Nigeria is targeting an investment-grade sovereign credit rating by 2030, with the Federal Government identifying improved revenue mobilisation, responsible debt management, economic diversification and stronger institutions as key requirements for achieving the ambition.
The Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, stated this at the 2026 International Credit Rating Webinar organised by DataPro Limited, with the theme, “Achieving Investment-Grade Rating by 2030: The Roadmap for Nigeria.”
Uzoka-Anite said the ambition aligns with the National Development Plan (NDP) 2026–2030, which envisages transforming Nigeria into a diversified, resilient and globally competitive economy with nominal output approaching one trillion dollars by 2030.
She emphasised that achieving investment-grade status should result from stronger economic fundamentals rather than being pursued as an end in itself.
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“Investment grade should be the outcome of stronger economic fundamentals, sustainable public finances, improved debt dynamics, rising productivity, stronger external buffers and credible institutions,” the minister said.
She explained that sovereign credit ratings influence a country’s borrowing costs, investment decisions and access to international financing, making them important to Nigeria’s efforts to attract long-term capital and strengthen economic growth.
Reviewing the performance of the previous National Development Plan, Uzoka-Anite disclosed that Nigeria recorded average real Gross Domestic Product growth of 3.11 per cent between 2021 and 2025, below the plan’s target of 4.65 per cent.
She said the performance highlighted persistent structural challenges, including limited fiscal space, inflation, infrastructure deficits, low industrial productivity and vulnerability to external shocks.
While acknowledging recent improvements in economic growth and the moderation of inflation from 2024 levels, the minister noted that the cost of living and poverty remained significant concerns.
According to her, the Federal Government’s ongoing reforms, including petrol subsidy removal, foreign exchange market reforms, improvements in public financial management and domestic revenue mobilisation, are intended to address these structural weaknesses and establish a foundation for sustainable, private-sector-led growth.
She added that four major tax laws enacted in 2025 were designed to simplify tax administration, improve compliance and strengthen government revenue.
The minister, however, stressed that the success of the reforms would ultimately be measured by their ability to promote economic stability, reduce production costs, create jobs and improve living standards.
On fiscal sustainability, Uzoka-Anite said the proposed National Development Plan projects government revenue to rise from 11.15 per cent of GDP in 2025 to 18.70 per cent by 2030.
She added that capital expenditure is projected to increase from 36.03 per cent of total government expenditure in 2025 to 57.43 per cent by 2030, reflecting the government’s intention to direct more resources towards productive investments and infrastructure.
The minister cautioned that achieving these targets would require improved revenue collection, efficient public spending, transparent procurement and stronger accountability for project delivery.
On debt management, she said the plan projects public debt to decline from 36.07 per cent of GDP in 2025 to 18.83 per cent by 2030, while the Federal Government’s debt-service-to-revenue ratio is expected to fall from 62.93 per cent to 21.01 per cent.
She noted that these projections would depend on sustained economic growth, prudent borrowing and effective fiscal management.
Uzoka-Anite maintained that borrowing should support investments that expand productive capacity rather than deepen existing fiscal pressures, adding that instruments such as Sukuk, green bonds and carefully structured public-private partnerships could help finance development.
