Nigeria Must Grow at Double-Digit Pace to Reach $1tn Economy — Minister

Nigeria will need sustained annual economic expansion of between 10 and 12 per cent over the next decade to achieve its target of becoming a $1tn economy, Minister of State for Finance Doris Uzoka-Anite has said.

Speaking at the annual meeting of the Finance Correspondents Association of Nigeria in Abuja, the minister noted that the country’s current gross domestic product stands at roughly $375bn, meaning rapid and consistent growth would be required to meet the long-term ambition set by President Bola Tinubu.

She described the target as a measurable economic destination, explaining that ongoing reforms are intended to create the structural conditions necessary for sustained expansion.

According to the minister, the administration inherited an economy burdened by distortions such as heavy fuel subsidy payments and a fragmented exchange-rate regime that discouraged investment and encouraged speculative activity.

She pointed to recent improvements in fiscal and monetary indicators, including a positive outlook revision by S&P Global Ratings, as signs that reform measures are beginning to stabilise macroeconomic conditions.

On public finance management, Uzoka-Anite said the government has restructured the budget to treat capital investment as a separate pillar from recurrent expenditure, allowing policymakers to focus more directly on developmental impact rather than simply spending levels.

She explained that the next phase of reforms is being implemented through a Disinflation and Growth Acceleration Strategy jointly developed by the Finance Ministry and the Central Bank. The framework focuses on capital mobilisation, sector-specific growth initiatives in agriculture, energy, technology and manufacturing, and nationwide expansion of energy infrastructure.

Other priorities include digital infrastructure expansion, the training of millions of young Nigerians through technical and vocational programmes, and a strengthened consumer credit system to improve access to housing, education and healthcare financing.

The minister also noted that Nigeria’s heavy reliance on imported industrial inputs increases production costs and limits economic resilience. She cited domestic processing initiatives such as the Dangote Refinery as examples of how local value addition can boost employment, tax revenue and household income.

On the international front, she highlighted Nigeria’s removal from the Financial Action Task Force grey list and its tariff commitments under the African Continental Free Trade Area as indicators of improving economic credibility.

In related remarks, officials from the Ministry of Finance Incorporated outlined a N1tn private-sector-driven housing initiative aimed at expanding mortgage access and stimulating construction. The programme offers long-tenor mortgages at single-digit interest rates and is intended to address Nigeria’s housing supply deficit while strengthening financial intermediation.

Infrastructure specialists at the event also stressed that Nigeria would require annual investments of between $100bn and $150bn to close infrastructure gaps and sustain long-term growth.