Lagos State government and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said that priotisation of the micro, small and medium enterprises (MSMEs) and heavy investment in human capital development are critical drivers to achieving the $1 trillion economy by 2030.

Speaking on Thursday in Lagos at the public presentation of the WorldStage Nigeria Macroeconomic Outlook 2026, the Commissioner for Information and Strategy, Lagos State, Gbenga Omotosho, said it was necessary to address the challenges of inflation, exchange rate volatility, infrastructure deficits and high cost of capital as part of t he drive towards $1 billion economy.

Omotosho who was represented at the occasion by the Public Affairs Director, Ministry of Information and Strategy, Temilade Aruya, however, said that the country was on the verge of achieving its aim with the projections of Gross Domestic Product (GDP) growth at 4.49 per cent in 2026 and inflation easing to 12.94 per cent within the period as published by the WorldStage Nigeria in its Macroeconomic Outlook 2026.

She explained that the outlook positioned the banking sector as a critical driver of Nigeria’s ambition to achieve a $1 trillion economy, stressing that the sector was currently undergoing major reforms through recapitalisation, digital innovation and regulatory strengthening.

Also, the President of NACCIMA, Dr Jani Ibrahim, said Nigeria was at a crucial transition point from economic reforms to tangible results.

Ibrahim who was represented at the occasion by Dr Abina Praise, said that while recent reforms such as exchange rate liberalisation and fuel subsidy removal had helped stabilise key economic indicators, the country was yet to translate this stability into broad-based prosperity.

He said: “Nigeria is witnessing emerging stability, but prosperity has not yet been fully realised. The focus must now shift from reform to measurable outcomes.”

NACCIMA also projected economic growth between four and five per cent, noting that although inflation was easing, it remained high at about 15 per cent, which continued to put pressure on households.

NACCIMA emphasised that achieving sustainable growth would require a shift from a consumption-driven economy to a production-led model, driven by industrialisation, value addition, and export competitiveness.

Ibrahim noted that despite the non-oil sector contributing over 97 per cent of the country’s GDP, productivity, especially in manufacturing still remained low and canvassed for structural reforms.

Ibrahim further called for urgent attention to food security through modern, technology-driven agriculture as rising food prices continued to fuel inflation.

Also, Chief Executive Officer of World Stage Ltd, Segun Adeleye, in his welcome address, said Nigeria’s ambition to grow its economy to $1 trillion by 2030 would depend largely on access to credible data and informed decision-making.

Adeleye noted that the Nigeria Macroeconomic Outlook 2026 was designed to provide insights into key economic trends, opportunities and risks to guide policymakers, investors and businesses.

He, however, raised concerns about the sustainability of Nigeria’s media industry, calling for stronger policy support.

While acknowledging the Federal Government’s plan to reduce tariffs on media production inputs, he said the impact may be limited due to the industry’s shift to digital platforms.