Oyebanji: Nigeria Needs 28% Annual Growth to Hit $1trn Economy by 2030
Fred Ojeh Nigeria would need to achieve an annual compound economic growth rate of 28.02 per cent to increase its estimated 2025 nominal Gross Domestic Product (GDP) of $290.79 billion
Adetunji Oyebanji, President of the Chartered Institute of Directors Nigeria, has stated that Nigeria would require an annual compound economic growth rate of 28.02 percent to increase its estimated 2025 GDP of $290.79 billion to a $1 trillion economy by 2030. Speaking at the 42nd Omolayole Management Lecture in Lagos, Oyebanji emphasized that this growth rate is highly ambitious and unprecedented for Nigeria's current economic size.
He identified power shortages, infrastructure deficits, oil sector inefficiencies, and foreign exchange volatility as major structural constraints hindering Nigeria's economic growth. Oyebanji also highlighted the need for sustained acceleration in economic growth, structural transformation, and investment, as well as the importance of creating an environment that attracts private-sector investment and supports industrial expansion.
He identified key sectors such as oil and gas, agriculture, manufacturing, technology, and the digital economy as potential drivers of economic expansion. Oyebanji outlined 10 strategic pillars for achieving the $1 trillion economy target, including macroeconomic stability, institutional strengthening, policy consistency, infrastructure development, domestic revenue mobilisation, and private-sector and investment promotion.
He urged the government to accelerate investment in productive sectors, strengthen infrastructure, maintain fiscal and monetary discipline, and expand Nigeria's export capacity. Oyebanji called for improved industrial competitiveness, deeper digital economy development, and stronger domestic revenue mobilisation. He emphasized that the success of the $1 trillion ambition should not only be measured by the size of the economy but also by improvements in the quality of life of Nigerians, calling for reforms that would strengthen institutions and productivity and encourage private sector investment with confidence and patience in globally competitive and productive businesses.
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