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Minister of State for Finance, Dr. Doris Uzoka-Anite, on Wednesday, said Nigeria must sustain annual economic growth of between 10 and 12 per cent over the next decade to achieve President Bola Tinubu’s $1 trillion economy target.
Speaking at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, Uzoka-Anite, represented by Mrs. Uloma Amadi, explained that Nigeria’s GDP currently stands at about $375 billion, meaning significant reforms and expansion are required.
“Nigeria’s GDP currently sits at approximately $375bn. To reach $1tn requires sustained GDP growth of between 10 and 12 per cent annually over the coming decade,” she said.
She noted that when the administration assumed office in 2023, the economy was structurally distorted by fuel subsidy payments exceeding ₦5 trillion annually and a multiple exchange rate regime that weakened investor confidence.
The minister highlighted recent progress, including S&P Global Ratings revising Nigeria’s outlook to positive in January 2026, and outlined reforms such as restructuring the budget to treat investment expenditure as a distinct pillar. She also unveiled the Disinflation and Growth Acceleration Strategy, a nine-pillar plan designed to deliver non-inflationary growth of over 7% by 2027.
Key pillars include:
- Expanding capital mobilisation through development finance instruments.
- Accelerating growth in agriculture, energy, technology, manufacturing, and creative industries.
- Nationwide energy expansion across oil, gas, solar, hydro, and emerging fuels.
- Digital infrastructure development, including broadband and AI-ready data centres.
- Human capital investment targeting 10 million youths annually in technical and vocational training.
- Consumer credit expansion for housing, education, healthcare, and household goods.
Uzoka-Anite stressed the need to reduce reliance on imported raw materials, citing the Dangote Refinery as an example of domestic value addition.
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