Nigeria Eyes $1 Trillion Economy by 2030, Anchored on Domestic Investments and Industrial Reforms
In yet another bold declaration of intent to reshape Nigeria’s economic destiny, the Federal Government says it is firmly on track to achieving a $1 trillion economy by 2030, leveraging the power of domestic capital, industrial reforms, and a robust “Nigeria First” policy.
This was the central message at the just-concluded Domestic Investment Summit held in Abuja, where the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, unveiled a sweeping roadmap that aligns with President Bola Tinubu’s 8-Point Renewed Hope Agenda.
With the summit’s theme, “Operationalising Nigeria First Policy”, the government reaffirmed that local productivity, enterprise, and innovation will be the cornerstones of Nigeria’s economic renaissance.
A Vision Grounded in Strategy and Numbers
According to Dr Oduwole, the path to a trillion-dollar economy is not a theoretical aspiration, but a strategic and data-driven push to:
- Diversify the economy beyond oil,
- Scale industrial and digital infrastructure,
- And leverage Nigeria’s demographic and geographic advantage as a continental trade powerhouse.
“We are already taking action. Non-oil exports rose by 24.75% in Q1 2025, reaching $1.79 billion,” she said. “We are building new textile parks, automotive plants, and food hubs in Special Economic Zones that are creating jobs, saving foreign exchange, and positioning Nigeria as ECOWAS’ manufacturing nucleus.”
Operationalising “Nigeria First” as Economic Doctrine
At the heart of the policy is a mandate to prioritise Nigerian capital, innovation, and enterprise in national development. According to Oduwole:
“The Nigeria First Policy is how we will actualise the $1 trillion economy vision—by turning ambition into productivity, and productivity into global competitiveness.”
The policy is being translated into measurable targets, including:
- $6 billion in foreign direct and portfolio investments by 2025
- $6.5 billion in non-oil exports
- 20% increase in trade value
- 200,000 new export-led jobs
The ministry has already unlocked over $50 billion in investment commitments through targeted roadshows and stakeholder engagements in key sectors such as agribusiness, manufacturing, creative economy, and ICT.
Private Sector: The Anchor of Transformation
The summit brought together Nigeria’s most influential domestic investors, entrepreneurs, financial institutions, and development partners to co-curate actionable policies and reform priorities.
“The President has tasked us to build this vision with the people who power Nigeria’s economy—our local investors,” said Oduwole, emphasizing a collaborative approach to economic planning.
Institutional Support Aligns Behind the Agenda
- Ambassador Nura Rimi, Permanent Secretary at the Ministry, underscored that the Nigeria First Policy “is not a mere slogan but a declaration to strengthen indigenous capacity and promote local content across sectors.”
- CBN Governor, Mr Olayemi Cardoso, represented by Dr Blaise Ijebor, echoed the central bank’s commitment to creating a stable, investor-friendly monetary environment to support the real sector. He emphasized the importance of risk management, domestic capital formation, and regional integration.
BRANDECONOMY ANALYSIS: A Trillion-Dollar Reality or Rhetoric?
With bold targets and a data-backed plan, Nigeria’s ambition to reach $1 trillion GDP by 2030 is gaining credibility. The country’s rebased GDP numbers already show:
- A fast-growing services sector, including fintech, logistics, and entertainment.
- An improving industrial sector, thanks to reforms in Special Economic Zones.
- The revival of non-oil exports and food systems amid FX scarcity.
However, execution, policy consistency, power supply, access to credit, and infrastructure remain key variables. If the government can align federal, state, and private sector action around the Nigeria First doctrine, then the trillion-dollar milestone is not only possible—but probable.
BOTTOM LINE
The road to a $1 trillion Nigerian economy will not be paved with oil barrels or aid. It will be built on:
- Nigerian capital, Nigerian innovation, Nigerian resilience.
- Backed by institutional reforms, digital infrastructure, and export-led industrialisation.
With over 200 million people, a youthful population, and a market connected to the AfCFTA, Nigeria’s economic rise can become a beacon for African development — if it gets the fundamentals right.
