The Minister of State for Finance, Dr Doris Uzoka-Anite, says the Nigerian Government’s ongoing structural reforms have established a credible and sustainable pathway toward achieving a $1 trillion economy by 2030.
Speaking at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, the Minister stated that the administration’s economic transformation agenda is anchored on measurable targets and coordinated policy reforms already being implemented.
Addressing the theme, “Actualising President Bola Ahmed Tinubu’s $1 Trillion Economy Agenda,” Dr Uzoka-Anite emphasised that the objective is strategic and data-driven rather than aspirational.
She noted that Nigeria’s current Gross Domestic Product (GDP) stands at approximately $375 billion, explaining that reaching the $1 trillion mark would require sustained annual growth of between 10 and 12 per cent over the next decade.
According to her, upon assumption of office in 2023, the administration confronted significant structural challenges, including an unsustainable fuel subsidy regime that cost over ₦5 trillion annually and a multiple exchange rate system that weakened investor confidence.
She described the removal of fuel subsidy and the unification of the foreign exchange market as necessary reforms aimed at restoring fiscal stability and macroeconomic credibility, despite short-term adjustments.
The Minister cited recent positive macroeconomic signals, including the January 2026 revision of Nigeria’s outlook to positive by S&P Global Ratings, which affirmed the country’s B-/B sovereign credit ratings, referencing improvements in fiscal, monetary, and external indicators.
On fiscal reforms, Dr Uzoka-Anite explained that the government has strengthened public finance management by clearly distinguishing capital investment from recurrent expenditure, thereby enhancing capital allocation efficiency and long-term asset creation.
She further disclosed that the second phase of reforms, developed in collaboration with the Central Bank of Nigeria (CBN), is being implemented under the Disinflation and Growth Acceleration Strategy (DGAS), a nine-pillar framework designed to deliver non-inflationary growth exceeding seven per cent by 2027.
Key components of the strategy include capital mobilisation through development finance instruments, sectoral acceleration in agriculture, energy, manufacturing, technology, and the creative industries, as well as nationwide energy expansion across oil, gas, solar, and hydro resources.
Other pillars encompass digital infrastructure expansion, AI-ready data centres, automation, and a human capital development pipeline targeting over 10 million young Nigerians annually. The framework also prioritises expansion of the Consumer Credit Platform to improve structured access to household financing.
The Minister expressed concern over Nigeria’s heavy reliance on imported industrial inputs, estimated at 70 per cent of manufacturing raw materials, noting that such dependence affects cost competitiveness and long-term industrial growth.
She cited the Dangote Refinery as a model of domestic value addition and stated that the DGAS framework aims to replicate similar local processing initiatives across agriculture, mining, healthcare, and manufacturing to boost employment, tax revenues, and wealth creation.
On the international front, Dr Uzoka-Anite highlighted Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list, describing it as a milestone in strengthening anti-money laundering and counter-terrorism financing mechanisms, which would enhance investor confidence.
She also confirmed Nigeria’s submission of its ECOWAS Tariff Offer under the African Continental Free Trade Area (AfCFTA), committing to zero duties on 90 per cent of goods traded across the continent, thereby positioning the country within a $3 trillion African market of 1.4 billion people.
The Minister underscored the role of financial journalism in promoting informed public discourse and sustaining reform momentum. She described FICAN as a key stakeholder in the nation’s economic governance framework and called for constructive engagement and accountability.
She reiterated that achieving a $1 trillion economy will require coordinated efforts across government, the private sector, and citizens, stressing that investor confidence, entrepreneurial productivity, youth empowerment, and informed civic participation are essential to success.