Reforms, Private Investment Key to 7% Growth Target – Edun

Nigeria’s ambition to achieve at least seven per cent economic growth by 2027–2028 will depend largely on sustained structural reforms and stronger private sector participation, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Speaking at the African Business Convention held in Lagos, Edun said the country remains firmly on a trajectory of accelerated growth despite the headwinds posed by global financial tightening, geopolitical tensions, and persistent macroeconomic volatility.

He noted that the federal government’s medium-term strategy is anchored on restoring macroeconomic stability, improving productivity across key sectors, and deepening economic inclusion, rather than relying predominantly on oil revenues.

Based on official projections, Nigeria’s real GDP growth is expected to reach 4.68 per cent in 2026, rise to 5.96 per cent in 2027, and climb further to 7.9 per cent by 2028. Edun attributed these forecasts to ongoing economic reforms, improved fiscal discipline, and the impact of recently implemented tax measures aimed at broadening the revenue base.

Represented at the event by the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, the minister described the reform agenda as necessary and unavoidable, even though some of the measures may prove challenging in the short term.

He stressed that Nigeria’s growth ambitions are centred on sustainable, inclusive, and productivity-led expansion. According to him, reforms are designed not just to stabilise the economy but to unlock long-term value by creating an environment where businesses can thrive and investments can translate into jobs and improved living standards.

Edun emphasised that the private sector must serve as the primary engine of growth, while government plays a supportive role by ensuring macroeconomic stability, investing in critical infrastructure, maintaining policy consistency, and fostering a transparent, business-friendly regulatory environment.

He said Nigeria is actively seeking private investments that go beyond short-term capital inflows, prioritising projects that establish manufacturing facilities, develop local skills, deploy technology, and strengthen regional and continental value chains.

“Our focus is on investments that build productive capacity, enhance competitiveness, and position Nigeria as a hub for value-added production within Africa,” he said.

Also speaking at the convention, the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, said the capital market would play a critical role in supporting Nigeria’s aspiration to become a $1tn economy.

Kwairanga noted that deepening investor participation, expanding market liquidity, and strengthening financial market infrastructure are essential to mobilising long-term capital for economic growth. He added that the exchange is committed to developing innovative products and improving market access to support both domestic and foreign investors.

The convener of the African Business Convention, Dr Ogho Okiti, said the platform was created to move discussions beyond rhetoric and toward action-oriented outcomes. According to him, the convention is designed to foster strategic partnerships that help bridge Africa’s investment, policy, and skills gaps.

He added that sustained collaboration between governments, investors, and private enterprises is critical to unlocking Africa’s economic potential and translating growth targets into measurable development outcomes.