Nigeria’s $1tn economy by 2030 not slogan but target - Oyedele

Nigeria's ambition to build a $1 trillion economy by 2030 is not merely a slogan but a concrete target driven by sustained economic reforms, stated Finance Minister Taiwo Oyedele. Speaking at the 7th African Emerging Markets Forum in Abuja, Oyedele emphasized that the administration's economic agenda is designed for long-term growth by restoring macroeconomic stability, enhancing competitiveness, and attracting investment. He asserted that Nigeria has moved past the difficult phase of economic stabilization and is now focused on translating this stability into tangible improvements in investment, productivity, and living standards for its citizens.

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A trillion US dollar Nigerian economy by 2030 is not a slogan. It’s a target. We plan to trace reform by reform against the work still ahead of us.

Oyedele highlighted that President Tinubu's administration prioritized long-term economic fundamentals over short-term political gains. The government inherited an economy burdened by structural distortions that had previously discouraged investment and weakened productivity. He noted that postponing reforms would have incurred greater costs than confronting the issues directly. Over the past three years, Nigeria has implemented comprehensive reforms, including the unification of foreign exchange rates to restore transparency and predictability in transactions, and fiscal consolidation through the removal of unsustainable subsidies that drained national resources.

The finance minister also pointed to tax reforms aimed at simplifying the fiscal system, reducing multiple taxes, providing relief for small businesses, and protecting low-income earners. Evidence of progress, he noted, can be seen in key economic indicators. The real GDP growth reached 3.89 percent in the first quarter of 2026, and the economy grew by 11.2 percent in dollar terms in 2025. The non-oil sector's growth of 3.94 percent in the first quarter of 2025 further demonstrates the economy's diversification beyond oil.

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Building resilience amidst geoeconomic uncertainty was never about waiting for the storm to pass. It’s about building an economy and a continent sturdy enough that the reform and the storm become our opportunity to seize.

"Building resilience amidst geoeconomic uncertainty was never about waiting for the storm to pass. It’s about building an economy and a continent sturdy enough that the reform and the storm become our opportunity to seize," Oyedele remarked, underscoring the proactive approach to navigating global economic challenges. The minister expressed confidence that the ongoing reforms will pave the way for Nigeria to achieve its ambitious economic target.

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The administration inherited an economy weighed down by years of accumulated distortions. Distortions that discouraged investment, weakened productivity and limited our competitiveness. Postponing reform would have cost us more than confronting it.