Nigeria needs faster growth to hit $1tn GDP — AIESEC

Nigeria must significantly accelerate its economic growth to achieve its goal of becoming a $1tn economy by 2030, states the AIESEC Alumni Nigeria. The country's current growth trajectory is insufficient to meet the target, according to the organization, which emphasized the need for sustained investment, higher productivity, stronger infrastructure, and consistent economic policies.

At the 42nd Omolayole Management Lecture organized by the AIESEC Alumni Nigeria and hosted by the Nigeria Employers’ Consultative Association in Lagos, Adetunji Oyebanji, president and chairman of the Governing Council of the Chartered Institute of Directors Nigeria, presented a paper titled "One Trillion Dollar Economy: What It Will Take Nigeria to Achieve the Goal?"

Oyebanji highlighted that Nigeria's nominal GDP in 2025 stood at about $290.79bn and would require a compound annual growth rate of approximately 28.02% between 2026 and 2030 to reach the $1tn target. Historical trends, he noted, showed that the country would fall short of the target if it continued on its current trajectory. Oyebanji stressed that the $1tn ambition required a fundamental shift in Nigeria's economic trajectory rather than business as usual.

He added that achieving the target demanded a consistent growth rate, with the economy needing to expand from $290bn in 2025 to $1tn by 2030. Oyebanji warned that dollar-denominated GDP depended on real economic expansion and exchange-rate stability, indicating that stability alone would not deliver the desired economic transformation.