The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said sustained economic reforms and stronger private sector participation are central to Nigeria’s ambition to achieve at least seven per cent Gross Domestic Product growth by 2027–2028.
Edun made the remarks on Tuesday at the African Business Convention in Lagos, where he said Nigeria remains firmly on course for accelerated growth despite tightening global financial conditions and rising geopolitical uncertainty.
According to projections contained in the 2026–2028 Medium-Term Expenditure Framework, Nigeria’s real GDP growth rate is expected to reach 4.68 per cent in 2026, rise to 5.96 per cent in 2027 and accelerate to 7.9 per cent in 2028. The projections are anchored on ongoing economic reforms and anticipated gains from tax reforms that took effect in January.
Represented at the event by the Permanent Secretary of the Federal Ministry of Finance, Mr Raymond Omachi, Edun said the government’s economic strategy prioritises restoring macroeconomic stability, boosting productivity and deepening inclusion, rather than relying on oil-driven growth.
“Nigeria must return to a path of growth of at least seven per cent, that is what we are working on every day. Not oil-driven growth but sustained, inclusive and productivity-led growth,” he said.
He added that although the global economic environment remains challenging, Nigeria’s reform direction is clear and consistent.
“The foundation is being laid, the reforms are taking hold, and the ambition is unwavering. Seven per cent growth, millions lifted out of poverty in Nigeria, is not a distant dream and aspiration; it is already here. It is a shared project; we need to work together,” he said.
Edun stressed the importance of the private sector in driving growth across Africa, noting that development must be domestically driven and productivity-focused.
“For Africa, growth must be domestically driven, private-sector led and productivity-focused. We must mobilise our own resources, use technology to overcome constraints and convert our greatest asset, our people, into skilled and productive participants in the global economy,” he said.
He explained that since May 2023, Nigeria has pursued a disciplined, reform-oriented economic programme built around restoring macroeconomic stability to attract private investment and rebuilding government capacity to invest strategically in education, healthcare, infrastructure and human capital.
While acknowledging that reforms are often difficult and painful in the short term, Edun said they are necessary to deliver sustainable long-term improvement.
Reiterating the central role of the private sector, the minister said the government’s responsibility is to provide stability, infrastructure, policy consistency and a transparent, business-friendly environment.
“The private sector is the engine of Nigeria’s growth goal. We are seeking investment that builds factories, develops skills, drives technology and strengthens regional value chains. Nigeria is not just open for business; Nigeria is reforming to accelerate business,” he said.
Also speaking at the event, the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, said the exchange would support efforts to achieve Nigeria’s $1tn economy ambition by deepening investor participation and strengthening capital market platforms.
The convener of the African Business Convention, Dr Ogho Okiti, said the forum was designed to convert dialogue into strategic partnerships and initiatives that promote sustainable growth across the continent while closing Africa’s investment, policy and skills gaps.
