Manny Ita –
The Minister of State for Finance, Doris Uzoka-Anite, has stated that Nigeria must sustain an annual Gross Domestic Product growth rate of between 10 and 12 per cent over the next decade to attain the administration’s target of building a $1 trillion economy.
Uzoka-Anite made the disclosure on Tuesday while addressing stakeholders at an economic policy forum, stressing that achieving the ambitious target would require coordinated fiscal reforms, increased private sector participation, and aggressive investment in productive sectors of the economy. She noted that the growth trajectory must significantly exceed current levels if the country is to meet its long-term economic aspirations.
“To achieve a $1 trillion economy within the next decade, Nigeria must consistently record between 10 and 12 per cent GDP growth annually,” she said. “This is not impossible, but it requires discipline, structural reforms, and a commitment to unlocking productivity across critical sectors.”
The minister explained that the target aligns with the broader economic vision of the Federal Government of Nigeria, which aims to reposition the country as a leading investment destination and expand its economic base beyond oil revenues. She emphasized that diversification into manufacturing, agriculture, solid minerals, technology, and services would be central to reaching the growth benchmark.
According to her, fiscal stability and improved revenue generation are also key components of the strategy. “We must deepen revenue mobilisation, plug leakages, and ensure that public resources are efficiently deployed to stimulate inclusive growth,” she stated.
Uzoka-Anite further highlighted the importance of macroeconomic stability, noting that inflation control, exchange rate stability, and investor confidence would play crucial roles in sustaining double-digit growth over an extended period. She acknowledged that the current growth rate falls below the required threshold but expressed optimism that ongoing reforms would yield measurable results.
Economic analysts say maintaining 10–12 per cent annual growth consistently for a decade would represent a significant acceleration compared to Nigeria’s historical performance. However, they note that comparable growth levels have been achieved by emerging economies that implemented robust industrial policies and attracted substantial foreign and domestic investment.
The minister reiterated that collaboration between federal and state governments, as well as the private sector, would be essential. “This is a national project. Government alone cannot deliver a $1 trillion economy. It requires partnerships, innovation, and shared commitment,” she said.
She assured stakeholders that policy frameworks are being aligned to create an enabling environment for businesses, adding that reforms in taxation, infrastructure development, and access to finance are being prioritised to drive sustained expansion.
The administration has repeatedly projected confidence in its economic reform agenda, positioning the $1 trillion target as both a symbol of national ambition and a measurable benchmark for long-term transformation.
