The Federal Government has said Nigeria must record sustained annual economic growth of between 10 and 12 per cent over the next decade to achieve its goal of building a one trillion dollar economy.
The Minister of State for Finance, Doris Uzoka-Anite, disclosed this on Wednesday in Abuja at the Annual Conference of the Finance Correspondents Association of Nigeria.
Uzoka-Anite said the target set by President Bola Tinubu is bold but achievable with discipline and commitment.
“To reach $1 trillion requires sustained GDP growth of between 10 and 12 percent annually over the coming decade,” she said.
She acknowledged that the goal is ambitious but stressed that it is necessary for Nigeria’s long-term prosperity.
“That is an ambitious target, and this administration is not shy about saying so. Ambitious targets are what move nations,” she stated.
According to her, the one trillion dollar economy plan is not mere political rhetoric but a clearly defined economic destination backed by measurable steps.
“Actualizing President Bola Ahmed Tinubu’s $1 Trillion Economy Agenda is not a slogan. It is a specific, measurable destination. Nigeria’s GDP currently sits at approximately $375 billion,” she said.
The minister also announced that Nigeria has submitted its ECOWAS Tariff Offer to the African Continental Free Trade Area Secretariat under the African Continental Free Trade Area (AfCFTA). The offer creates zero duties on 90 per cent of goods traded within Africa.
She explained that the move opens Nigeria to a continental market of 1.4 billion people with a combined GDP of over three trillion dollars.
“A binding commitment to a market of 1.4 billion people with a combined GDP of over $3 trillion is not a gesture. It is a strategic repositioning. When global trade routes become contested, as they are today, regional corridors become the most reliable alternatives. Nigeria is deliberately placing itself at the center of that alternative,” Uzoka-Anite said.
She added that achieving the one trillion dollar economy will require more than government action alone, noting that collaboration with the private sector and sustained reforms will be critical to driving long-term growth.
