Nigeria’s ambition to build a $1 trillion economy by 2030 will depend on stronger non-oil exports, digital jobs, manufacturing and investment in productive sectors, the Minister of Industry, Trade and Investment, Jumoke Oduwole, has said.

Speaking yesterday, Oduwole said the Federal Government was working to improve market access, trade facilitation and the business environment to enable Nigerian businesses to expand production and compete in international markets.

She said the government had secured about $50 billion in investment announcements as of January 2025, following more than 80 memoranda of understanding signed during international engagements.

She, however, acknowledged that converting the commitments into actual investments remained a priority.

According to her, some of the commitments are already being implemented, including Indorama’s $8 billion investment in fertiliser and petrochemicals and Coca-Cola’s $1.5 billion commitment.

She also cited the commencement of operations by healthcare manufacturer Vestagaard at the Lagos Free Zone, where the company is expected to produce insecticide-treated mosquito nets for domestic consumption and export to other African markets.

Oduwole said the government was also working with the Kwara State Government on the concession of the state’s garment factory, which is expected to employ about 4,000 people, 80 per cent of them women, at full capacity.

On manufacturing, she said the administration had introduced an industrial policy, a domestic investor summit and a platinum business champions programme to address challenges confronting major businesses.

She added that the government was engaging manufacturers and other private-sector groups to resolve operational bottlenecks while helping Nigerian businesses access regional markets through the African Continental Free Trade Area (AfCFTA).

Oduwole also defended Nigeria’s strategic partnership with the United States on critical minerals, saying the framework was non-binding and designed to attract investment, infrastructure and technology to develop local mineral value chains.

She said Nigeria wanted to move beyond exporting raw minerals by developing the capacity to process resources such as lithium into higher-value products, including batteries.

The minister identified digital services, agribusiness, infrastructure and non-oil exports as key drivers of the proposed $1 trillion economy, noting that services already account for more than half of Nigeria’s GDP.

She said the government was promoting digital skills, remote employment and service exports through its Hire-from-Nigeria initiative, while infrastructure projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway, were expected to open new trade corridors.

She added that Nigeria’s non-oil exports to China had increased by 80 per cent in one year, reflecting efforts to expand market access and strengthen bilateral trade.

Oduwole, however, acknowledged that achieving the target would require sustained reforms, higher productivity, improved security and stronger social investment to ensure that economic growth translates into jobs and broader prosperity.