the Federation, Shamsedeen Ogunjimi.

Presenting the update at the National Economic Council (NEC) meeting chaired by Vice-President Kashim Shettima, Ogunjimi — represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun — also reported that the Stabilisation Account holds ₦78.45 billion, while the Natural Resources Account stands at ₦106.73 billion.

The ECA, which was created in 2004 during the administration of former President Olusegun Obasanjo, serves as a savings mechanism for oil revenues earned above budgetary benchmarks. It is intended to shield the economy from volatility in global oil markets. The current balance reflects an increase from April 2025, when it was $473,754.57.

Meanwhile, the NEC unveiled the framework for the Renewed Hope Development Plan (2026–2030), which is positioned as the successor to the outgoing National Development Plan (2021–2025). The new strategy is designed to consolidate ongoing reforms and drive the administration’s ambition of transforming Nigeria into a $1 trillion economy.

Vice-President Shettima said the new plan would deepen policy continuity and align the nation’s growth trajectory with the Nigeria Agenda 2050, which sets out long-term goals for sustainable development.

“This transition is critical to sustaining our economic trajectory and consolidating the reforms already underway. The Renewed Hope Plan 2026–2030 will build on past policies while setting a new direction for the future,” Shettima stated.

According to the Presidency, the framework is expected to strengthen fiscal discipline, support private sector participation, and promote investments across critical sectors such as infrastructure, energy, agriculture, and technology.